Biocon Ltd reports Rs. 169.4 crore consolidated PAT in Q3FY21

BIOCON LTD. has reported financial results for the period ended December 31, 2020.

Financial Results (Q3 FY20-21) - QoQ Comparison

The company has reported total income of Rs.1878.9 crores during the period ended December 31, 2020 as compared to Rs.1760.3 crores during the period ended September 30, 2020.

The company has posted net profit / (loss) of Rs.169.4 crores for the period ended December 31, 2020 as against net profit / (loss) of Rs.174.3 crores for the period ended September 30, 2020.

The company has reported EPS of Rs.1.40 for the period ended December 31, 2020 as compared to Rs.1.41 for the period ended September 30, 2020.

Financials	Q3 FY20-21	Q2 FY20-21	% Change
Total Income	₹ 1878.9 crs	₹ 1760.3 crs	6.74%
Net Profit	₹ 169.4 crs	₹ 174.3 crs	-2.81%
EPS	₹ 1.40	₹ 1.41	-0.71%

Financial Results (Q3 FY20-21) - YoY Comparison

The company has reported total income of Rs.1878.9 crores during the period ended December 31, 2020 as compared to Rs.1752.6 crores during the period ended December 31, 2019.

The company has posted net profit / (loss) of Rs.169.4 crores for the period ended December 31, 2020 as against net profit / (loss) of Rs.206 crores for the period ended December 31, 2019.

The company has reported EPS of Rs.1.40 for the period ended December 31, 2020 as compared to Rs.1.71 for the period ended December 31, 2019.

Financials	Q3 FY20-21	Q3 FY19-20	% Change
Total Income	₹ 1878.9 crs	₹ 1752.6 crs	7.21%
Net Profit	₹ 169.4 crs	₹ 206 crs	-17.77%
EPS	₹ 1.40	₹ 1.71	-18.13%

Financial Results (9 Months ended FY 20-21) - YoY Comparison

The company has reported total income of Rs.5323.2 crores during the 9 months period ended December 31, 2020 as compared to Rs.4841.3 crores during the 9 months period ended December 31, 2019.

The company has posted net profit / (loss) of Rs.496.7 crores for the 9 months period ended December 31, 2020 as against net profit / (loss) of Rs.645.3 crores for the 9 months period ended December 31, 2019.

The company has reported EPS of Rs.4.07 for the 9 months period ended December 31, 2020 as compared to Rs.5.27 for the 9 months period ended December 31, 2019.

Financials	9 Months ended FY20-21	9 Months ended FY19-20	% Change
Total Income	₹ 5323.2 crs	₹ 4841.3 crs	9.95%
Net Profit	₹ 496.7 crs	₹ 645.3 crs	-23.03%
EPS	₹ 4.07	₹5.27	-22.77%

Commenting on the results, Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, said: "Consolidated revenue for Q3FY21 increased 7% year on year to ₹1,879 Crore driven by 13% growth in Research Services, and 11% in Biosimilar business segments. EBITDA for the quarter stood at ₹427 Crore and Net Profit was at ₹169 Crore. Our Core EBITDA margins stood at 31%.

"The two recent investments of USD 225 million in Biocon Biologics by Goldman Sachs and ADQi endorse the value creation of our biosimilars business. These investments augur well for our business and will enable us to invest in expanding our research and manufacturing capacities across segments. The recent launch of Tacrolimus capsules in the US, as well as approvals in Most of the World (MoW) markets for Insulin Aspart, Bevacizumab and Trastuzumab biosimilars will also pave the way for expanding our business in future."

"2020 has been one of the most challenging years for the world with an unprecedented pandemic impact on the global economy. We continue to face headwinds across operational, regulatory and commercial functions which have been deterrents to our planned market expansion. However, we expect normalization by next fiscal," she added.

Commenting on the performance, Siddharth Mittal, CEO & Managing Director, Biocon Limited, said, "The Generics business experienced a subdued performance in Q3 as demand moderated following a period of advance buying by customers in the first half of this fiscal, apprehending supply disruptions in the wake of the pandemic. Growth was also impacted by delays in regulatory approvals of certain products that required physical inspection of our facilities, due to covid related travel restrictions. We achieved an important milestone during the quarter with the launch of Tacrolimus capsules in the US, which reflects our commitment to bring vertically integrated, complex finished dosages to the market.

Looking ahead, as we expand our portfolio and enter new geographies, new product approvals will be a crucial determinant of our growth. We will continue to focus on the advancement of our development pipeline and capacity enhancement projects."

Shares of BIOCON LTD. was last trading in BSE at Rs.441.95 as compared to the previous close of Rs. 449.7. The total number of shares traded during the day was 120289 in over 2621 trades.

The stock hit an intraday high of Rs. 456 and intraday low of 440.3. The net turnover during the day was Rs. 53841468.

Source : Equity Bulls

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