Biocon Q4 Review - Subdued Biosimilars Impacted Performance: ICICI Securities
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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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