Jagsonpal Pharmaceuticals announced Q2FY24 & H1FY24 results:
- Q2FY24:
- Revenues: Rs 57.8 crore, showing a decrease of 4.5% compared to Q2FY23.
- Operating EBITDA: Rs 12.6 crore.
- EBITDA Margin: 21.7%, an increase of 100 basis points (bps) from Q2FY23.
- ESOP Cost: Rs 4.2 crore.
- PAT (Profit After Tax): Rs 7.5 crore, marking a decrease of 27.9% compared to Q2FY23.
- H1FY24:
- Revenues: Rs 118.0 crore, showing a decrease of 2.6% compared to H1FY23.
- Operating EBITDA: Rs 25.4 crore, reflecting a 17.6% increase from H1FY23.
- EBITDA Margin: 21.5%, an increase of 360 bps from H1FY23.
- ESOP Cost: Rs 8.4 crore.
- PAT (Profit After Tax): Rs 15.0 crore, reflecting a 12.8% increase compared to H1FY23.
Commenting on the Company’s performance, Manish Gupta, Managing Director stated, “We had a satisfactory outcome for the period, as the performance should be seen in the context of challenging external operating environment with slowing industry coupled with internal challenges in our flagship products - hyper-competition with 75 competitors in Divatrone®(Dydrogesterone) and availability of counterfeits products in Indocap SR® (Indomethacin).
Overall, we maintained our profitability for the quarter, with 100 bps improvement in operating margins, even as we reported a 4.5% decline in revenues. We maintained cash balance at Rs 125 crore despite dividend payout of Rs 13.1 crore during the quarter.
We introduced certain structural initiatives including strengthening anti-counterfeit packing for our key brands. These, along with proposed new product launches gives us the confidence of returning to top-line growth from Q4FY24 onwards.”