JB Pharma Achieves 22% Annual Revenue Growth & 35% Increase In Net Profit For FY24

JB Chemicals and Pharmaceuticals  (JB Pharma), one of India’s fastest-growing pharmaceutical companies, announced robust financial results for Q4 FY24 and the fiscal year ending March 31, 2024, the company informed in a press statement on Friday. Following a rebranding exercise in May 2022, JB Pharma has continued to thrive under its new identity, committed to its core value of being 'Good people for good health.'

In Q4 FY24, JB Pharma recorded a revenue of Rs 862 crores, marking a 13 per cent increase from Rs 762 crores in Q4 FY23. Operating EBITDA improved by 16 per cent to Rs 210 crores compared to Rs 181 crores in the same quarter of the previous year. Profit after taxes surged by 43 per cent to Rs 126 crores from Rs 88 crores in Q4 FY23.

For the fiscal year 2023-24, JB Pharma reported a revenue of Rs 3484 crores, an increase of 11 per cent from Rs 3149 crores in FY23. Operating EBITDA rose by 23 per cent to Rs 939 crores from Rs 765 crores, while net profit climbed by 35 per cent to Rs 553 crores from Rs 410 crores in the previous year. The company’s domestic formulations revenue increased by 16 per cent to Rs1897 crores, and its international formulations revenue grew by 5 per cent to Rs1587 crores. Gross profit improved by 16 per cent to Rs 2302 crores, with a gross margin enhancement of 320 basis points to 66.1 per cent.

CEO and Wholetime Director Nikhil Chopra commented on the results, stating, "JB Pharma continued its momentum with market-beating growth in the domestic business. The international business, excluding South Africa, recorded double-digit growth. Our focus on improving business mix and cost management strategies has helped enhance our overall operating margins despite geopolitical challenges. We are confident that the company will continue to deliver sustained revenue growth and improved operating margins in the medium to long term."

JB Pharma’s strategic focus on the domestic and CDMO businesses, combined with cost optimisation efforts and a favorable product mix, has positioned the company for continued growth and profitability. In Q4 FY24, domestic formulations revenue grew by 22 per cent to Rs 465 crores, while international formulations revenue increased by 4 per cent to Rs 397 crores. The CDMO business crossed Rs100 crores in revenue for the first time in any fourth quarter.

Financial improvements included a reduction in finance costs to Rs 9 crores from Rs14 crores due to debt repayment, and an increase in other income to Rs 17 crores from Rs 5 crores, primarily due to fair value income of certain investments. The effective tax rate saw a slight increase to 26.4 per cent from 26.1 per cent. JB Pharma also achieved a net cash position of Rs 107 crores as of March 31, 2024, highlighting its strong financial health.