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