Jubilant Pharmova (530019) Q4 19/20 earnings summary

Executive summary

• FY20 delivered record profitability, led by stronger Pharmaceuticals and Drug Discovery & Development Solutions performance; consolidated revenue was nearly flat YoY.

• International revenue was ₹71,240 million, or 78% of total revenue; operations served customers in over 100 countries.

Financial highlights

• Consolidated revenue rose 0.5% YoY to ₹91,544 million; EBITDA increased 12% to ₹19,945 million, with a 21.8% margin.

• PAT attributable to owners increased 56% to ₹8,982 million; EPS was ₹56.39 versus ₹36.86 in FY19.

• Adjusted EBITDA, excluding one-time expenses, was ₹20,661 million versus ₹18,595 million in FY19.

• Operating cash flow was ₹15,429 million versus ₹11,215 million; cash used in investing was ₹3,270 million.

Outlook and guidance

• Near-term priority was to sustain operational and financial performance amid COVID-19 uncertainty; medium-term focus remained sustainable growth across businesses.

• Major capex plans were deferred until business conditions stabilised, while healthy operating cash flows were targeted to further reduce debt.

• The Montreal ophthalmic manufacturing line was expected to become operational in FY21; an additional Spokane lyophiliser was also expected to be commissioned in FY21.