Mumbai, India/June 15, 2021 – J. B. Chemicals & Pharmaceuticals Limited (JBCPL), one of the fastest growing pharmaceutical companies in India, announced its financial results for the fourth quarter and financial year ended 31st March, 2021.
Quarterly Financial Performance – Q4 FY21 vs Q4 FY20
For the fourth quarter ended 31st March 2021, the Company recorded revenue of Rs. 528 crores as compared to Rs 444 crores, registering growth of 19 % over the corresponding quarter ended 31st March, 2020. EBITDA (Earnings Before Interest Depreciation and Taxes) increased by 35% to Rs. 124 crores as compared to Rs.92 crores. EBITDA margin for the quarter was at 23% as compared to 21%. Profit after Tax was higher by 101% at Rs. 101 crores as compared to Rs. 50 crores.
Annual Financial Performance – FY 2021 vs FY2020
For the financial year ended 31st March 2021, the Company recorded revenue of Rs. 2,043 crores as compared to Rs. 1775 crores, registering growth of 15% over the previous financial year ended 31st March, 2020. EBITDA (Earnings Before Interest Depreciation and Taxes) increased by 48% to Rs. 560 crores as compared to Rs. 378 crores. EBITDA margin for FY2021 was at 27% as compared to 21% for FY 2020. Profit after Tax was higher by 65% at Rs. 449 crores compared to Rs. 272 crores.
Earnings Per Share (EPS) was at Rs. 57.96 for FY2021 as compared to Rs. 34.20 for FY2020. The Board of directors recommended a final dividend of Rs. 8 per share.
Commenting on financial results, Mr. Nikhil Chopra, CEO and Wholetime Director, JBCPL said, “Our financial performance for FY21 has been encouraging in one of the most challenging periods in recent history. We are pleased with the strength showcased by all our business units – with the India business continuing to record market-beating growth for the year - backed by a new consolidated go-to-market strategy with therapy diversification plans and strong transformation levers to sustain growth. Our international formulations business has performed well and shows great promise with a focused growth strategy for our key markets, aided by new launches. Overall, our plans of strengthening R&D capabilities to support our medium to long-term growth opportunities and various cost efficiency initiatives instituted over the last year places us well to enhance value for all our key stakeholders.”
Financial Performance
Q4 FY21
|
Particulars (in Rs. Cr) |
Q4 FY21 |
Q4 FY20 |
YoY Growth |
|
Revenue |
528 |
444 |
19% |
|
EBITDA |
124 |
92 |
35% |
|
EBITDA Margin (%) |
23% |
21% |
|
|
Profit Before Tax |
132 |
67 |
97% |
|
Profit After Tax |
101 |
50 |
101% |
|
Profit Margin (%) |
19% |
11% |
|
|
EPS |
13.02 |
6.30 |
107% |
FY21
|
Particulars (in Rs. Cr) |
FY21 |
FY20 |
YoY Growth |
|
Revenue |
2043 |
1775 |
15% |
|
EBITDA |
560 |
378 |
48% |
|
EBITDA Margin (%) |
27% |
21% |
|
|
Profit Before Tax |
597 |
349 |
71% |
|
Profit After Tax |
449 |
272 |
65% |
|
Profit Margin (%) |
22% |
15% |
|
|
EPS |
57.96 |
34.2 |
69% |
Sales Performance
Q4 FY21
|
Particulars (in Rs. Cr) |
Q4 FY21 |
Q4 FY20 |
YoY Growth (%) |
|
Domestic Formulations |
221 |
202 |
9% |
|
International Business |
303 |
231 |
31% |
|
Other Operating Revenues |
4 |
11 |
-36% |
|
Total Revenue |
528 |
444 |
19% |
FY21
|
Particulars (in Rs. Cr) |
FY21 |
FY20 |
YoY Growth (%) |
|
Domestic Formulations |
892 |
797 |
12% |
|
International Business |
1127 |
954 |
18% |
|
Other Operating Revenues |
24 |
24 |
- |
|
Total Revenue |
2043 |
1775 |
15% |
Key Highlights:
Financial Highlights
·Operational and revenue momentum continues – with strong contribution from the Domestic Formulations and the International business.
·Domestic Formulations maintains secular outperformance as compared to IPM growth, driven by strength in chronic segments and expanding prescriber coverage
·Good sales traction and improvement seen in line with internal expectation in acute and hospital segments in the fourth quarter
·Margin performance continues to be encouraging, driven both by growth in topline and operating leverage
·Endeavor to drive cost excellence will continue even in the future
·Strong operating performance and subdued expenses base due to COVID-19 lockdown, led to healthy expansion in EBITDA margins and Profit Before Tax for the year
·Effective Tax Rate to remain at the current level of ~25%
·Earnings Per Share at Rs. 13.02 during Q4 FY21 and at Rs. 57.96 per share for the year FY21.
·Board recommended final dividend of Rs.8 per share.
o Board had earlier declared interim dividend of Rs. 8.50 per share during the financial year.
Domestic Formulations Update:
·India business delivered a robust market beating performance through the year: JBCPL at 21% growth vs IPM market at 4.5% (IQVIA MAT 21 data)
o Improved overall rank by four positions in IPM from #32 to #28
o Business driven by growth in our big brands viz. Cilacar and Rantac
o Cilacar is one of the fastest growing brands in the Cardiology segment
·Introduced multiple products in core therapies such as cardio-metabolic, pediatrics and hypertension
·Instituted a core nephrology taskforce to capitalize on strengths in this therapeutic area
·Designed and rolled out the new Go-To-Market model with re-organization of sales force and focus on progressive portfolio
·Digital enhancement initiatives with launch of the sales force automation platform and roll out of i-pads to medical representatives for e-detailing and field effectiveness
International Business Update:
·Overall good momentum in the international markets aided by strong performance in South Africa and the US
o Muted growth in Russia, due to Covid especially in the cough & cold segment, which accounts for major part of the Russia business
·However, strong export order book for other emerging markets
·API business recorded positive sales growth from international markets – US and Europe
·Logistics situation gradually improved in Q4, however situation continues to be uncertain
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