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For
quarter ended March 2023, consolidated Net sales (including other operating income) of Biocon has increased 56.67% to Rs 3773.9 crore compared to quarter ended Mar 2022. Sales of Novel Biologics segment has gone up 56.10% to Rs 19.20 crore (accounting for 0.50% of total sales). Sales of Research service segment has gone up 31.17% to Rs 994.40 crore (accounting for 25.95% of total sales). Sales of Generics segment has gone down 0.08% to Rs 716.60 crore (accounting for 18.70% of total sales). Sales of segment has gone up 113.95% to Rs 2,101.60 crore (accounting for 54.85% of total sales). Inter-segment sales came down from Rs 61.10 crore to Rs 57.90 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 43.90% to Rs 558.90 crore. PBIT of Novel Biologics reported profit of Rs 101.00 crore compared to loss of Rs 50.70 crore. PBIT of Research service segment rose 28.87% to Rs 230.80 crore (accounting for 41.30% of total PBIT). PBIT of Generics segment fell 35.35% to Rs 74.80 crore (accounting for 13.38% of total PBIT). PBIT of segment rose 5.54% to Rs 152.30 crore (accounting for 27.25% of total PBIT). PBIT margin of Novel Biologics segment rose from negative 412.20% to 526.04%. PBIT margin of Research service segment fell from 23.62% to 23.21%. PBIT margin of Generics segment fell from 16.13% to 10.44%. PBIT margin of segment fell from 14.69% to 7.25%. Overall PBIT margin fell from 15.73% to 14.59%. Operating profit margin has jumped from 24.57% to 26.43%, leading to 68.49% rise in operating profit to Rs 997.30 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 31.45% to 11.97%. Purchase of finished goods cost rose from 2.09% to 14.51%. Employee cost decreased from 19.78% to 16.45%. Other expenses rose from 21.80% to 28.27%. Preoperation capitalised expenses fell from 7.16% to 0.05%. Other income rose 130.16% to Rs 154.9 crore. PBIDT rose 74.79% to Rs 1152.2 crore. Provision for interest rose 2,269.52% to Rs 248.8 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 39.26% to Rs 903.4 crore. Provision for depreciation rose 71.39% to Rs 363.7 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 23.64% to Rs 539.70 crore. Share of profit/loss was 24.34% higher at Rs -40.1 crore. Extraordinary items were increased to Rs -3.00 crore. Provision for tax was expense of Rs 82.1 crore, compared to Rs 58.6 crore. Effective tax rate was 16.53% compared to 17.11%. Minority interest increased 123.62% to Rs 101.30 crore. Net profit attributable to owners of the company increased 31.27% to Rs 313.20 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 .
Full year results analysis.
Net sales (including other operating income) of Biocon has increased 36.54% to Rs 11174.2 crore. Sales of Novel Biologics segment has gone down 62.35% to Rs 19.20 crore (accounting for 0.17% of total sales). Sales of Research service segment has gone up 22.61% to Rs 3,192.90 crore (accounting for 27.93% of total sales). Sales of Generics segment has gone up 12.64% to Rs 2,636.70 crore (accounting for 23.06% of total sales). Sales of Biosimilars 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 Novel Biologics reported profit of Rs 31.80 crore compared to loss of Rs 219.80 crore. PBIT of Research service segment rose 15.24% to Rs 593.60 crore (accounting for 45.92% of total PBIT). PBIT of Generics segment rose 1.15% to Rs 264.40 crore (accounting for 20.45% of total PBIT). PBIT of Biosimilars segment fell 25.81% to Rs 403.00 crore (accounting for 31.17% of total PBIT). PBIT margin of Novel Biologics segment rose from negative 430.98% to 165.63%. PBIT margin of Research service segment fell from 19.78% to 18.59%. PBIT margin of Generics segment fell from 11.17% to 10.03%. PBIT margin of Biosimilars 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
Board
Recommended final dividend of Rs 1.50 per equity share of face value of Rs 5
each for the financial year ended March 31, 2023. Company has fixed Friday,
July 7, 2023 as the record date and dividend will be paid on or before September
8, 2023.
In
FY23, Generics business went up 13% compared to FY22. Biosimilars segment went
up 61% and Research services up 23% on YoY basis.
In
Q4 FY23, Generics business contributed 19% to total revenue, Biosimilars 56%
and Research services 25%.
In
FY23, Generics business contributed 24% to total revenue, Biosimilars 50% and
Research services 26%.
Net
R&D investments for the year increased 186% to Rs 889 crore, representing
16% of revenue.
Management Comments :
Kiran Mazumdar-Shaw, Executive Chairperson,
Biocon and Biocon Biologics said, “FY23 has been a transformational year led by
the acquisition of our partnered biosimilars business from Viatris, which has
significantly contributed to Biocon’s robust consolidated financials. Revenues
grew 38% to Rs 11,550 crore, EBITDA was at Rs 2,888 Crore, reporting a 32%
growth. Revenue growth was led by Biosimilars at 61%, Research Services at 23%
and Generics at 13%. R&D Investments have nearly doubled to Rs 1,119 crore,
as we seek to drive future growth. “We ended FY23 with a strong Q4 performance
where Revenues grew by 59% to Rs 3,929 crore and EBITDA by 75% to Rs 1,152
crore. Biosimilars continue to be the largest business segment for Biocon, with
revenues of Rs 2,102 crore, a growth of 114%, exiting the year on a USD 1 billion
revenue trajectory.”
Siddharth Mittal, CEO & Managing
Director said, “The Generics business performance in FY23 was in line with our
expectations, delivering healthy year-on-year revenue growth that was driven by
immunosuppressants, specialty APIs, and a ramp[1]up
of some of our recently launched generic formulation products. Profitability
for the year was muted, mainly on account of pricing pressure in our key
markets, as well as increased input costs, that was partially mitigated by cost
improvement initiatives. “We continue to launch new products in the U.S., while
gaining market share for existing products by securing new contracts. Our
regional expansion strategy saw good progress during the fiscal as we entered
into partnerships with Zentiva in Europe and Farmanguinhos in Brazil. “In the
quarters ahead, we will continue to focus on operationalizing ongoing capex
projects, advancing our product pipeline and expanding our commercial
footprint.”
Shreehas Tambe, CEO & Managing Director,
said “This has been a landmark year for Biocon Biologics with the closure of
our transformational acquisition of Viatris’ global biosimilars business. This
acquisition coupled with strong growth in our underlying business and over 35
new launches has translated to a significant step-up in revenues and expanded
global reach. “As we look ahead, we will be integrating the acquired business
in a phased manner with over 70 Emerging Markets transitioning to Biocon
Biologics shortly followed by the U.S. and EU thereafter. FY24 will also see
several important new launches, a key driver of growth. We are confident that
our strong business fundamentals, fully integrated global capabilities, and
rich pipeline will allow us to capitalize on the rapidly expanding global
biosimilars opportunity, drive profitable growth and unlock value for all
stakeholders.”
Jonathan Hunt, CEO & Managing Director,
said “Strong growth in the fourth quarter, added to a positive performance over
the course of the year, delivered full-year results ahead of Syngene`s upgraded
guidance. All business divisions delivered growth through the year, triggering
investment in additional laboratory capacity and new facilities at our campuses
in Bengaluru and Hyderabad, as well as creating over 1,000 new jobs.
“Manufacturing Services had a particularly strong year, led by our
commercial-scale biologics manufacturing business which had a busy fourth
quarter supporting our partnership with Zoetis, following successful regulatory
inspections by the US, European and UK regulatory authorities.”
| Biocon : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202303 | 202203 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 3,773.90 | 2,408.80 | 56.67 | 11,174.20 | 8,184.00 | 36.54 | | OPM (%) | 26.43 | 24.57 | 185 bps | 22.48 | 24.07 | -160 bps | | OP | 997.30 | 591.90 | 68.49 | 2,511.70 | 1,970.20 | 27.48 | | Other Inc. | 154.90 | 67.30 | 130.16 | 375.90 | 212.70 | 76.73 | | PBIDT | 1,152.20 | 659.20 | 74.79 | 2,887.60 | 2,182.90 | 32.28 | | Interest | 248.80 | 10.50 | 2,269.52 | 419.00 | 67.60 | 519.82 | | PBDT | 903.40 | 648.70 | 39.26 | 2,468.60 | 2,115.30 | 16.70 | | Depreciation | 363.7 | 212.2 | 71.39 | 1113.1 | 814.2 | 36.71 | | PBT | 539.70 | 436.50 | 23.64 | 1355.5 | 1301.1 | 4.18 | | Share of Profit/(Loss) from Associates | -40.1 | -53 | 24.34 | -167 | -206.9 | 19.28 | | PBT before EO | 499.6 | 383.5 | 30.27 | 1188.5 | 1094.2 | 8.62 | | EO Income | -3 | -41 | 92.68 | -291.4 | -111.1 | -162.29 | | PBT after EO | 496.6 | 342.5 | 44.99 | 897.1 | 983.1 | -8.75 | | Taxation | 82.1 | 58.6 | 40.10 | 254.1 | 211.5 | 20.14 | | PAT | 414.5 | 283.9 | 46.00 | 643 | 771.6 | -16.67 | | Minority Interest (MI) | 101.3 | 45.3 | 123.62 | 180.3 | 123.2 | 46.35 | | Net profit | 313.2 | 238.6 | 31.27 | 462.7 | 648.4 | -28.64 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 313.2 | 238.6 | 31.27 | 462.7 | 648.4 | -28.64 | | EPS (Rs)* | 2.63 | 2.24 | 17.24 | 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 | | | Quarter ended | Year ended |
|---|
| % of (Total) | 202303 | 202203 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
|---|
| Sales | | Enzymes | 0.00 | 0.00 | 0.00 | - | | Pharma | 0.00 | 0.00 | 0.00 | - | | Novel Biologics | 0.50 | 19.20 | 12.30 | 56.10 | 0.17 | 19.20 | 51.00 | -62.35 | | Research service | 25.95 | 994.40 | 758.10 | 31.17 | 27.93 | 3,192.90 | 2,604.20 | 22.61 | | Generics | 18.70 | 716.60 | 717.20 | -0.08 | 23.06 | 2,636.70 | 2,340.90 | 12.64 | | | 54.85 | 2,101.60 | 982.30 | 113.95 | 48.84 | 5,583.80 | 3,464.30 | 61.18 | | Total Reported Sales | 100.00 | 3,831.80 | 2,469.90 | 55.14 | 100.00 | 11,432.60 | 8,460.40 | 35.13 | | Less: Inter segment revenues | | 57.90 | 61.10 | -5.24 | | 258.40 | 276.40 | -6.51 | | Net Sales | 100.00 | 3,773.90 | 2,408.80 | 56.67 | 100.00 | 11,174.20 | 8,184.00 | 36.54 | | PBIT | | Enzymes | 0.00 | 0.00 | 0.00 | - | | Pharma | 0.00 | 0.00 | 0.00 | - | | Novel Biologics | 18.07 | 101.00 | -50.70 | LP | 2.46 | 31.80 | -219.80 | LP | | Research service | 41.30 | 230.80 | 179.10 | 28.87 | 45.92 | 593.60 | 515.10 | 15.24 | | Generics | 13.38 | 74.80 | 115.70 | -35.35 | 20.45 | 264.40 | 261.40 | 1.15 | | | 27.25 | 152.30 | 144.30 | 5.54 | 31.17 | 403.00 | 543.20 | -25.81 | | Total PBIT | 100.00 | 558.90 | 388.40 | 43.90 | 100.00 | 1,292.80 | 1,099.90 | 17.54 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | -59.30 | -4.90 | -1,110.20 | | -104.30 | -5.70 | -1,729.82 | | PBIT Margin(%) | | Enzymes | | 0.00 | 0.00 | 0.00 | | Pharma | | 0.00 | 0.00 | 0.00 | | Novel Biologics | | 526.04 | -412.20 | 93,823.68 | | 165.63 | -430.98 | 59,660.54 | | Research service | | 23.21 | 23.62 | -41.49 | | 18.59 | 19.78 | -118.83 | | Generics | | 10.44 | 16.13 | -569.40 | | 10.03 | 11.17 | -113.90 | | | | 7.25 | 14.69 | -744.32 | | 7.22 | 15.68 | -846.26 | | PBT | 100.00 | 499.60 | 383.50 | 30.27 | 100.00 | 1,188.50 | 1,094.20 | 8.62 |
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