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ICICI Direct: Biocon Q2 Review - Stable Revenue Growth With Visible Recovery  

ICICI Direct: Biocon Q2 Review - Stable Revenue Growth With Visible Recovery

Signage for Biocon Ltd. is displayed at the company’s campus in Bengaluru, India. (Photographer: Dhiraj Singh/Bloomberg)
Signage for Biocon Ltd. is displayed at the company’s campus in Bengaluru, India. (Photographer: Dhiraj Singh/Bloomberg)

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 Q2 FY21 revenues grew 11% YoY to Rs 1745 crore (our estimate Rs 1821 crore) mainly due to 11.4% YoY growth in biosimilars to Rs 676 crore.

The generics segment grew 8.3% YoY to Rs 599 crore. Research services segment grew 11.8% YoY to Rs 520 crore.

Ebitda margins fell 319 basis points YoY to 22.4% (our estimate 25.6%) mainly due to higher employee and research and development costs.

Ebitda declined 2.8% YoY to Rs 391 crore against our estimate of Rs 466 crore.

Adjusted profit after tax declined 10.4% YoY to Rs 169 crore (our estimate Rs 191 crore).

Click on the attachment to read the full report:

ICICI Direct Biocon Q2FY21 Result Update.pdf

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