JUBLPHARMA · Healthcare
Jubilant Pharmova Ltd. reported revenue of ₹1,732 cr for April to June 2024, +9.1% on the year and −1.5% on the quarter.
Operating profit (EBITDA) was ₹252 cr, a margin of 14.5%, +396 bps on the year and −86 bps on the quarter. Operating costs grew +4.3% against revenue growth of +9.1%, so more of each rupee of sales reached operating profit.
Net profit was ₹482 cr, +7,933.3% on the year and — on the quarter, with earnings per share of ₹30.26. Profit before other income, one-offs and tax grew 462.5%, so 7,471 points of the headline growth came from outside the core business.
On earnings per share of ₹34.69 over the last four quarters, the stock at ₹964.10 trades at 27.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Source: Quarterly statements
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
A lower tax rate lifted profit. Is the lower rate going to last?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,680 cr | ₹1,677 cr | ₹1,759 cr | ₹1,732 cr | ₹1,752 cr | ₹1,822 cr | ₹1,929 cr | ₹1,901 cr | ₹1,966 cr | ₹2,122 cr | ₹2,290 cr | ₹2,229 cr |
| YoY | — | — | — | +9% | +4% | +9% | +10% | +10% | +12% | +16% | +19% | +17% |
| EBITDA margin | 14.4% | 13.0% | 15.4% | 14.5% | 16.5% | 15.8% | 17.9% | 15.3% | 17.3% | 13.6% | 14.8% | 11.1% |
| Other income, % of PBT | 19% | 49% | — | 82% | 6% | −8% | 4% | 8% | 2% | −20% | 6% | 23% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 37% | 34% | — | 4% | 29% | 23% | 27% | 34% | 37% | 40% | 32% | 35% |
| Net profit | ₹62.0 cr | ₹66.0 cr | −₹62.0 cr | ₹482 cr | ₹102 cr | ₹101 cr | ₹151 cr | ₹102 cr | ₹120 cr | ₹56.0 cr | ₹119 cr | ₹56.0 cr |
| YoY | — | — | — | +7,933% | +65% | +53% | — | −79% | +18% | −45% | −21% | −45% |
| Core profit YoY | — | — | — | +463% | +72% | +169% | +103% | +58% | +37% | −20% | −16% | −54% |
| EPS | ₹3.92 | ₹4.19 | −₹3.68 | ₹30.26 | ₹6.45 | ₹6.33 | ₹9.64 | ₹6.46 | ₹7.55 | ₹3.51 | ₹7.50 | ₹3.55 |
| Flags | · | 2 | · | 3 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Jubilant Pharmova Ltd. reported revenue of ₹1,732 cr (+9.1% on the year) and net profit of ₹482 cr (+7,933.3% on the year) for April to June 2024.
Profit before other income, exceptional items and tax moved +462.5% on the year, against +7,933.3% for reported profit.
3 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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