JB Chem shares surge 10% to scale 52-week high on solid Q3 earnings

Strong growth in the domestic formulations segment offset sluggish international sales for JB Chem in Q3.

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Shares of JB Chemicals and Pharmaceuticals surged nearly 10 percent and hit a 52-week high of Rs 1,940 on February 7 after the company reported a strong earnings performance on all key parameters in Q3.

At 9.47am, shares of JB Chem were trading at Rs 1,886.40 on the NSE. The strong Q3 earnings also tipped off a spike in volumes in the counter as 3 lakh shares changed hands so far, trebling over the one-month daily traded average of 1 lakh shares.

The drugmaker’s net profit for the December quarter jumped 26 percent on-year to Rs 134 crore, while its revenue rose 7 percent to Rs 845 crore in Q3, up from Rs 793 crore recorded last fiscal.

The topline growth was aided by strong revenue in the domestic formulations business which offset weak international sales. The growth in the company’s domestic formulations business was aided by its strong chronic medicine portfolio. “Increasing shares of chronic mix has enabled better margins for the domestic business,” the company stated.

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However, international sales remained weak due to a decline in revenue from South Africa despite the company’s strategy to improve the mix and the margin profile.

“For 2023, we are the fastest growing company within IPM (Indian pharma market) among the top 25 pharma companies. We are excited about our recent ophthalmology foray which has brought some of the biggest brands in that area into the JB family. The ophthalmology segment holds great promise as we expect this market to grow in mid-teens and consistently outperform IPM growth,” Nikhil Chopra, chief executive and whole-time director of JB Chem, said.

The company’s operational performance also improved in Q3 on the back of cost optimisation and favourable product mix. Its EBITDA margin rose to 27.8 percent from 24.3 percent a year ago.

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