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For
quarter ended June 2022, consolidated net sales (including other operating income) of Biocon has increased 21.52% to Rs 2139.5 crore compared to quarter ended june 2021. Sales of Research service segment has gone up 8.41% to Rs 644.50 crore (accounting for 29.28% of total sales). Sales of Generics segment has gone up 19.21% to Rs 579.70 crore (accounting for 26.34% of total sales). Sales of segment has gone up 28.82% to Rs 976.60 crore (accounting for 44.37% of total sales). Inter-segment sales came down from Rs 89.30 crore to Rs 61.30 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 21.11% to Rs 200.80 crore. PBIT of Novel Biologics segment rose 55.42% to Rs -26.30 crore (accounting for -13.10% of total PBIT). PBIT of Research service segment fell 1.90% to Rs 92.90 crore (accounting for 46.26% of total PBIT). PBIT of Generics segment rose 116.38% to Rs 63.40 crore (accounting for 31.57% of total PBIT). PBIT of segment fell 29.76% to Rs 70.80 crore (accounting for 35.26% of total PBIT). PBIT margin of Research service segment fell from 15.93% to 14.41%. PBIT margin of Generics segment rose from 6.03% to 10.94%. PBIT margin of segment fell from 13.30% to 7.25%. Overall PBIT margin rose from 8.96% to 9.12%. Operating profit margin has declined from 22.11% to 18.67%, leading to 2.59% rise in operating profit to Rs 399.40 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 36.99% to 33.89%. Purchase of finished goods cost fell from 2.57% to 0.75%. Employee cost increased from 22.95% to 23.32%. Other expenses rose from 17.01% to 23.87%. Preoperation capitalised expenses rose from 4.27% to 8.26%. Other income rose 65.04% to Rs 77.9 crore. PBIDT rose 9.35% to Rs 477.3 crore. PBDT rose 9.79% to Rs 457.4 crore. Provision for depreciation rose 11.65% to Rs 217.5 crore. Profit before tax grew 8.16% to Rs 239.90 crore. Share of profit/loss was 23.35% higher at Rs -43 crore. Provision for tax was expense of Rs 29.5 crore, compared to Rs 57.3 crore. Effective tax rate was 14.98% compared to 34.58%. Minority interest decreased 4.17% to Rs 23.00 crore. Net profit attributable to owners of the company increased 71.09% to Rs 144.40 crore. Promoters’ stake was 60.64% as of 30 June 2022 ,compared to 60.64% as of 30 June 2021 .
Full year results analysis.
Net sales (including other operating income) of Biocon has increased 14.57% to Rs 8184 crore. Sales of Novel Biologics segment has gone up 385.71% to Rs 51.00 crore (accounting for 0.60% of total sales). Sales of Research service segment has gone up 19.22% to Rs 2,604.20 crore (accounting for 30.78% of total sales). Sales of Generics segment has gone down 0.92% to Rs 2,340.90 crore (accounting for 27.67% of total sales). Sales of Biosimilars segment has gone up 23.72% to Rs 3,464.30 crore (accounting for 40.95% of total sales). Inter-segment sales rose Rs 214.60 crore to Rs 276.40 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 2.75% to Rs 1,099.90 crore. PBIT of Novel Biologics segment fell 977.45% to Rs -219.80 crore (accounting for -19.98% of total PBIT). PBIT of Research service segment rose 18.63% to Rs 515.10 crore (accounting for 46.83% of total PBIT). PBIT of Generics segment fell 10.33% to Rs 261.40 crore (accounting for 23.77% of total PBIT). PBIT of Biosimilars segment rose 48.74% to Rs 543.20 crore (accounting for 49.39% of total PBIT). PBIT margin of Novel Biologics segment fell from negative 194.29% to negative 430.98%. PBIT margin of Research service segment fell from 19.88% to 19.78%. PBIT margin of Generics segment fell from 12.34% to 11.17%. PBIT margin of Biosimilars segment rose from 13.04% to 15.68%. Overall PBIT margin fell from 14.55% to 13.00%. Operating profit margin has jumped from 23.14% to 24.07%, leading to 19.20% rise in operating profit to Rs 1,970.20 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 32.69% to 33.34%. Purchase of finished goods cost rose from 1.39% to 1.91%. Employee cost decreased from 23.42% to 22.27%. Other expenses fell from 20.26% to 19.14%. Preoperation capitalised expenses rose from 4.72% to 5.64%. Other income fell 16.42% to Rs 212.7 crore. PBIDT rose 14.45% to Rs 2182.9 crore. Provision for interest rose 17.16% to Rs 67.6 crore. Loan funds rose to Rs 5,146.60 crore as of 31 March 2022 from Rs 4,481.10 crore as of 31 March 2021. Inventories rose to Rs 2,298.20 crore as of 31 March 2022 from Rs 1,866.60 crore as of 31 March 2021. Sundry debtors were higher at Rs 2,058.20 crore as of 31 March 2022 compared to Rs 1,503.30 crore as of 31 March 2021. Cash and bank balance declined from Rs 2,015.40 crore as of 31 March 2021 to Rs 1,747.50 crore as of 31 March 2022. Investments declined from Rs 1,951.90 crore as of 31 March 2021 to Rs 1,587.90 crore as of 31 March 2022. PBDT rose 14.37% to Rs 2115.3 crore. Provision for depreciation rose 13.86% to Rs 814.2 crore. Fixed assets increased to Rs 9,364.30 crore as of 31 March 2022 from Rs 9,137.70 crore as of 31 March 2021. Intangible assets increased from Rs 26.40 crore to Rs 1,315.10 crore. Profit before tax grew 14.68% to Rs 1,301.10 crore. Share of profit/loss was 160.58% lower at Rs -206.9 crore. Provision for tax was expense of Rs 211.5 crore, compared to Rs 221.5 crore. Effective tax rate was 21.51% compared to 20.75%. Minority interest increased 16.56% to Rs 123.20 crore. Net profit attributable to owners of the company decreased 12.44% to Rs 648.40 crore. Equity capital increased from Rs 600.00 crore as of 31 March 2021 to Rs 600.30 crore as of 31 March 2022. Per share face Value remained same at Rs 5.00. Promoters’ stake was 60.64% as of 31 March 2022 ,compared to 60.67% as of 31 March 2021 . Cash flow from operating activities increased to Rs 1,176.60 crore for year ended March 2022 from Rs 1,159.70 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 1,924.80 crore, compared to Rs 1,746.30 crore during the year ended March 2021. Other Highlights
In Q1 FY23,
Generics business went up 19% to Rs 580 crore compared to Q1 FY22. Biosimilars
segment went up 29% to Rs 977 crore and Research services up 8% to Rs 645 crore.
In Q1
FY23, Generics business contributed 26% of total revenue, Biosimilars 45% and Research
services 29%.Management Comments :
Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and
Biocon Biologics said “We have had a strong start to the year. At a
consolidated level, y-o-y revenues grew 23% backed by robust growth in both
Biosimilars (29%) and Generics (19%). Core EBITDA grew 25% and margin improved
to 31% compared to 30% in Q1FY22. and Net Profit grew 71% to Rs 144 Crore. Our
financial performance this quarter includes the impact of annual increments in
personnel costs as well as increased input and freight costs, pursuant to
pandemic and geopolitical disruptions of global supply chains. R&D
investments increased significantly by Rs 87 Crore this quarter reflecting
pipeline progression to deliver future growth. All our three businesses are
poised for the next phase of strong and sustainable growth which has been
challenged during the two years of the COVID-19 pandemic.”
Siddharth Mittal, CEO & Managing Director, Biocon said “The
strong year-on-year growth of the segment was driven by both our API and
Formulations businesses, on a lower base in the corresponding period of the
previous fiscal, which was impacted by COVID-related operational and supply
chain challenges. “Key new products launched in previous quarters continue to
perform well. Our base business continued to encounter pricing pressure and
rising input costs. Our commitment to bring affordable medicines to patients
was reinforced with the launch of Mycophenolic Acid delayed release tablets,
our vertically integrated formulation, for prophylaxis of organ rejection in
adult patients who received kidney transplants. “During the quarter, we
undertook planned capacity expansions that required temporary manufacturing
stoppages. These expansions will augment growth in the second half of this
fiscal. “Looking ahead, we will continue to invest in strengthening our product
pipeline, optimizing cost structures and operationalizing our capacity
enhancement projects.”
Dr Arun Chandavarkar, Managing Director, Biocon Biologics
said “Biocon Biologics reported a year-on-year growth of 29% for Q1FY23 with
revenues at Rs 977 Crore. Core EBITDA at Rs 361 Crore was up 33%, representing
healthy margins of 37%. The strong performance was driven by sales of Glargine
in the US, and key biosimilars in emerging markets. “Initiation of global
clinical trials for two monoclonal antibodies and advancement of our other
pipeline assets led to a 120% increase in our R&D investments this quarter.
Whilst this impacts EBITDA in the near term, such investments will create a
strong portfolio to secure our future growth. “Our strategic alliance with
Serum Institute Life Sciences for vaccines and the acquisition of Viatris’
global biosimilars business are on track for closure in the second half of this
calendar year.”
Jonathan Hunt, CEO & Managing Director, Syngene said "The
first quarter results were in line with our expectations and reflect strong
underlying performance of Syngene across all business divisions. The
contribution from the Development and Manufacturing Services divisions drove
the growth momentum against a low base in the previous year. The Dedicated
Centers and Discovery Services divisions delivered continued growth. The
decline in profit in the quarter compared to the same period last year was as
expected given the strong sales of Remdesivir last year when India was in the
midst of the second wave of the pandemic. No sales of Remdesivir were recorded
in the first quarter this year.”
| Biocon : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202206 | 202106 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,139.50 | 1,760.60 | 21.52 | 8,184.00 | 7,143.10 | 14.57 | | OPM (%) | 18.67 | 22.11 | -344 bps | 24.07 | 23.14 | 94 bps | | OP | 399.40 | 389.30 | 2.59 | 1,970.20 | 1,652.80 | 19.20 | | Other Inc. | 77.90 | 47.20 | 65.04 | 212.70 | 254.50 | -16.42 | | PBIDT | 477.30 | 436.50 | 9.35 | 2,182.90 | 1,907.30 | 14.45 | | Interest | 19.90 | 19.90 | 0 | 67.60 | 57.70 | 17.16 | | PBDT | 457.40 | 416.60 | 9.79 | 2,115.30 | 1,849.60 | 14.37 | | Depreciation | 217.5 | 194.8 | 11.65 | 814.2 | 715.1 | 13.86 | | PBT | 239.90 | 221.80 | 8.16 | 1301.1 | 1134.5 | 14.68 | | Share of Profit/(Loss) from Associates | -43 | -56.1 | 23.35 | -206.9 | -79.4 | -160.58 | | PBT before EO | 196.9 | 165.7 | 18.83 | 1094.2 | 1055.1 | 3.71 | | EO Income | 0 | 0 | - | -111.1 | 12.6 | PL | | PBT after EO | 196.9 | 165.7 | 18.83 | 983.1 | 1067.7 | -7.92 | | Taxation | 29.5 | 57.3 | -48.52 | 211.5 | 221.5 | -4.51 | | PAT | 167.4 | 108.4 | 54.43 | 771.6 | 846.2 | -8.82 | | Minority Interest (MI) | 23 | 24 | -4.17 | 123.2 | 105.7 | 16.56 | | Net profit | 144.4 | 84.4 | 71.09 | 648.4 | 740.5 | -12.44 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 144.4 | 84.4 | 71.09 | 648.4 | 740.5 | -12.44 | | EPS (Rs)* | 1.20 | 0.70 | 71.09 | 6.07 | 6.09 | -0.44 | | | * EPS is on current equity of Rs 600.30 crore, Face value of Rs 5, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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| Biocon : Consolidated Segment Results | | | Quarter ended | Year ended |
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| % of (Total) | 202206 | 202106 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
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| Sales | | Enzymes | 0.00 | 0.00 | 0.00 | - | | Pharma | 0.00 | 0.00 | 0.00 | - | | Novel Biologics | 0.00 | 0.00 | 11.00 | - | 0.60 | 51.00 | 10.50 | 385.71 | | Research service | 29.28 | 644.50 | 594.50 | 8.41 | 30.78 | 2,604.20 | 2,184.30 | 19.22 | | Generics | 26.34 | 579.70 | 486.30 | 19.21 | 27.67 | 2,340.90 | 2,362.70 | -0.92 | | | 44.37 | 976.60 | 758.10 | 28.82 | 40.95 | 3,464.30 | 2,800.20 | 23.72 | | Total Reported Sales | 100.00 | 2,200.80 | 1,849.90 | 18.97 | 100.00 | 8,460.40 | 7,357.70 | 14.99 | | Less: Inter segment revenues | | 61.30 | 89.30 | -31.35 | | 276.40 | 214.60 | 28.80 | | Net Sales | 100.00 | 2,139.50 | 1,760.60 | 21.52 | 100.00 | 8,184.00 | 7,143.10 | 14.57 | | PBIT | | Enzymes | 0.00 | 0.00 | 0.00 | - | | Pharma | 0.00 | 0.00 | 0.00 | - | | Novel Biologics | -13.10 | -26.30 | -59.00 | 55.42 | -19.98 | -219.80 | -20.40 | -977.45 | | Research service | 46.26 | 92.90 | 94.70 | -1.90 | 46.83 | 515.10 | 434.20 | 18.63 | | Generics | 31.57 | 63.40 | 29.30 | 116.38 | 23.77 | 261.40 | 291.50 | -10.33 | | | 35.26 | 70.80 | 100.80 | -29.76 | 49.39 | 543.20 | 365.20 | 48.74 | | Total PBIT | 100.00 | 200.80 | 165.80 | 21.11 | 100.00 | 1,099.90 | 1,070.50 | 2.75 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | -3.90 | -0.10 | -3,800.00 | | -5.70 | -15.40 | 62.99 | | PBIT Margin(%) | | Enzymes | | 0.00 | 0.00 | 0.00 | | Pharma | | 0.00 | 0.00 | 0.00 | | Novel Biologics | | 0.00 | -536.36 | 53,636.36 | | -430.98 | -194.29 | -23,669.47 | | Research service | | 14.41 | 15.93 | -151.51 | | 19.78 | 19.88 | -9.86 | | Generics | | 10.94 | 6.03 | 491.16 | | 11.17 | 12.34 | -117.09 | | | | 7.25 | 13.30 | -604.68 | | 15.68 | 13.04 | 263.80 | | PBT | 100.00 | 196.90 | 165.70 | 18.83 | 100.00 | 1,094.20 | 1,055.10 | 3.71 |
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