Drug company J B Chemicals and Pharmaceuticals Ltd on Wednesday reported a 35 percent year-on-year (YoY) jump in net profit at Rs 142 crore for the first quarter that ended June 30, 2023.

In the corresponding quarter last year, J B Chemicals and Pharmaceuticals posted a net profit of Rs 105 crore, the company said in a regulatory filing.

The total revenue stood at Rs 896 crore during the period under review, up 14 percent as against Rs 785 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA increased 28 percent to Rs 243 crore in the first quarter of this fiscal over Rs 190 crore in the corresponding period in the previous fiscal.

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EBITDA margin stood at 27.1 percent in the reporting quarter as compared to 24.2 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The total employee costs including ESOPs increased by 11 percent to Rs 149 crore and employee cost as a percentage of sales improved to 16.6 percent from 17.1 percent.

The non-cash ESOP cost was 5 percent of reported EBITDA vs 10 percent of reported EBITDA. Other expenses increased by 11 percent to Rs 205 crore. As a percentage of sales, other expenses improved by 100 bps.

The company's domestic business revenue for the quarter was Rs 489 crore, recording a growth of 17 percent, and the sales for the acute business were impacted due to the delayed monsoons.

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The international business recorded 11 percent growth to Rs 407 crore and the international formulations business registered growth of 12 percent to Rs 275 crore. The strong growth momentum continues in the CDMO business which recorded sales of Rs 119 crore against Rs 100 crore growing at 19 percent.

Nikhil Chopra, CEO and whole-time director of JB Pharma, said EBITDA margins improved during the quarter on account of a better business mix, increased efficiencies in sourcing, and higher volumes. The first quarter has been a robust performance both in terms of topline and operating profit.

The results came after the close of the market hours. Shares of J B Chemicals and Pharmaceuticals Ltd ended at Rs 2,721.45, up by Rs 173.55, or 6.81 percent on the BSE.