Ranvir’s Portfolio

JB Chemicals –

Q4 and FY 24 concall and results highlights –

Q4 outcomes –

Revenues – 862 vs 762 cr, up 13 pc
Gross Margins @ 65.2 vs 63.9 pc
EBITDA – 198 vs 164 cr ( margins @ 23 vs 21 pc )
PAT – 126 vs 88 cr

FY 24 outcomes –

Revenues – 3484 vs 3149 cr, up 11 pc
Gross Margins @ 66.1 vs 62.9 pc ( big improvement )
EBITDA – 897 vs 696 cr ( margins @ 26 vs 22 pc )
PAT – 553 vs 410 cr

Gross Debt @ 357 cr vs 548 cr YoY
Cash on Books @ 464 cr. Company is now net debt free

Capex of FY 24 @ 135 cr – expansion of lozenges manufacturing facility @ Daman

Domestic Business – revenues @ 1897 cr, grew by 17 pc YoY. Company now ranks 22 in the IPM. Excluding the acquired Opthal portfolio ( from Novartis ), the company’s domestic business grew by 11 pc. Opthal portfolio clocked revenues of 16 cr + for Mar 24

Brand Wise sales ( top brands ) –

Cilacar & Variants – 600 cr +
Metrogyl and variants – 300 cr +
Rantac – 400 cr +
Nicardia – 170 cr +
Sporolac – 120 cr + ( last 3 yr CAGR @ 33 pc )
Azmarda – 70 cr +
MR productivity @ 7 vs 6.2 lakh / month YoY

International Business – Revenues @ 1587, grew by 5 pc. Formulation sales @ 1069 cr, CMO sales @ 432 cr, API sales @ 86 cr

Guiding for an EBITDA margin of 26-28 pc for FY 25 vs the earlier guidance of 25-27 pc

Guiding for a high teen growth in CMO business in H2 FY 25. Should do 10-12 pc growth in H1 in CMO business. Should commercialise their new – Immunity Boosting, Melatonin and Pain Killer lozenges in FY 25. This is a high entry barrier, long gestation period business

Company believes they can achieve high growth rates in the newly acquired Opthal Portfolio. These brands were previously under leveraged and under invested. Company has also taken the MR count in this division from 75 to 105

Company should be able to grow its topline in the high teens in FY 25

Company is still open to acquiring more brands to keep the growth momentum going

Aim to do 180-200 cr topline from the acquired Opthal business in FY 25

Company doesn’t face any Chinese competition wrt its Lozenges – CMO business

Disc: holding, biased, not SEBI registered