ICICI Direct's research report on Jubilant Pharmova
Q4FY21 revenues were flat at Rs 1580 crore, up 0.7% YoY amid continued Covid-19 induced impact on radiopharma segment. Specialty pharma (which comprises Radiopharma) de-grew 23.5% YoY to Rs 602 crore. Generics remained flat at Rs 309 crore whereas CDMO segment grew 48% YoY to Rs 574 crore. Contract research & development grew 10% YoY to Rs 94 crore. EBITDA margins were down 419 bps YoY at 23.7% amid higher other expenditure. EBITDA de-grew 14.4% YoY to Rs 375 crore. Adjusted PAT degrew 13.7% to Rs 183 crore.
Outlook
We maintain BUY rating on the stock with a TP of Rs 1000 (earlier Rs 850 pre-demerger) based on 12x on FY23E EPS of Rs 83.3.
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