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ICICI Direct Report
Biocon Ltd.'s Q4 FY21 revenues grew 16.3% YoY to Rs 1,839 crore.
Biosimilars grew 53.2% YoY to Rs 664 crore due to low base effect. Research services segment grew 8.4% YoY at Rs 659 crore.
Generic sales grew 2.7% YoY to Rs 578 crore due to pricing pressure and stockpiling by customers in H1 FY21.
Ebitda margins improved 355 basis points YoY to 23.7% mainly due to strong gross margins and lower research and development cost.
Ebitda grew 36.8% YoY to Rs 436 crore versus our estimate of Rs 470 crore.
Delta vis-a-vis Ebitda was due to higher other income, which included Rs 160 crore gain from fair valuation of Bicara Therapeutics.
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