Biocon Ltd - Q4FY12 First Cut - GEPL Capital

Biocon Limited Q4FY12 consolidated result

Net sales showed a 14% Q-o-Q growth from Rs5,172 mn in Q3FY12 to Rs5,892 mn in Q4FY12. The sales of Q4FY11 included sales of Axicorp as well that Biocon divested, hence Y-o-Y is not comparable. Hence, we present a Q-o-Q comparison.

EBITDA grew 20% Q-o-Q growth from Rs1,287 mn in Q3FY12 to Rs1,546 mn in Q4FY12. EBITDA margin too improved 50 bps from 24.8% in Q3FY12 to 25.3% in Q4FY12.

Owing to Q-o-Q flattish interest cost and reduction in tax rate from 11.7% to 11%, PAT grew 15% to Rs978 mn in Q4FY12 from Rs848 mn in Q3FY12. PAT margin too showed a slight improvement from 16.4% to 16.6%.

Overall the results look better than street expectations.

Source : Equity Bulls

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