Jubilant Pharmova (530019) Q4 09/10 earnings summary

Executive summary

• FY10 consolidated revenue rose 7.5% to ₹37,813 million; EBITDA grew 34.3% to ₹8,260 million and net profit rose 48.8% to ₹4,215 million.

• Pharma and Life Sciences Products and Services (PLSPS) drove growth, while Agri and Performance Polymers (APP) revenue declined; international sales reached 64.9% of total revenue.

Financial highlights

• Consolidated net sales were ₹37,813 million vs ₹35,180 million in FY09; PBT increased 74.6% to ₹5,179 million.

• EBITDA was ₹8,260 million, up 34.3% YoY; net profit after minority interest was ₹4,215 million vs ₹2,832 million.

• Basic EPS was ₹28.56 vs ₹19.22; diluted EPS was ₹24.66 vs ₹16.56.

Outlook and guidance

• FY11 outlook cited buoyant growth across key businesses, supported by a CRAMS order book near USD 1 billion.

• Growth drivers include higher DDDS operating margins, improved CMO capacity utilisation, pyridine capacity expansion, new pharma product launches and additional niacinamide capacity.

• PPES planned 20% pyridine and picoline capacity expansion at Gajraula in FY11; API capacity additions and a new multipurpose plant at Nanjangud were also planned for FY11.