Drug maker JB Pharma on Thursday reported Rs 105 crore net profit in Q1FY23, a year-on-year (YoY) drop of 12% on higher expenses, despite strong performance of domestic and international businesses.
The company reported net profit of Rs 119 crore during corresponding period of the previous year.
The company attributed the drop in net profit in the first quarter was due to depreciation on account of acquired brands, along with higher employee, finance and raw material costs weight on the profit.
Revenues rose 30% YoY to Rs 785 crores during Q1FY23 as compared to Rs 606 crores in Q1FY22.
The earnings before interest, tax, depreciation and ammortisation (EBITDA) rose 16% YoY to Rs 190 crore. The EBITDA margin dropped 280 basis points YoY to 24.2%.
The domestic formulation business rose 34% YoY to Rs 418 crore during Q1FY23, outpacing the industry growth. The acquired brands Sporlac used as probiotic gained market share during the quarter, while Azmarda used in treatment of heart failure also saw good revenue traction.
JB Pharma ranked 23 at the end of Q1FY23 in the Indian pharmaceutical market.
International business recorded revenue growth of 28% to Rs 366 crores with exports formulations, CMO and API business recorded growth of 11%, 108% and 17% respectively.
“Our operating performance in FY23 started on a strong note. We
continued the momentum in our domestic business, registering market-beating growth and achieving a new milestone in quarterly run-rate revenue of over Rs 400 crores,” said Commenting on financial results, Nikhil Chopra, CEO of JB Pharma.
“I believe we have built good momentum for the year ahead and together with our continued focus on productivity enhancement and cost optimisation, we are confident of delivering profitable growth,” Chopra added.
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