Biocon Ltd posts Rs. 169.34 crore consolidated net profit in Q2FY21

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

Financial Results (Q2 FY20-21) - QoQ Comparison

The company has reported total income of Rs.1760.3 crores during the period ended September 30, 2020 as compared to Rs.1689.6 crores during the period ended June 30, 2020.

The company has posted net profit / (loss) of Rs.169.3 crores for the period ended September 30, 2020 as against net profit / (loss) of Rs.149.4 crores for the period ended June 30, 2020.

The company has reported EPS of Rs.1.41 for the period ended September 30, 2020 as compared to Rs.1.25 for the period ended June 30, 2020.

Financials	Q2 FY20-21	Q1 FY20-21	% Change
Total Income	₹ 1760.3 crs	₹ 1689.6 crs	4.18%
Net Profit	₹ 169.3 crs	₹ 149.4 crs	13.32%
EPS	₹ 1.41	₹ 1.25	12.8%

Financial Results (Q2 FY20-21) - YoY Comparison

The company has reported total income of Rs.1760.3 crores during the period ended September 30, 2020 as compared to Rs.1605.7 crores during the period ended September 30, 2019.

The company has posted net profit / (loss) of Rs.169.3 crores for the period ended September 30, 2020 as against net profit / (loss) of Rs.215.7 crores for the period ended September 30, 2019.

The company has reported EPS of Rs.1.41 for the period ended September 30, 2020 as compared to Rs.1.82 for the period ended September 30, 2019.

Financials	Q2 FY20-21	Q2 FY19-20	% Change
Total Income	₹ 1760.3 crs	₹ 1605.7 crs	9.63%
Net Profit	₹ 169.3 crs	₹ 215.7 crs	-21.51%
EPS	₹ 1.41	₹ 1.82	-22.53%

Financial Results (6 months ended FY 20-21) - YoY Comparison

The company has reported total income of Rs.3449.9 crores during the 6 months period ended September 30, 2020 as compared to Rs.3088.7 crores during the 6 months period ended September 30, 2019.

The company has posted net profit / (loss) of Rs.318.7 crores for the 6 months period ended September 30, 2020 as against net profit / (loss) of Rs.422 crores for the 6 months period ended September 30, 2019.

The company has reported EPS of Rs.2.66 for the 6 months period ended September 30, 2020 as compared to Rs.3.56 for the 6 months period ended September 30, 2019.

Financials	Half-Year Ended FY20-21	Half-Year Ended FY19-20	% Change
Total Income	₹ 3449.9 crs	₹ 3088.7 crs	11.69%
Net Profit	₹ 318.7 crs	₹ 422 crs	-24.48%
EPS	₹ 2.66	₹3.56	-25.28%

Commenting on the results, Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, said: "Consolidated revenue for Q2FY21 increased 10% to Rs 1,760 Crore driven by 11% growth in Biosimilars, 12% in Research Services and 8% in Generics, businesses. EBITDA for the quarter stood at Rs 407 Crore and Net Profit (before exceptional item & discontinuing operations) was at Rs 174 Crore. Our profitability was impacted on account of higher R&D expenses, staff costs, other expenses and forex losses. However, our Core EBITDA margins stood at a healthy 32%, indicating sound operational performance."

"Our Insulin Glargine, Semglee®, was commercialized in the U.S. by our partner Mylan, during the quarter, thus heralding our entry into the US Insulins market. With this launch, we have expanded our portfolio of Biosimilars and occupy a position of impactful influence in the Biosimilars segment."

"As a part of our commitment to address the novel coronavirus pandemic in India, the Biocon Group is working on a comprehensive portfolio of products for treating mild to severely ill COVID-19 patients. We have introduced ARAFLU® (Favipiravir) in addition to Cytosorb® and ALZUMAB-L™, and Syngene has started manufacturing Remdesivir under a voluntary licensing agreement with Gilead." she added.

Commenting on the performance, Siddharth Mittal, CEO and Managing Director, Biocon Limited, said, "Our Q2 performance was in line with expectations. I am pleased that we were able to ensure business continuity and serve patients across the world despite the challenges that Covid-19 brought with it.

Looking ahead, we expect the generic formulations business to continue to drive growth, based on new launches in the US for products which are currently under regulatory review. We also plan to commercialise Remdesivir in India as part of our commitment towards providing treatment for Covid-19."

Shares of BIOCON LTD. was last trading in BSE at Rs.429.5 as compared to the previous close of Rs. 439.8. The total number of shares traded during the day was 128318 in over 3321 trades.

The stock hit an intraday high of Rs. 441.6 and intraday low of 427.6. The net turnover during the day was Rs. 55492197.

Source : Equity Bulls

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