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Nirmal Bang Report
Biocon Ltd.’s revenue in Q2 FY21 stood at Rs 17,450 million, which is 5.5%/4.9% below our/consensus estimate and up 4.4%/11% QoQ/YoY.
Underperformance was on account of a QoQ decline in biosimilar sales. Biosimilar sales were impacted by operational challenges.
Ebitda for the quarter stood at Rs 3,910 million (excluding other income) and was 24%/18% lower than our/consensus estimate.
Higher research and development spend during the quarter impacted Ebitda adversely. R&D spend was up 38% QoQ.
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