JUBILANT PHARMOVA 2023-24 Annual Report Analysis

Mon, 12 Aug

JUBILANT PHARMOVA has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

JUBILANT PHARMOVA Income Statement Analysis

• Operating income during the year rose 6.7% on a year-on-year (YoY) basis.
• The company's operating profit increased by 3.3% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 11.3% in FY24 as against 11.6% in FY23.
• Depreciation charges decreased by 31.1% and finance costs increased by 44.7% YoY, respectively.
• Other income grew by 79.4% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 1.0% in FY23 to 1.1% in FY24.

JUBILANT PHARMOVA Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	62,817	67,029	6.7%
Other income	Rs m	383	687	79.4%
Total Revenues	Rs m	63,200	67,716	7.1%
Gross profit	Rs m	7,317	7,560	3.3%
Depreciation	Rs m	5,540	3,819	-31.1%
Interest	Rs m	1,882	2,723	44.7%
Profit before tax	Rs m	278	1,705	513.3%
Tax	Rs m	927	978	5.5%
Profit after tax	Rs m	-649	727	NA
Gross profit margin	%	11.6	11.3
Effective tax rate	%	333.5	57.4
Net profit margin	%	-1.0	1.1

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JUBILANT PHARMOVA Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 19 billion as compared to Rs 18 billion in FY23, thereby witnessing an increase of 6.6%.
• Long-term debt stood at Rs 32 billion as compared to Rs 31 billion during FY23, a growth of 1.8%.
• Current assets fell 3% and stood at Rs 36 billion, while fixed assets rose 4% and stood at Rs 74 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 113 billion as against Rs 109 billion during FY23, thereby witnessing a growth of 4%.

JUBILANT PHARMOVA Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	53,931	54,194	0.5
Current Liabilities	Rs m	17,724	18,890	6.6
Long-term Debt	Rs m	31,104	31,671	1.8
Total Liabilities	Rs m	109,292	113,158	3.5
Current assets	Rs m	37,624	36,322	-3.5
Fixed Assets	Rs m	71,668	74,397	3.8
Total Assets	Rs m	109,292	113,158	3.5

JUBILANT PHARMOVA Cash Flow Statement Analysis

• JUBILANT PHARMOVA 's cash flow from operating activities (CFO) during FY24 stood at Rs 10 billion, an improvement of 47.0% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -6 billion, an improvement of 11.7% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -4 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -575 million from the Rs 301 million net cash flows seen during FY23.

JUBILANT PHARMOVA Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	6,607	9,713	47.0%
Cash Flow from Investing Activities	Rs m	-5,444	-6,079	-
Cash Flow from Financing Activities	Rs m	-1,567	-4,325	-
Net Cash Flow	Rs m	301	-575	-

Current Valuations for JUBILANT PHARMOVA

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 4.6, an improvement from the EPS of Rs -4.1 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 851.9, stands at 25.9 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 2.5 times, while the price to sales ratio stands at 2.0 times.
• The company's price to cash flow (P/CF) ratio stood at 15.9 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	394.4	420.8
TTM Earnings per share	Rs	-4.1	4.6
Diluted earnings per share	Rs	-4.1	4.6
Price to Cash Flow	x	9.1	15.9
TTM P/E ratio	x	-57.6	25.9
Price / Book Value ratio	x	1.1	1.3
Market Cap	Rs m	60,873	72,158
Dividends per share (Unadj.)	Rs	5.0	5.0

Ratio Analysis for JUBILANT PHARMOVA

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.9x during FY24, from 2.1x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 1.6x during FY24, from 1.1x during FY23. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company improved and stood at 1.3% during FY24, from -1.2% during FY24. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 5.2% during FY24, from 2.5% during FY23. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company improved and stood at 3.0% during FY24, from 1.1% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	2.1	1.9
Debtors’ Days	Days	56	50
Interest coverage	x	1.1	1.6
Debt to equity ratio	x	0.6	0.6
Return on assets	%	1.1	3.0
Return on equity	%	-1.2	1.3
Return on capital employed	%	2.5	5.2

To see how JUBILANT PHARMOVA has performed over the last 5 years, please visit here.

JUBILANT PHARMOVA Share Price Performance

Over the last one year, JUBILANT PHARMOVA share price has moved up from Rs 446.7 to Rs 851.9, registering a gain of Rs 405.2 or around 90.7%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 41,087.3 (up 0.0%). Over the last one year it has moved up from 27,952.4 to 41,087.3, a gain of 13,135 points (up 47.0%).

Overall, the S&P BSE SENSEX is up 20.6% over the year.

(To know more, check out historical annual results for JUBILANT PHARMOVA and quarterly results for JUBILANT PHARMOVA )