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Biocon - Q1FY22 First Cut - ICICI Direct

Posted On: 2021-07-25 07:16:26 (Time Zone: UTC)


(CMP - Rs. 403, Market Cap - Rs. 48360 crore)

Biocon posted below par numbers for Q1FY22. While the revenues were below estimates due to COVID-related operational challenges at API facilities, Profitability was lower due to lower operational performance and share of loss from Bicara.

Q1FY22 earnings summary

- Revenues grew 5.3% YoY to Rs. 1760.6 crore (I-direct estimate: Rs. 1895 crore). Biosimilars grew 9.6% YoY to Rs. 758 crore, better than I-direct estimates of Rs. 706 crore. Research Services segment grew 41% YoY at Rs. 595 crore, in-line with I-direct estimates of Rs. 590 crore. Generic sales de-grew 18.8% YoY to Rs. 486 crore (I-direct estimate: Rs. 599 crore) due to COVID-related operational challenges at API facilities

- EBITDA margins improved 262 bps YoY to 22.1% (I-direct estimate: 23.9%) mainly due to lower gross margins (down 236 bps YoY to 65.2%) and higher employee and R&D cost. EBITDA declined 5.8% YoY to Rs. 389 crore as against I-direct estimate of Rs. 454 crore

- Net profit de-grew 43.5% YoY to Rs. 84.4 crore (I-direct estimate: Rs. 181 crore). Net Profit, excluding the share of loss from Boston-based associate start-up entity Bicara Therapeutics Inc., was at Rs. 142 crore

Timely launches and ramp up of biosimilars in the developed as well as emerging markets and Syngene's performances remain key levers for the company. We will come out with an update post discussion with the management.

Shares of BIOCON LTD. was last trading in BSE at Rs. 397.5 as compared to the previous close of Rs. 402.8. The total number of shares traded during the day was 167196 in over 3312 trades.

The stock hit an intraday high of Rs. 401.45 and intraday low of 387.9. The net turnover during the day was Rs. 66519383.


Source: Equity Bulls

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