JB Chemicals Q1 Review – On The Cusp Of Growth: Dolat Capital

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JB Chemicals and Pharmaceuticals Ltd.’s revenues were at Rs 7.8 billion (above our estimate) in Q1 FY23, grew by 30% YoY. Organic revenue growth was around 20%.

Gross margin at 62.7%, declined 161 basis points YoY. Excluding Azmarda, gross margins were flattish YoY on high input cost. Ebitda stood at Rs 1.7 billion (above our estimate) including employee stock ownership plan cost grew 5% YoY and Ebitda margin at 22% contracted by 500 bps YoY due to lower gross margin, normalised marketing expenses and increase in freight cost.

JB Chemicals’ profit after tax declined by 12% to Rs 1.05 billion due to higher treasury income in Q1 FY22, non-cash ESOP cost and higher amortisation in Q1 FY23.

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