Shares of JB Chemicals and Pharmaceuticals rallied 16 per cent to hit an all-time high of Rs 965 apiece on the BSE on Tuesday, a day after the company reported a 92.6 per cent year-on-year (YoY) jump in its consolidated net profit at Rs 119.42 crore for the quarter ended June 2020 against Rs 62 crore profit in the year-ago period.
The company's revenue came in at Rs 522.28 crore, up 17 per cent against Rs 446.11 crore in the corresponding quarter of the previous fiscal while total income rose 18.7 per cent YoY at Rs 544.97 crore. CLICK HERE TO VIEW THE PRESS RELEASE
JB Chemicals is engaged in the business of manufacturing and marketing of a diverse range of pharmaceuticals formulations herbal remedies and APIs. It has its headquarters in Mumbai. The company manufactures a range of innovative specialty products that include various pharmaceutical dosage forms like tablets, injectable (vials, ampoules, form fill seal), creams & ointments, lozenges, herbal liquids and capsules.
At 9:49 AM, the stock was trading over 8 per cent higher at Rs 898.50 on the BSE as compared to a 0.39 per cent rise in the S&P BSE Sensex at 38,907 levels.
The Indian Pharma Market (IPM) declined by 2.2 per cent YoY in August 2020 (v/s muted growth of 0.2 per cent YoY in July 2020). However, Glenmark, JB Chemicals, and Ipca remained outperformers, according to a report by Motilal Oswal Financial Services (MOFSL) issued on September 9.
"Glenmark witnessed a growth of 1.8x YoY in the Anti-infective segment, mainly due to Fabiflu (Covid drug) sales. JB Chemicals grew due to strong uptake in Cardiac therapy (50.9 per cent of therapy mix), which grew 18.3 per cent YoY and Ipca witnessed good traction in Pain/Analgesics (+22.5 per cent YoY) and Cardiac (+16 per cent YoY)," the brokerage said in the note.