Biocon Q3 Review - Subdued Generics, Higher Costs Impact Financials: ICICI Direct
Signage for Biocon Ltd. is displayed at the company’s campus in Bengaluru, India. (Photographer: Dhiraj Singh/Bloomberg)

Biocon Q3 Review - Subdued Generics, Higher Costs Impact Financials: ICICI Direct

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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 Direct Report

Biocon Ltd.’s Q3 revenues grew 5.9% YoY to Rs 1851 crore. Generics sales de-grew 4.4% YoY to Rs 561 crore due to statin active pharmaceutical ingredient portfolio witnessing a muted demand owing to stockpiling by customers in Q1 FY21.

Biosimilars grew 9.5% YoY to Rs 769 crore. Research services segment grew 12.6% YoY at Rs 584 crore.

Ebitda margins contracted 383 basis points YoY to 21.6% mainly due to higher employee, research and development and other expenditure.

Ebitda declined 10.1% YoY to Rs 400 crore as against our estimate of Rs 481 crore.

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ICICI Direct Biocon Q3FY21 Result Update.pdf

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