India's JB Pharma's Q2 profit rises on higher domestic demand
Nov 6 (Reuters) -India's J B Chemicals & Pharmaceuticals JBCH.NS reported a rise in second-quarter profit on Wednesday, helped by higher domestic demand for its gastrointestinal and cardiovascular drugs.
The drugmaker's consolidated net profit rose 16% to 1.75 billion rupees (about $20.8 million) for the quarter ended Sept. 30.
Its revenue climbed 13.5% to 10.01 billion rupees, with the domestic formulations business – which forms about 60% of total revenue – rising 22%.
For further earnings highlights, click nFWN3MD0U1
KEY CONTEXT
The company continued to benefit from buoyant demand for its copycat drugs such as antibiotic Metrogyl, which treats infections of the liver and stomach,and lozenges for sore throats.
Analysts noted that drugmakers would benefit from domestic demand in the quarter, as heavy rains would likely result in the spread of water-borne diseases.
A recovery in demand in J B Pharma's key South Africa market also aided its earnings, the company said.
Larger peers Cipla CIPL.NS and Sun Pharma SUN.NS beat second-quarter profit estimates on the back of resilient sales in India and the U.S., a key market for these companies.
PEER COMPARISON
Estimates (next 12 months) | Analysts' sentiment | ||||||||
RIC | PE | EV/EBITDA | Revenue growth (%) | Profit growth (%) | Mean rating* | # of analysts | Stock to price target** | Div yield (%) | |
J B Chemicals and Pharmaceuticals Ltd | JBCH.NS | 37.19 | 24.22 | 13.68 | 22.13 | Buy | 11 | 0.95 | 0.66 |
Cipla Ltd | CIPL.NS | 25.90 | 16.39 | 8.14 | 9.84 | Hold | 33 | 0.97 | 0.81 |
Sun Pharmaceutical Industries Ltd | SUN.NS | 35.29 | 26.01 | 9.73 | 14.75 | Buy | 32 | 0.93 | 0.75 |
Dr Reddy's Laboratories Ltd | REDY.NS | 18.07 | 11.86 | 9.29 | 3.51 | Hold | 34 | 0.97 | 0.63 |
JULY-SEPTEMBER STOCK PERFORMANCE
($1 = 84.2940 Indian rupees)
JB Pharma v Peers https://tmsnrt.rs/3YV6Pra
Reporting by Nandan Mandayam in Bengaluru; Editing by Varun H K
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