Jubilant Pharmova (530019) Q4 18/19 earnings summary

Executive summary

• FY19 delivered record consolidated revenue of ₹91,108 million, up 21% YoY, and record EBITDA of ₹17,747 million, up 14%; Pharmaceuticals drove growth.

• Profit after tax attributable to shareholders fell 11% to ₹5,745 million, primarily reflecting a ₹2,802 million one-time charge tied to the IFC loan settlement.

Financial highlights

• Revenue from operations rose to ₹91,108 million from ₹75,578 million; international revenue was ₹66,702 million, or 73% of total revenue.

• Reported EBITDA was ₹17,747 million, with a 19% margin versus 21% in FY18; adjusted EBITDA excluding the one-time charge was ₹19,321 million versus ₹16,487 million.

• Profit before tax was ₹9,038 million versus ₹8,591 million; profit after tax attributable to shareholders was ₹5,745 million versus ₹6,428 million.

• Basic EPS was ₹36.86 versus ₹41.25; finance costs declined to ₹2,198 million from ₹2,843 million.

Outlook and guidance

• FY20 outlook calls for stable performance, with steady Pharmaceuticals revenue and rangebound margins.

• LSI growth is expected to be led by Nutrition and Specialty Intermediates.

• Priorities include generating operating cash for R&D-led Specialty Pharmaceuticals pipeline investment and reducing debt to strengthen the balance sheet.