JB Chem shares slip 3% on reports promoter KKR to mull stake sale

Private equity firm, KKR and Co had acquired a majority 53.83 percent stake in JB Chemicals back in 2020 for a total value of Rs 12,200 crore.

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Shares of JB Chemicals and Pharmaceuticals fell around three percent in afternoon trade on February 28 after a report by Bloomberg said that the company’s promoter KKR was said was considering a stake sale in the drugmaker.

At close, shares of JB Chemicals and Pharmaceuticals were down three percent at Rs 1,595 on the NSE.

Private equity firm KKR and Co had acquired a majority 53.83 percent stake in JB Chemicals through its affiliate, Tau Investment Holdings Pte, back in 2020. The stake was acquired at a total value of Rs 12,200 crore and turned out to be one of the most successful PE buyouts within the Indian pharmaceutical space, with KKR’s investment already increasing by more than 4 times.

Fro bringing out a turnaround in JB Chem after its acquisition, KKR appointed a professional management team led by current CEO Nikhil Chopra who was earlier the head of Cipla’s India business. Under Chopra’s helm, the drugmaker has consistently outperformed the domestic market growth, made strategic acquisitions, revived growth prospects in CMO business and improved its operating matrix and RoCE (Return on Capital Employed) profile.

The company also reported a strong earnings performance on all key parameters in Q3 as well.

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.

This growth in revenue was primarily driven by robust sales in the domestic formulations segment, which offset weaker international sales.

Additionally, the company’s operational efficiency also improved during Q3, attributed to effective cost optimisation strategies and a favorable product mix. As a result, its EBITDA margin expanded to 27.8 percent from 24.3 percent recorded a year ago.

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