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For
quarter ended Sept 2023, consolidated Net sales (including other operating income) of Biocon has increased 49.26% to Rs 3462.3 crore compared to quarter ended Sept 2022. Inter-segment sales rose Rs 68.60 crore to Rs 92.90 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 3.12% to Rs 264.40 crore. Overall PBIT margin fell from 10.74% to 7.44%. Operating profit margin has jumped from 20.29% to 21.42%, leading to 57.55% rise in operating profit to Rs 741.60 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 36.91% to 30.10%. Purchase of finished goods cost rose from 2.69% to 9.60%. Employee cost decreased from 20.81% to 16.07%. Other expenses rose from 21.45% to 25.08%. Preoperation capitalised expenses fell from 3.69% to 0.10%. Other income rose 144.81% to Rs 157.9 crore. PBIDT rose 68.07% to Rs 899.5 crore. Provision for interest rose 725.67% to Rs 247.7 crore. Loan funds rose to Rs 18,252.30 crore as of 30 September 2023 from Rs 5,859.40 crore as of 30 September 2022. Inventories rose to Rs 4,910.80 crore as of 30 September 2023 from Rs 2,981.90 crore as of 30 September 2022. Sundry debtors were higher at Rs 4,033.20 crore as of 30 September 2023 compared to Rs 2,078.80 crore as of 30 September 2022. Cash and bank balance rose to Rs 1,988.90 crore as of 30 September 2023 from Rs 1,477.50 crore as of 30 September 2022. Investments declined from Rs 2,853.30 crore as of 30 September 2022 to Rs 2,040.40 crore as of 30 September 2023. PBDT rose 29.02% to Rs 651.8 crore. Provision for depreciation rose 68.67% to Rs 389.3 crore. Fixed assets increased to Rs 21,560.10 crore as of 30 September 2023 from Rs 9,708.60 crore as of 30 September 2022. Intangible assets increased from Rs 1,364.70 crore to Rs 16,333.90 crore. Profit before tax down 4.34% to Rs 262.50 crore. Share of profit/loss was 14.49% higher at Rs -24.2 crore. Extraordinary items were decreased to Rs -24.00 crore. Provision for tax was expense of Rs 41.6 crore, compared to Rs 147.3 crore. Effective tax rate was 19.41% compared to 64.30%. Minority interest increased 34.96% to Rs 47.10 crore. Net profit attributable to owners of the company increased 167.80% to Rs 125.60 crore. Equity capital stood at Rs 600.30 crore as of 30 September 2023 to Rs 600.30 crore as of 30 September 2022. Per share face Value remained same at Rs 5.00. Promoters’ stake was 60.64% as of 30 September 2023 ,compared to 60.64% as of 30 September 2022 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Biocon has increased 54.40% to Rs 6884.9 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 2.69% to Rs 469.50 crore. Overall PBIT margin fell from 9.96% to 6.63%. Operating profit margin has jumped from 19.51% to 21.15%, leading to 67.34% rise in operating profit to Rs 1,456.00 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 35.53% to 29.66%. Purchase of finished goods cost rose from 1.80% to 8.79%. Employee cost decreased from 21.96% to 16.26%. Other expenses rose from 22.56% to 25.59%. Preoperation capitalised expenses fell from 5.78% to 0.12%. Other income rose 76.54% to Rs 251.4 crore. PBIDT rose 68.63% to Rs 1707.4 crore. Provision for interest rose 863.33% to Rs 480.7 crore. Loan funds rose to Rs 18,252.30 crore as of 30 September 2023 from Rs 5,859.40 crore as of 30 September 2022. Inventories rose to Rs 4,910.80 crore as of 30 September 2023 from Rs 2,981.90 crore as of 30 September 2022. Sundry debtors were higher at Rs 4,033.20 crore as of 30 September 2023 compared to Rs 2,078.80 crore as of 30 September 2022. Cash and bank balance rose to Rs 1,988.90 crore as of 30 September 2023 from Rs 1,477.50 crore as of 30 September 2022. Investments declined from Rs 2,853.30 crore as of 30 September 2022 to Rs 2,040.40 crore as of 30 September 2023. PBDT rose 27.44% to Rs 1226.7 crore. Provision for depreciation rose 66.70% to Rs 747.3 crore. Fixed assets increased to Rs 21,560.10 crore as of 30 September 2023 from Rs 9,708.60 crore as of 30 September 2022. Intangible assets increased from Rs 1,364.70 crore to Rs 16,333.90 crore. Profit before tax down 6.79% to Rs 479.40 crore. Share of profit/loss was 19.50% higher at Rs -57.4 crore. Extraordinary items were decreased to Rs -24.00 crore. Provision for tax was expense of Rs 76.4 crore, compared to Rs 176.8 crore. Effective tax rate was 19.20% compared to 41.50%.Minority interest increased 63.39% to Rs 94.60 crore. Net profit attributable to owners of the company increased 18.66% to Rs 227.00 crore. Equity capital stood at Rs 600.30 crore as of 30 September 2023 to Rs 600.30 crore as of 30 September 2022. Per share face Value remained same at Rs 5.00. Promoters’ stake was 60.64% as of 30 September 2023 ,compared to 60.64% as of 30 September 2022 .
Full year results analysis.
Net sales (including other operating income) of Biocon has increased 36.54% to Rs 11174.2 crore. Sales of segment has gone down 62.35% to Rs 19.20 crore (accounting for 0.17% of total sales). Sales of segment has gone up 22.61% to Rs 3,192.90 crore (accounting for 27.93% of total sales). Sales of segment has gone up 12.64% to Rs 2,636.70 crore (accounting for 23.06% of total sales). Sales of segment has gone up 61.18% to Rs 5,583.80 crore (accounting for 48.84% of total sales). Inter-segment sales came down from Rs 276.40 crore to Rs 258.40 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 17.54% to Rs 1,292.80 crore. PBIT of reported profit of Rs 31.80 crore compared to loss of Rs 219.80 crore. PBIT of segment rose 15.24% to Rs 593.60 crore (accounting for 45.92% of total PBIT). PBIT of segment rose 1.15% to Rs 264.40 crore (accounting for 20.45% of total PBIT). PBIT of segment fell 25.81% to Rs 403.00 crore (accounting for 31.17% of total PBIT). PBIT margin of segment rose from negative 430.98% to 165.63%. PBIT margin of segment fell from 19.78% to 18.59%. PBIT margin of segment fell from 11.17% to 10.03%. PBIT margin of segment fell from 15.68% to 7.22%. Overall PBIT margin fell from 13.00% to 11.31%. Operating profit margin has declined from 24.07% to 22.48%, leading to 27.48% rise in operating profit to Rs 2,511.70 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 33.34% to 28.17%. Purchase of finished goods cost rose from 1.91% to 5.53%. Employee cost decreased from 22.27% to 19.25%. Other expenses rose from 19.14% to 24.88%. Preoperation capitalised expenses fell from 5.64% to 3.46%. Other income rose 76.73% to Rs 375.9 crore. PBIDT rose 32.28% to Rs 2887.6 crore. Provision for interest rose 519.82% to Rs 419 crore. Loan funds rose to Rs 18,018.80 crore as of 31 March 2023 from Rs 5,146.60 crore as of 31 March 2022. Inventories rose to Rs 4,243.70 crore as of 31 March 2023 from Rs 2,298.20 crore as of 31 March 2022. Sundry debtors were higher at Rs 3,573.20 crore as of 31 March 2023 compared to Rs 2,058.20 crore as of 31 March 2022. Cash and bank balance rose to Rs 2,400.10 crore as of 31 March 2023 from Rs 1,747.50 crore as of 31 March 2022. Investments rose to Rs 2,068.80 crore as of 31 March 2023 from Rs 1,587.90 crore as of 31 March 2022 . PBDT rose 16.70% to Rs 2468.6 crore. Provision for depreciation rose 36.71% to Rs 1113.1 crore. Fixed assets increased to Rs 20,648.50 crore as of 31 March 2023 from Rs 10,653.00 crore as of 31 March 2022. Intangible assets increased from Rs 26.40 crore to Rs 16,136.20 crore. Profit before tax grew 4.18% to Rs 1,355.50 crore. Share of profit/loss was 19.28% higher at Rs -167 crore. Extraordinary items were decreased to Rs -291.40 crore. Provision for tax was expense of Rs 254.1 crore, compared to Rs 211.5 crore. Effective tax rate was 28.32% compared to 21.51%. Minority interest increased 46.35% to Rs 180.30 crore. Net profit attributable to owners of the company decreased 28.64% to Rs 462.70 crore. Equity capital stood at Rs 600.30 crore as of 31 March 2023 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 2023 ,compared to 60.64% as of 31 March 2022 . Cash flow from operating activities increased to Rs 1,852.50 crore for year ended March 2023 from Rs 1,176.60 crore for year ended March 2022. Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 1,726.30 crore, compared to Rs 1,924.80 crore during the year ended March 2022. Other Highlights
In
Q2 FY24, Generics business went up 4% compared to Q2 FY23. Biosimilars segment
went up 97% and Research services up 18% on YoY basis.
In
H1 FY24, Generics business went up 9% compared to H1 FY23. Biosimilars segment
went up 102% and Research services up 22% on YoY basis.
In
Q2 FY24, Generics business contributed 19% to total revenue, Biosimilars 55%
and Research services 26%.
Management Comments :
Kiran Mazumdar-Shaw, Executive Chairperson,
Biocon and Biocon Biologics, said: “Biocon reported a strong revenue growth
this quarter of 52% YoY at Rs 3,620 crore led largely by a revenue rise of 97% in
Biosimilars. EBITDA increased by 68% YoY to Rs 900 crore, a margin of 25%.
Biocon Biologics is now driving the business in North America and most of the
Emerging Markets, and integration of the acquired business in Europe and a few
remaining countries is expected to be completed during the year. The Generics
Business has expanded its geographic manufacturing presence with the
acquisition of an oral solid dosage manufacturing facility in the U.S. Syngene
expects Bio[1]manufacturing to
drive future growth which will be bolstered by the proposed acquisition of a
large[1]scale facility in
Bengaluru. The three businesses are focused on their strategic goals aimed at
profitable growth, going forward.”
Siddharth Mittal, CEO & Managing
Director, Biocon, said: “The Generics business delivered a modest year-on-year
revenue growth. Our Generic Formulations business gained momentum on the back
of an uptick in statin volumes, recently launched products and expansion in MoW
markets. The performance of our API business was subdued as customer demand
moderated and a planned maintenance shutdown for one of our key products led to
a phasing of supplies. “In line with our expansion strategy for the North
American market, we acquired the U.S. FDA[1]approved
oral solid dosage manufacturing facility in the United States, which will
enable us to add capacities for new products and better support our customers.
Looking ahead, we expect an improved performance in the second half of the
fiscal with sustained delivery in Generic Formulations and some recovery in our
API business.”
Shreehas Tambe, CEO & Managing Director,
Biocon Biologics, said, “Biocon Biologics has continued its growth momentum and
delivered a nearly 100% year-on-year revenue growth. This is largely driven by
the acquisition of Viatris’ biosimilars business and the growth in market
shares for our products in the U.S. and Europe, as we win new customers. The
robust demand for our Insulins portfolio in Emerging Markets will continue to
drive growth in these markets and expand access to affordable life-changing
treatments. This quarter we successfully transitioned the acquired business
from Viatris in North America, and now look forward to integrating the
remaining markets, including Europe, Japan, Australia, and New Zealand, later
during the year, which is a significant acceleration over plan.”
Jonathan Hunt, CEO & Managing Director,
Syngene, said, “I’m pleased with the positive performances across all divisions
of Syngene, led by Development and Manufacturing Services. We continued to add
capabilities and commissioned a non-GMP facility to meet market demand for
agile, cost-efficient, early phase development and scale-up services. We also
commissioned a state-of-the[1]art, digitally
enabled Quality Control laboratory that will play a pivotal role in maintaining
the standards that underpin all biologics operations.”
| Biocon : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202309 | 202209 | Var.(%) | 202309 | 202209 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 3,462.30 | 2,319.70 | 49.26 | 6,884.90 | 4,459.20 | 54.40 | 11,174.20 | 8,184.00 | 36.54 | | OPM (%) | 21.42 | 20.29 | 113 bps | 21.15 | 19.51 | 164 bps | 22.48 | 24.07 | -160 bps | | OP | 741.60 | 470.70 | 57.55 | 1,456.00 | 870.10 | 67.34 | 2,511.70 | 1,970.20 | 27.48 | | Other Inc. | 157.90 | 64.50 | 144.81 | 251.40 | 142.40 | 76.54 | 375.90 | 212.70 | 76.73 | | PBIDT | 899.50 | 535.20 | 68.07 | 1,707.40 | 1,012.50 | 68.63 | 2,887.60 | 2,182.90 | 32.28 | | Interest | 247.70 | 30.00 | 725.67 | 480.70 | 49.90 | 863.33 | 419.00 | 67.60 | 519.82 | | PBDT | 651.80 | 505.20 | 29.02 | 1,226.70 | 962.60 | 27.44 | 2,468.60 | 2,115.30 | 16.70 | | Depreciation | 389.3 | 230.8 | 68.67 | 747.3 | 448.3 | 66.70 | 1113.1 | 814.2 | 36.71 | | PBT | 262.50 | 274.40 | -4.34 | 479.4 | 514.3 | -6.79 | 1355.5 | 1301.1 | 4.18 | | Share of Profit/(Loss) from Associates | -24.2 | -28.3 | 14.49 | -57.4 | -71.3 | 19.50 | -167 | -206.9 | 19.28 | | PBT before EO | 238.3 | 246.1 | -3.17 | 422 | 443 | -4.74 | 1188.5 | 1094.2 | 8.62 | | EO Income | -24 | -17 | -41.18 | -24 | -17 | -41.18 | -291.4 | -111.1 | -162.29 | | PBT after EO | 214.3 | 229.1 | -6.46 | 398 | 426 | -6.57 | 897.1 | 983.1 | -8.75 | | Taxation | 41.6 | 147.3 | -71.76 | 76.4 | 176.8 | -56.79 | 254.1 | 211.5 | 20.14 | | PAT | 172.7 | 81.8 | 111.12 | 321.6 | 249.2 | 29.05 | 643 | 771.6 | -16.67 | | Minority Interest (MI) | 47.1 | 34.9 | 34.96 | 94.6 | 57.9 | 63.39 | 180.3 | 123.2 | 46.35 | | Net profit | 125.6 | 46.9 | 167.80 | 227 | 191.3 | 18.66 | 462.7 | 648.4 | -28.64 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 125.6 | 46.9 | 167.80 | 227 | 191.3 | 18.66 | 462.7 | 648.4 | -28.64 | | EPS (Rs)* | 1.17 | 0.43 | 171.20 | 2.02 | 1.67 | 20.83 | 5.29 | 6.07 | -12.79 | | | * 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 | td>-| | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202309 | 202209 | Var.(%) | % of (Total) | 202309 | 202209 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
|---|
| Sales | | Generics | 19.03 | 676.40 | 0.00 | - | | Biosimilars | 55.38 | 1,968.70 | 0.00 | - | | Novel Biologics | 0.00 | 0.00 | 0.00 | - | | Research service | 25.60 | 910.10 | 0.00 | - | | 0.17 | 19.20 | 51.00 | -62.35 | | 27.93 | 3,192.90 | 2,604.20 | 22.61 | | 23.06 | 2,636.70 | 2,340.90 | 12.64 | | 48.84 | 5,583.80 | 3,464.30 | 61.18 | | Total Reported Sales | 100.00 | 3,555.20 | 2,388.30 | 48.86 | 100.00 | 7,078.40 | 4,589.10 | 54.24 | 100.00 | 11,432.60 | 8,460.40 | 35.13 | | Less: Inter segment revenues | | 92.90 | 68.60 | 35.42 | | 193.50 | 0.00 | | 258.40 | 276.40 | -6.51 | | Net Sales | 100.00 | 3,462.30 | 2,319.70 | 49.26 | 100.00 | 6,884.90 | 4,589.10 | 50.03 | 100.00 | 11,174.20 | 8,184.00 | 36.54 | | PBIT | | Generics | 25.11 | 66.40 | 0.00 | - | | Biosimilars | -5.75 | -15.20 | 0.00 | - | | Novel Biologics | 20.84 | 55.10 | 0.00 | - | | Research service | 59.80 | 158.10 | 0.00 | - | | 2.46 | 31.80 | -219.80 | LP | | 45.92 | 593.60 | 515.10 | 15.24 | | 20.45 | 264.40 | 261.40 | 1.15 | | 31.17 | 403.00 | 543.20 | -25.81 | | Total PBIT | 100.00 | 264.40 | 256.40 | 3.12 | 100.00 | 469.50 | 457.20 | 2.69 | 100.00 | 1,292.80 | 1,099.90 | 17.54 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | -26.10 | -10.30 | -153.40 | | -47.50 | -14.20 | -234.51 | | -104.30 | -5.70 | -1,729.82 | | PBIT Margin(%) | | Generics | | 9.82 | 0.00 | 981.67 | | 9.48 | 0.00 | 947.92 | | Biosimilars | | -0.77 | 0.00 | -77.21 | | 0.23 | 0.00 | 22.84 | | Novel Biologics | | 0.00 | 0.00 | 0.00 | | Research service | | 17.37 | 0.00 | 1,737.17 | | 16.35 | 0.00 | 1,635.43 | | | 165.63 | -430.98 | 59,660.54 | | | 0.00 | 15.78 | -1,577.94 | | 18.59 | 19.78 | -118.83 | | | 0.00 | 9.77 | -977.13 | | 10.03 | 11.17 | -113.90 | | | 0.00 | 7.53 | -752.79 | | 7.22 | 15.68 | -846.26 | | PBT | 100.00 | 238.30 | 246.10 | -3.17 | 100.00 | 422.00 | 443.00 | -4.74 | 100.00 | 1,188.50 | 1,094.20 | 8.62 |
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