Jubilant Life Sciences YoY revenue up by 21% at 9,111 crore

While the company recorded the year on year revenue growth up to 21 percent standing ar Rs 9,111 crore and EBITDA up by 14% to Rs 1,775 crore. The normalized PAT stood at Rs 855 crore. During the fourth quarter, revenue was Rs 2,386 crore and normalized PAT was at Rs 135 Crore

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New Delhi: The Board of Jubilant Life Sciences Limited, an integrated global pharmaceutical, and life sciences company recently to approve financial results for the quarter and full year ended March 31, 2019.

Total income for the financial year 2018-19 year stood at Rs 9,111 crore as against Rs 7,597.84 crore in the previous fiscal. The company had a net profit of Rs 577.01 crore during 2018-19 as compared to Rs 634.42 crore in FY 2017-18.

During the fourth quarter, Jubilant reported a net loss of Rs 100.65 crore in the fourth quarter ended March 31, 2019, on account of a one-time loan settlement with International Finance Corporation (IFC). It had posted a consolidated net profit of Rs 152.40 crore in the year-ago period, Jubilant Life Sciences said in a
regulatory filing. Its consolidated total income during the fourth quarter ended March 31, 2019, stood at Rs 2,379 crore as compared to Rs
2,274.87 crore last year.

Commenting on the Company’s performance, Mr Shyam S Bhartia, Chairman and Mr Hari S Bhartia, Co-Chairman & Managing Director, Jubilant Life Sciences said: “The company reported record performance in revenue and profitability in FY 19 led by robust growth in our Pharmaceuticals segment. Our strategic focus on the de-risked business model and being closer to the customer with a leadership position in key products has driven this growth. Our global competitive edge due to low cost, vertical integration and capacity additions with a commitment to ensure high level of compliance will further strengthen our businesses.

“We witnessed healthy performance during the quarter, which was offset by certain one-time charges. We continue to remain focused on generating operating cash to invest to support our growth and reduce the debt for a strong balance sheet,” their statement further said while referring to the Q4 performance of the company.

Outlook

As per Jubilant, it continues to work on its strategic focus on being closer to the customer and further strengthening its leadership position in defined businesses. We expect stable performance in FY20. The Pharma segment is expected to continue to deliver steady revenues with range bound margins across businesses. In LSI segment, growth will be led by Nutrition and Specialty Intermediates businesses.

The company is focused on generating operating cash to invest in building an R&D led product pipeline particularly in Specialty Pharmaceuticals business and on strengthening of its balance sheet by reducing debt to ensure sustainable growth.

                                                    FY19 Highlights

  • Consolidated revenue up 21% YoY to Rs 9,111 Crore

  • EBITDA up 14% YoY to Rs. 1,775 Crore with EBITDA margin of 19%.

  • Finance costs at Rs. 220 Crore vs. Rs. 284 Crore last year

  • Normalized PAT at Rs. 855 Crore with Normalized EPS at Rs. 54 for Re. 1 FV.

  • Capital Expenditure of Rs. 567 Crore

  • Gross Debt at Rs. 4,860 crore and Net debt at Rs. 3,490 Crore

    • Net debt at Rs. 3,370 Crore on a constant currency basis

    • Generated operating cash of Rs 848 Crore before capex and product development of Rs 698 Crore

    • Average blended interest rate for FY19 at 6.18% pa – Re loans @ 8.4%, $ loans @ 4.91%

                                      Segment Wise Analysis

A. Pharmaceuticals Segment

  • Pharmaceuticals segment’s revenue up 33% YoY in FY19 to Rs. 5,324 Crore contributing 58% to the company’s revenue as compared to 53% in FY18

  • EBITDA of Rs. 1,386 Crore, up 38% YoY with margins of 26%.

  • R&D of Rs. 244 Crore – 4.6% to segment sales. R&D debited to P&L is Rs. 190 Crore – 3.6% to segment sales

B. Life Science Ingredients Segment

  • LSI revenue at Rs. 3,545 Crore, up 7% YoY, contributing 39% to the company’s revenues

  • EBITDA at Rs 445 Crore with a margin of 13%.

C. Others Segment (Including Drug Discovery and India Branded Pharmaceuticals)

  • Revenues at Rs. 242 Crore, up 24% and contributing 3% to total revenues

  • EBITDA was at Rs. 4 Crore as compared to Rs. (9) Crore.

                                          Segment Wise Analysis

A.  Pharmaceuticals Segment

  • Pharmaceuticals revenue at Rs. 1,399 Crore, up 13% YoY, contributing 59% to the company’s revenues

  • Segment EBITDA at Rs 287 Crore with a margin of 21%.

  • R&D spent during the quarter of Rs. 68 Crore – 4.8% to segment sales. R&D debited to P&L is Rs. 51 Crore – 3.7% to segment sales

B. Life Science Ingredients Segment

  • LSI revenue of Rs. 912 Crore vis-a-vis Rs 968 Crore in Q4 last year

  • LSI segment’s EBITDA at Rs. 101 Crore with a margin of 11%.