Edition 96

Jubilant Pharmova – Q2 & H1’FY23 Results

The Board of Jubilant Pharmova Limited met recently to approve financial result for the quarter ended September 30, 2022.

Commenting on Company’s performance, Mr. Shyam S Bhartia, Chairman and Mr. Hari S Bhartia, Co-Chairman & Managing Director, Jubilant Pharmova Limited said: “During the quarter, the Company reported significant improvement in revenues sequentially due to strong performance in Specialty Pharmaceuticals, CDMO Sterile Injectables and CRDMO, which was offset by lower revenues in the Generics segment. On a YoY basis, however, the revenues were marginally lower as performance of the CDMO Steriles business normalized due to tapering of COVID deals and weaker performance in Generics segment. In Specialty Pharmaceuticals, Radiopharmaceuticals business reported increase in revenues YoY driven by higher volumes with normalization in demand as pandemic eased-off.

Our Allergy Business continued to grow with higher volumes. In CDMO sterile injectables, revenues normalised YoY due to tapering of one-off COVID-related revenues in the corresponding quarter. There was however sizeable improvement sequentially due to higher volumes. Generics business revenues impacted YoY with pricing headwinds and Import Alert related challenges. Management begins implementation of strategic reorganization, cost optimization and re-prioritization of geography-mix in generic business. In CRDMO, our Drug Discovery Services continues to maintain momentum from strong order book and our API revenues stood higher on volume growth and is poised to gain further from the asset upgradation program at Nanjangud plant.

During the quarter, we refinanced our existing US$200m bonds and US$150m term loan with a 5-year US$350m term loan facility at favorable terms with lower interest costs. This enables us to optimize our finance costs. We incurred foreclosure charges in the refinancing transaction, which we expect to recover over the tenor of the new USD 350m facility.”