Motilal Oswal - Jubilant Pharmova Limited (JUBLPHARMA) MOSL: JUBILANT LIFE SCIENCES (Buy)-Life Science Ingredients segment drives earnings-Delivers highest-ever quarterly EBITDA

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Motilal Oswal

Tushar Manudhane

MOSL: JUBILANT LIFE SCIENCES (Buy)-Life Science Ingredients segment drives earnings-Delivers highest-ever quarterly EBITDA

Jubilant Life Sciences: Life Science Ingredients segment drives earnings; Delivers highest-ever quarterly EBITDA

(JUBILANT IN, Mkt Cap USD2.3b, CMP INR921, TP INR1110, 20% Upside, Buy)

Jubilant Life Sciences (JLS) delivered strong 3QFY18 results, with sales, EBITDA and PAT coming in above estimates. JLS recorded sales of INR20.7b (our estimate: INR19.9b), EBITDA of INR4.2b (our estimate: INR3.8b) and PAT of INR2.1b (our estimate: INR1.7b). Performance was led by improved business from the Life Science Ingredients (LSI) segment, full-quarter impact of Triad acquisition, and a lower tax rate.
Strong show in LSI segment: LSI sales grew 39.6% YoY to INR9.3b, led by higher demand for JLS’ products. In addition, better pricing helped JLS to achieve highest-ever quarterly segment EBITDA of INR2b (margin of 22.3%).
Ex-Triad, revenue dipped in Pharma segment, but EBITDA margin back on track: Pharmaceutical segment witnessed a subdued performance, with sales dipping 1% YoY (adjusting for revenue from Triad acquisition) to INR7.8b. However, the superior product mix led to a sequential improvement in EBITDA margin to 31.6% in this segment.

18/01/2018 10 EN

Underlying

Jubilant Pharmova Limited

Jubilant Life Science is an integrated pharmaceuticals and life sciences company. Co. offers a range of products and services to its customers across the globe. Co. operates two business segments: Pharmaceuticals and Life Sciences Products and Services and Agri and Performance Polymers ("APP"). In Co.'s Pharmaceuticals and Life Sciences Products and Services segment, Co. manufactures and provides Fine Chemicals and Advance Intermediates for the global pharmaceuticals, agrochemicals and life sciences industry. The products in Co.'s APP segment have various applications in industries such as pharmaceuticals, agrochemicals, textiles and foods.

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INE700A01033 National Stock Exchange of India India

Provider

Motilal Oswal

Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.

Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.

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Analysts

Tushar Manudhane

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MOSL: JUBILANT LIFE SCIENCES (Buy)-Life Science Ingredients segment drives earnings-Delivers highest-ever quarterly EBITDA

JUBILANT PHARMOVA sees an upgrade to Slightly Positive due to a better fundamental star rating

MOSL: JUBILANT PHARMOVA (Buy)-Radiopharma on a gradual recovery path

Jubilant Life Sciences Limited: 1 director maiden bought

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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