BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Biocon Ltd. reported lower than estimated Q4 FY21 performance.
The miss on our estimates was largely due to subdued biosimilars revenue which declined 13.7% quarter-on-quarter to Rs 6.6 billion (our estimate: Rs 8.5 billion).
Consolidated revenues grew 18.1% to Rs 18.4 billion (our estimate: Rs 19.5 billion), adjusted Ebitda margin was up 210 basis points year-on-year and QoQ to 23.7% (our estimate: 24.7%) and adjusted profit after tax declined 31.6% to Rs 970 million (our estimate: Rs 2.4 billion).
Higher selling, general and administrative expenses and employee costs kept margins in check.
However, new launches coupled with recovery in the environment would support margins in the near term.
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