Jubilant Pharmova (530019) Q2 24/25 earnings summary

Executive summary

• Q2'FY25 total income rose 5% YoY, driven by growth in Radiopharma and Drug Discovery Services; EBITDA up 19% YoY with margin expansion to 17.5% from 15.4% YoY.

• Consolidated revenue for H1'FY25 was ₹34,840 million, up from ₹32,672 million YoY; net profit for H1'FY25 was ₹5,843 million, significantly higher than ₹681 million in the prior year, driven by exceptional income from the SOFIE sale.

• Achieved profitability in Generics; continued strong performance in CDMO Sterile Injectables and CRDMO segments.

• Strategic partnership with Pierre Fabre to enhance biologics and ADC capabilities; $50M investment to expand PET radiopharmacy network in the US.

• USFDA closed its inspection of the Roorkee facility with a VAI classification, indicating cGMP compliance.

Financial highlights

• Q2'FY25 revenue: ₹1,752 Cr (+4% YoY); H1'FY25 revenue: ₹3,484 Cr (+7% YoY).

• EBITDA for H1'FY25 was ₹6,441 million, up from ₹1,232 million YoY.

• Q2'FY25 EBITDA: ₹311 Cr (+19% YoY); margin at 17.5% (+210 bps YoY).

• Normalised PAT for Q2'FY25: ₹103 Cr (+65% YoY); H1'FY25: ₹172 Cr (+153% YoY).

• Net Debt/EBITDA improved to 1.5x from 2.5x in March 2024; net cash generated from operations was ₹3,275 million for H1'FY25.

Outlook and guidance

• PET radiopharmacy network expansion to nine sites by FY28, funded through internal accruals and long-term credit.

• Spokane sterile injectables capacity doubling on track; commercial revenue expected FY26/FY27.

• Allergy Immunotherapy margins expected to normalize in H2'FY25 as new market launches resume.

• Proceeds from SOFIE sale used to reduce leverage and fund capex and other corporate purposes.

• Continued focus on cost optimization, profitable product mix, and operational efficiency across segments.