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Biocon - Q3FY21 First Cut - ICICI Direct

Posted On: 2021-01-21 22:24:20 (Time Zone: Arizona, USA)


CMP - Rs. 442, Market Cap - Rs. 53034 crore

Biocon's Q3FY21 results were below I-direct estimates on all fronts. Topline was below estimates due to lower than expected Generics sales whereas profitability was lower due to higher than expected employee cost and depreciation.

Q3FY21 earnings summary

- Revenues grew 5.9% YoY to Rs. 1851 crore (I-direct estimate: Rs. 2018 crore) due to growth in Biosimilars and Contract research segments being partially offset by YoY decline in the Generics segment. The Generics sales de-grew 4.4% YoY to Rs. 561 crore due to statin APIs portfolio seeing a muted demand owing to stockpiling by customers in Q1FY21. Biosimilars grew 9.5% YoY to Rs. 769 crore. Research Services segment grew 12.6% YoY at Rs. 584 crore.

- EBITDA margins contracted 383 bps YoY to 21.6% (I-direct estimate: 23.9%) mainly due to higher employee, R&D and other expenditure. EBITDA declined 10.1% YoY to Rs. 400 crore as against I-direct estimate of Rs. 481 crore. Delta vis-à-vis I-direct estimates was due to higher than expected increase in employee cost.

- Net profit declined 16.9% YoY to Rs. 169 crore (I-direct estimate: Rs. 200 crore). Delta vis-à-vis EBITDA was due to higher depreciation and lower other income partially offset by lower tax outgo and interest cost.

Note: In an adverse development, Dr. Christiane Hamacher, has stepped down as MD of Biocon Biologics effective 20th January, 2021 due to professional differences with the Chairperson on strategic priorities and vision for the Company.

Timely launches and ramp up of biosimilars in the developed as well as emerging markets and Syngene's performances remain key levers for the company. We will come out with an update post discussion with management.

Shares of BIOCON LTD. was last trading in BSE at Rs.441.95 as compared to the previous close of Rs. 449.7. The total number of shares traded during the day was 120289 in over 2621 trades.

The stock hit an intraday high of Rs. 456 and intraday low of 440.3. The net turnover during the day was Rs. 53841468.


Source: Equity Bulls

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