Biocon Ltd reports Rs. 153 crore consolidated PAT in Q1FY21

BIOCON LTD. has reported financial results for the period ended June 30, 2020.

Financial Results (Q1 FY 2020-21) - QoQ Comparison

The company has reported total income of Rs.1689.6 crores during the period ended June 30, 2020 as compared to Rs.1620.6 crores during the period ended March 31, 2020.

The company has posted net profit / (loss) of Rs.153 crores for the period ended June 30, 2020 as against net profit / (loss) of Rs.131.8 crores for the period ended March 31, 2020.

The company has reported EPS of Rs.1.25 for the period ended June 30, 2020 as compared to Rs.1.04 for the period ended March 31, 2020.

Financials	Q1 FY2020-21	Q4 FY19-20	% Change
Total Income	₹ 1689.6 crs	₹ 1620.6 crs	4.26%
Net Profit	₹ 153 crs	₹ 131.8 crs	16.08%
EPS	₹ 1.25	₹ 1.04	20.19%

Financial Results (Q1 FY 2020-21) - YoY Comparison

The company has reported total income of Rs.1689.6 crores during the period ended June 30, 2020 as compared to Rs.1483 crores during the period ended June 30, 2019.

The company has posted net profit / (loss) of Rs.153 crores for the period ended June 30, 2020 as against net profit / (loss) of Rs.214.2 crores for the period ended June 30, 2019.

The company has reported EPS of Rs.1.25 for the period ended June 30, 2020 as compared to Rs.1.74 for the period ended June 30, 2019.

Financials	Q1 FY2020-21	Q1 FY2019-20	% Change
Total Income	₹ 1689.6 crs	₹ 1483 crs	13.93%
Net Profit	₹ 153 crs	₹ 214.2 crs	-28.57%
EPS	₹ 1.25	₹ 1.74	-28.16%

Commenting on the results, Kiran Mazumdar-Shaw, Executive Chairperson, said: "Our consolidated revenue for Q1FY21 stood at Rs 1,690 Crore, recording a strong growth of 14%, driven by robust performances by the Biosimilars and Generics business segments which grew by 19% and 16%, respectively. The Research Services business reported flat revenue growth at Rs 422 Crore due to slowdown of operations impacted by the COVID-19 crisis. EBITDA for the quarter stood at Rs 432 Crore and EBITDA margin was at 26%. Net Profit (from continuing operations) was at Rs 153 Crore. Profitability for the quarter was impacted due to higher R&D spend, lower profit share in the Biosimilars business, and lower profitability in the Research Services segment."

"It has been a breakthrough quarter for Biocon as we made a significant contribution to the global efforts aimed at addressing the pandemic through our innovative science. Earlier this month, the Drugs Controller General of India (DCGI) granted 'restricted emergency use approval' for Itolizumab, our novel anti-CD6 biologic therapy for the treatment of cytokine release syndrome (CRS) in COVID-19 patients with moderate to severe acute respiratory distress syndrome (ARDS). The 'proof of concept' pivotal study data is encouraging and highlights the urgent importance of further evaluating the potential therapeutic efficacy of Itolizumab in a larger number of COVID-19 patients. As a part of our commitment to the DCGI, we have planned a 200-patient, pan-India Phase IV trial to be conducted across 10-15 hospitals with a high caseload of serious COVID-19 patients. The study protocol has been submitted to the DCGI and we will commence the trial soon." she added.

Shares of BIOCON LTD. was last trading in BSE at Rs.430.3 as compared to the previous close of Rs. 431. The total number of shares traded during the day was 457450 in over 8080 trades.

The stock hit an intraday high of Rs. 438.3 and intraday low of 424. The net turnover during the day was Rs. 197806400.

Source : Equity Bulls

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