Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma (6596876Z IN)</a>, India’s fourth largest pharmaceutical company, has filed DRHP for INR55B IPO, which is comprised of an OFS of 40M shares by promoters and existing investors.  </li>
<li>Mankind has 36 pharma brands that have each achieved annual revenue of more than INR500M. 18 of its brands are among 300 top selling brands of the Indian pharma market.</li>
<li>During FY20–22, domestic sales of Mankind had a CAGR of ~16%, which is ~1.5 times that of the Indian pharma market, which grew at a CAGR of ~11%.</li>
</ul>



Mankind Pharma (6596876Z IN), India’s fourth largest pharmaceutical company, has filed DRHP for INR55B IPO, which is comprised of an OFS of 40M shares by promoters and existing investors.  
Mankind has 36 pharma brands that have each achieved annual revenue of more than INR500M. 18 of its brands are among 300 top selling brands of the Indian pharma market.
During FY20–22, domestic sales of Mankind had a CAGR of ~16%, which is ~1.5 times that of the Indian pharma market, which grew at a CAGR of ~11%.


Mankind Pharma (6596876Z IN) Pre-IPO: Solid India-Centric Growth Story Fueled by Marquee Brands

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

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Equity Bottom-Up

J.B. Chemicals & Pharmaceuticals / Equity Bottom-Up

<div><div><div><div><ul><li>CMO Business: JB Chemicals is the largest lozenges manufacturer in India with a capacity of 150cr units.</li></ul><div><div><div><div><ul><li>Reiteration of FY23 guidance: Expected future revenue growth in mid-teens and EBITDA margin expansion to 24-26%. R&amp;D expense as a % of sales should not exceed 3%.</li></ul><div><div><div><div><ul><li>Domestic Market Reach: The company reaches out to a doctor base of 3,00,000 and a sales force of ~2,500 MRs with a large presence in Tier 2 and Tier 3 cities/towns, which make up ~40% of domestic sales.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

CMO Business: JB Chemicals is the largest lozenges manufacturer in India with a capacity of 150cr units.Reiteration of FY23 guidance: Expected future revenue growth in mid-teens and EBITDA margin expansion to 24-26%. R&amp;D expense as a % of sales should not exceed 3%.Domestic Market Reach: The company reaches out to a doctor base of 3,00,000 and a sales force of ~2,500 MRs with a large presence in Tier 2 and Tier 3 cities/towns, which make up ~40% of domestic sales.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

J B Chemicals and Pharmaceuticals - Management Meet Update

Thematic (Sector/Industry)

<ul><li>4QFY22 is expected to be a flattish quarter for most Pharma companies in our coverage universe.</li><li>We expect a few companies to benefit from the US market, including Sun Pharma, Natco Pharma, Biocon and Cipla.</li><li>Sun Pharma is expected to gain on Winlevi ramp-up and growth in key products, including Cequa and Ilumya Revlimid launch in March 2022 will see some favourable impact in 4QFY22.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

4QFY22 is expected to be a flattish quarter for most Pharma companies in our coverage universe.We expect a few companies to benefit from the US market, including Sun Pharma, Natco Pharma, Biocon and Cipla.Sun Pharma is expected to gain on Winlevi ramp-up and growth in key products, including Cequa and Ilumya Revlimid launch in March 2022 will see some favourable impact in 4QFY22.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pharmaceutical Sector: Sequentially Flattish Quarter Expected

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>JB Chemicals &amp; Pharmaceuticals’ (JBCPL) Q3FY22 performance was better than our estimates on operational fronts.</li><li>Excluding revenue deferred to Q3FY21 from Q2FY21, consolidated revenue grew 23% YoY to Rs6bn (I-Sec est: 5.8bn).</li><li>EBITDA margin stood at 21.3%, higher than our estimate of 19.8%.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

JB Chemicals &amp; Pharmaceuticals’ (JBCPL) Q3FY22 performance was better than our estimates on operational fronts.Excluding revenue deferred to Q3FY21 from Q2FY21, consolidated revenue grew 23% YoY to Rs6bn (I-Sec est: 5.8bn).EBITDA margin stood at 21.3%, higher than our estimate of 19.8%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<p>JB Chemicals &amp; Pharmaceuticals’ (JBCPL) Q2FY22 performance was better than estimates driven by strong growth in India business. EBITDA margin was lower than estimates owing to ESOPs charge. Consolidated revenue grew 33.7% YoY to Rs5.9bn and EBITDA margin dropped 340bps to 21.4%.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

JB Chemicals &amp; Pharmaceuticals’ (JBCPL) Q2FY22 performance was better than estimates driven by strong growth in India business. EBITDA margin was lower than estimates owing to ESOPs charge. Consolidated revenue grew 33.7% YoY to Rs5.9bn and EBITDA margin dropped 340bps to 21.4%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Industry beating growth in India drives Q2

India

J.B. Chemicals & Pharmaceuticals Ltd. manufactures pharmaceuticals, chemicals and agro-based products. The Group's products include metrogyl, rantac (a ranitidine-based formula), and nicardia, a cardiac care medicine. The Company has an agreement with Justesa Imagen, to manufacture and market diagnostics under the "Trazograf" brand name.

J.B. Chemicals & Pharmaceuticals (JBCP IN)

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J.B. Chemicals & Pharmaceuticals (JBCP IN)

Mankind Pharma (6596876Z IN) Pre-IPO: Solid India-Centric Growth Story Fueled by Marquee Brands

Mankind Pharma has filed for INR55B IPO, which can be the second largest among Indian healthcare companies. Strong brand positioning is the key...

Tina Banerjee

J B Chemicals and Pharmaceuticals - Management Meet Update

We hosted the JB Chemicals and Pharmaceuticals Ltd management at the NBIE Annual Investor Conference to discuss the business outlook.

Nirmal Bang

Pharmaceutical Sector: Sequentially Flattish Quarter Expected

4QFY22 is expected to be a flattish quarter for most Pharma companies in our coverage universe. We expect a few companies to benefit from the US...

Nirmal Bang

Continuously outpacing domestic growth

JB Chemicals & Pharmaceuticals’ (JBCPL) Q3FY22 performance was better than our estimates on operational fronts. Excluding revenue deferred to...

ICICI Securities Limited

Industry beating growth in India drives Q2

JB Chemicals & Pharmaceuticals’ (JBCPL) Q2FY22 performance was better than estimates driven by strong growth in India business. EBITDA margin was...

ICICI Securities Limited

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