Operating EBITDA (earnings before interest, taxes, depreciation, and amortisation) margin expanded by 800 basis points to 30.1 per cent from 22.07 per cent in the year-ago quarter.
The management said the strong growth in EBITDA during the quarter was primarily driven by higher growth in the export markets
and API business along with an increased share of higher-margin chronic business in the domestic market. Margin expansion was further aided by the weakening of rupee against the US dollar and lower than normal sales and marketing expenses, it adds.
Meanwhile, on July 2, 2020, Global investment firm KKR & Co. Inc entered into an agreement to acquire 41.7 million equity shares of JB Chemicals, representing 54 per cent, from the promoters of the company. As part of the deal, KKR acquired the stake from the founding Mody family at Rs 745 per share.
After this transaction, an open offer was launched to acquire 20.93 million fully paid-up equity shares of JB Chemicals, representing 26 per cent. The open offer commenced on Friday, September 11, and will close on Thursday, September 24, 2020.
At 02:22 pm, the stock was trading 9.5 per cent higher at Rs 982 on the BSE, as compared to a 0.56 per cent rise in the S&P BSE Sensex.
The trading volumes on the counter jumped an over three-fold with a combined 1.73 million equity shares changing hands on the NSE and BSE so far.