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For
quarter ended March 2022, consolidated net sales (including other operating income) of Biocon has increased 30.76% to Rs 2408.8 crore compared to quarter ended March 2021. Sales of Novel Biologics segment has gone up 17.14% to Rs 12.30 crore (accounting for 0.50% of total sales). Sales of Research service segment has gone up 15.11% to Rs 758.10 crore (accounting for 30.69% of total sales). Sales of Generics segment has gone up 25.74% to Rs 717.20 crore (accounting for 29.04% of total sales). Sales of segment has gone up 48.03% to Rs 982.30 crore (accounting for 39.77% of total sales). Inter-segment sales rose Rs 61.00 crore to Rs 61.10 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 2.37% to Rs 388.40 crore. PBIT of Novel Biologics reported loss of Rs 50.70 crore compared to profit of Rs 81.40 crore. PBIT of Research service segment rose 13.93% to Rs 179.10 crore (accounting for 46.11% of total PBIT). PBIT of Generics segment rose 59.81% to Rs 115.70 crore (accounting for 29.79% of total PBIT). PBIT of segment rose 110.96% to Rs 144.30 crore (accounting for 37.15% of total PBIT). PBIT margin of Novel Biologics segment fell from 775.24% to 412.20%. PBIT margin of Research service segment fell from 23.87% to 23.62%. PBIT margin of Generics segment rose from 12.69% to 16.13%. PBIT margin of segment rose from 10.31% to 14.69%. Overall PBIT margin fell from 19.94% to 15.73%. Operating profit margin has jumped from 23.65% to 24.57%, leading to 35.85% rise in operating profit to Rs 591.90 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 32.38% to 31.45%. Purchase of finished goods cost rose from 1.55% to 2.09%. Employee cost decreased from 23.65% to 19.78%. Other expenses rose from 19.63% to 21.80%. Preoperation capitalised expenses rose from 5.17% to 7.16%. Other income fell 67.23% to Rs 67.3 crore. PBIDT rose 2.82% to Rs 659.2 crore. Provision for interest fell 69.03% to Rs 10.5 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 6.83% to Rs 648.7 crore. Provision for depreciation rose 15.14% to Rs 212.2 crore. Fixed assets increased to Rs 10,653.00 crore as of 31 March 2022 from Rs 9,137.70 crore as of 31 March 2021. Intangible assets stood at Rs 26.40 crore. Profit before tax grew 3.22% to Rs 436.50 crore. Share of profit/loss was 23.96% higher at Rs -53 crore. Provision for tax was expense of Rs 58.6 crore, compared to Rs 69.4 crore. Effective tax rate was 17.11% compared to 18.97%. Minority interest increased 4.86% to Rs 45.30 crore. Net profit attributable to owners of the company decreased 5.77% to Rs 238.60 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 .
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 10,653.00 crore as of 31 March 2022 from Rs 9,137.70 crore as of 31 March 2021. Intangible assets stood at Rs 26.40 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
Board Recommended
a final dividend of Re 0.50 per equity share of face value of Rs 5 each for the
financial year ended March 31, 2022. Record date for payment of final dividend
is July 1, 2022.
In Q4
FY22, Generics business went up 26% to Rs 717 crore compared to Q4 FY21.
Biosimilars segment went up 48% to Rs 982 crore, Novel Biologics up 17% to Rs
12 crore, Research services up 15% to Rs 758 crore.
Biocon
Biologics has acquired Viatris’ global biosimilars business for up to USD 3.335
billion (approx Rs 25,000 crore) in cash and stock.
Management Comments :
Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and
Biocon Biologics, said: “FY22 was a transformational year for Biocon. Key
strategic moves in our Biosimilars business position us for long-term growth
and value creation for our stakeholders. “We believe that the two strategic
transactions, with Viatris and Serum Institute Life Sciences, will position
Biocon Biologics as a world leading, unique, fully integrated biologics company
with a strong differentiated portfolio of biosimilars and vaccines. “We reported
a strong consolidated revenue growth of 21% for Q4FY22 at Rs 2,476 Crore driven
by 48% growth in Biosimilars, 26% in Generics and 15% in Research Services,
businesses. Our Gross R&D spends increased by 70% this quarter to Rs 232
Crore reflecting our advancing pipeline, that will drive our future growth.
Core EBITDA was up by 37% at Rs 815 Crore, representing healthy operating
margins of 33%. PBT before Exceptional Items stood at Rs 384 Crore, up by 9%.
“On a full- year basis, we delivered consolidated revenue of US$ 1.1 billion
(Rs 8,397 Crore) and reported a Core EBITDA growth of 18% at Rs 2,669 Crore
with Core EBITDA margins at 32%.”
Commenting on the Generics segment performance, Siddharth
Mittal, CEO & Managing Director, Biocon Limited, said, “The business saw
robust sequential as well as YoY growth in Q4, on the back of contributions
from new product launches in the U.S., particularly Everolimus, an uptick in
our API business and a normalization of supply challenges that impacted us in
the first half of the fiscal. However, our FY22 performance was muted, largely
due to supply and operational challenges earlier in the year, as well as
headwinds in the form of pricing pressures, and escalating costs of solvents,
raw material and logistics. As we progress on our mission of providing high
quality affordable medicines to patients around the globe, we will continue to
focus on expediting our product pipeline, operationalizing new capacities, and
accelerating projects that drive cost and operational efficiencies across the
organization. We will also commence work on important new projects in the
current fiscal – a large scale synthetic facility in Hyderabad and an
injectable facility in Bangalore; as well as expand our fermentation capacities
in Bangalore, all of which will provide further impetus to our future growth.”
Commenting on the performance, Dr Arun Chandavarkar,
Managing Director, Biocon Biologics Ltd. said: “The 48% (Y-o-Y) growth in
revenues this quarter was a result of improved performance across developed and
emerging markets, driven by strong market share gains of our interchangeable
bGlargine in the USA. The health of our operational and business performance is
reflected in the Core EBITDA margins being at 39% of revenues and growing 78%
Y-o-Y. We have progressed well in the development of several next wave
biosimilar programs, with two of our molecules entering the clinic. Whilst net
R&D was at 9% of revenues in FY22, we expect this to ramp up in FY23
commensurate with the progress of our rich and diverse pipeline which provides
Biocon Biologics a sustainable growth opportunity in the years ahead. The two
strategic transactions with Serum and Viatris announced in FY22, upon likely
closure in the second half of calendar year 2022, will propel us on our path to
be a leading vertically integrated biosimilars company globally and will also
support the higher investments in developing our pipeline.”
Commenting on the performance, Jonathan Hunt, CEO &
Managing Director, Syngene said: “I am pleased with the strong finish we had to
the year and that we delivered results at the high end of our upgraded guidance
range. Reflecting on the last two years of the pandemic, I am extremely proud
of our track record: we created more than 2000 new jobs – more than in any
other two-year period of the company`s history - and gained more than 100 new
clients in the last year. We also extended and expanded our long-term
partnership with Amgen Inc. and continued to invest in new capacity and
technology to underpin future growth. Looking ahead, we see growing demand for
research, development and manufacturing services around the world and we are
well-positioned to take advantage of these new opportunities.”
| Biocon : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,408.80 | 1,842.10 | 30.76 | 8,184.00 | 7,143.10 | 14.57 | | OPM (%) | 24.57 | 23.65 | 92 bps | 24.07 | 23.14 | 94 bps | | OP | 591.90 | 435.70 | 35.85 | 1,970.20 | 1,652.80 | 19.20 | | Other Inc. | 67.30 | 205.40 | -67.23 | 212.70 | 254.50 | -16.42 | | PBIDT | 659.20 | 641.10 | 2.82 | 2,182.90 | 1,907.30 | 14.45 | | Interest | 10.50 | 33.90 | -69.03 | 67.60 | 57.70 | 17.16 | | PBDT | 648.70 | 607.20 | 6.83 | 2,115.30 | 1,849.60 | 14.37 | | Depreciation | 212.2 | 184.3 | 15.14 | 814.2 | 715.1 | 13.86 | | PBT | 436.50 | 422.90 | 3.22 | 1301.1 | 1134.5 | 14.68 | | Share of Profit/(Loss) from Associates | -53 | -69.7 | 23.96 | -206.9 | -79.4 | -160.58 | | PBT before EO | 383.5 | 353.2 | 8.58 | 1094.2 | 1055.1 | 3.71 | | EO Income | -41 | 12.6 | PL | -111.1 | 12.6 | PL | | PBT after EO | 342.5 | 365.8 | -6.37 | 983.1 | 1067.7 | -7.92 | | Taxation | 58.6 | 69.4 | -15.56 | 211.5 | 221.5 | -4.51 | | PAT | 283.9 | 296.4 | -4.22 | 771.6 | 846.2 | -8.82 | | Minority Interest (MI) | 45.3 | 43.2 | 4.86 | 123.2 | 105.7 | 16.56 | | Net profit | 238.6 | 253.2 | -5.77 | 648.4 | 740.5 | -12.44 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 238.6 | 253.2 | -5.77 | 648.4 | 740.5 | -12.44 | | EPS (Rs)* | 2.24 | 2.03 | 10.24 | 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) | 202203 | 202103 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
|---|
| Sales | | Enzymes | 0.00 | 0.00 | 0.00 | - | | Pharma | 0.00 | 0.00 | 0.00 | - | | Novel Biologics | 0.50 | 12.30 | 10.50 | 17.14 | 0.60 | 51.00 | 10.50 | 385.71 | | Research service | 30.69 | 758.10 | 658.60 | 15.11 | 30.78 | 2,604.20 | 2,184.30 | 19.22 | | Generics | 29.04 | 717.20 | 570.40 | 25.74 | 27.67 | 2,340.90 | 2,362.70 | -0.92 | | | 39.77 | 982.30 | 663.60 | 48.03 | 40.95 | 3,464.30 | 2,800.20 | 23.72 | | Total Reported Sales | 100.00 | 2,469.90 | 1,903.10 | 29.78 | 100.00 | 8,460.40 | 7,357.70 | 14.99 | | Less: Inter segment revenues | | 61.10 | 61.00 | 0.16 | | 276.40 | 214.60 | 28.80 | | Net Sales | 100.00 | 2,408.80 | 1,842.10 | 30.76 | 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 | -13.05 | -50.70 | 81.40 | PL | -19.98 | -219.80 | -20.40 | -977.45 | | Research service | 46.11 | 179.10 | 157.20 | 13.93 | 46.83 | 515.10 | 434.20 | 18.63 | | Generics | 29.79 | 115.70 | 72.40 | 59.81 | 23.77 | 261.40 | 291.50 | -10.33 | | | 37.15 | 144.30 | 68.40 | 110.96 | 49.39 | 543.20 | 365.20 | 48.74 | | Total PBIT | 100.00 | 388.40 | 379.40 | 2.37 | 100.00 | 1,099.90 | 1,070.50 | 2.75 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | -4.90 | -26.20 | 81.30 | | -5.70 | -15.40 | 62.99 | | PBIT Margin(%) | | Enzymes | | 0.00 | 0.00 | 0.00 | | Pharma | | 0.00 | 0.00 | 0.00 | | Novel Biologics | | -412.20 | 775.24 | -1,18,743.32 | | -430.98 | -194.29 | -23,669.47 | | Research service | | 23.62 | 23.87 | -24.40 | | 19.78 | 19.88 | -9.86 | | Generics | | 16.13 | 12.69 | 343.93 | | 11.17 | 12.34 | -117.09 | | | | 14.69 | 10.31 | 438.26 | | 15.68 | 13.04 | 263.80 | | PBT | 100.00 | 383.50 | 353.20 | 8.58 | 100.00 | 1,094.20 | 1,055.10 | 3.71 |
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