For
quarter ended sept 2022, consolidated Net sales (including other operating income) of Biocon has increased 26.04% to Rs 2319.7 crore compared to quarter ended sept 2021. Sales of Research service segment has gone up 25.88% to Rs 768.10 crore (accounting for 32.16% of total sales). Sales of Generics segment has gone up 17.51% to Rs 622.80 crore (accounting for 26.08% of total sales). Sales of segment has gone up 34.33% to Rs 997.40 crore (accounting for 41.76% of total sales). Profit before interest, tax and other unallocable items (PBIT) has slumped 7.14% to Rs 256.40 crore. PBIT of Novel Biologics segment rose 90.97% to Rs -5.50 crore (accounting for -2.15% of total PBIT). PBIT of Research service segment rose 15.15% to Rs 130.00 crore (accounting for 50.70% of total PBIT). PBIT of Generics segment rose 8.63% to Rs 54.10 crore (accounting for 21.10% of total PBIT). PBIT of segment fell 55.36% to Rs 77.80 crore (accounting for 30.34% of total PBIT).
PBIT margin of Research service segment fell from 18.50% to 16.92%. PBIT margin of Generics segment fell from 9.40% to 8.69%. PBIT margin of segment fell from 23.47% to 7.80%. Overall PBIT margin fell from 14.57% to 10.74%.
Operating profit margin has declined from 24.22% to 20.29%, leading to 5.59% rise in operating profit to Rs 470.70 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 31.56% to 36.91%. Purchase of finished goods cost rose from 1.75% to 2.69%. Employee cost decreased from 25.04% to 20.81%. Other expenses rose from 18.34% to 21.45%. Preoperation capitalised expenses fell from 4.71% to 3.69%. Other income fell 38.51% to Rs 64.5 crore. PBIDT fell 2.81% to Rs 535.2 crore. Provision for interest rose 33.33% to Rs 30 crore. Loan funds rose to Rs 5,859.40 crore as of 30 September 2022 from Rs 4,743.20 crore as of 30 September 2021. Inventories rose to Rs 2,981.90 crore as of 30 September 2022 from Rs 2,272.70 crore as of 30 September 2021. Sundry debtors were higher at Rs 2,078.80 crore as of 30 September 2022 compared to Rs 1,159.60 crore as of 30 September 2021. Cash and bank balance declined from Rs 1,668.60 crore as of 30 September 2021 to Rs 1,477.50 crore as of 30 September 2022. Investments rose to Rs 2,853.30 crore as of 30 September 2022 from Rs 1,824.40 crore as of 30 September 2021 .
PBDT fell 4.35% to Rs 505.2 crore. Provision for depreciation rose 14.54% to Rs 230.8 crore. Fixed assets increased to Rs 11,046.90 crore as of 30 September 2022 from Rs 8,494.40 crore as of 30 September 2021. Intangible assets declined from Rs 1,260.60 crore to Rs 26.40 crore.
Profit before tax down 16.01% to Rs 274.40 crore. Share of profit/loss was 44.07% higher at Rs -28.3 crore. Extraordinary items were increased to Rs -17.00 crore. Provision for tax was expense of Rs 147.3 crore, compared to Rs 46.3 crore. Effective tax rate was 64.30% compared to 22.48%.
Minority interest increased 63.08% to Rs 34.90 crore. Net profit attributable to owners of the company decreased 66.09% to Rs 46.90 crore. Equity capital stood at Rs 600.30 crore as of 30 September 2022 to Rs 600.30 crore as of 30 September 2021. Per share face Value remained same at Rs 5.00.
Promoters’ stake was 60.64% as of 30 September 2022 ,compared to 60.64% as of 30 September 2021 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Biocon has increased 23.83% to Rs 4459.2 crore. Sales of Research service segment has gone up 17.26% to Rs 1,412.60 crore (accounting for 30.78% of total sales). Sales of Generics segment has gone up 18.32% to Rs 1,202.50 crore (accounting for 26.20% of total sales). Sales of Biosimilars segment has gone up 31.55% to Rs 1,974.00 crore (accounting for 43.01% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has jumped 3.46% to Rs 457.20 crore. PBIT of Novel Biologics segment rose 73.48% to Rs -31.80 crore (accounting for -6.96% of total PBIT). PBIT of Research service segment rose 7.37% to Rs 222.90 crore (accounting for 48.75% of total PBIT). PBIT of Generics segment rose 48.55% to Rs 117.50 crore (accounting for 25.70% of total PBIT). PBIT of Biosimilars segment fell 45.98% to Rs 148.60 crore (accounting for 32.50% of total PBIT).
PBIT margin of Research service segment fell from 17.23% to 15.78%. PBIT margin of Generics segment rose from 7.78% to 9.77%. PBIT margin of Biosimilars segment fell from 18.33% to 7.53%. Overall PBIT margin fell from 11.80% to 9.96%.
Operating profit margin has declined from 23.19% to 19.51%, leading to 4.19% rise in operating profit to Rs 870.10 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 34.26% to 35.53%. Purchase of finished goods cost fell from 2.16% to 1.80%. Employee cost decreased from 24.00% to 21.96%. Other expenses rose from 17.68% to 22.56%. Preoperation capitalised expenses rose from 4.49% to 5.78%. Other income fell 6.38% to Rs 142.4 crore. PBIDT rose 2.56% to Rs 1012.5 crore. Provision for interest rose 17.69% to Rs 49.9 crore. Loan funds rose to Rs 5,859.40 crore as of 30 September 2022 from Rs 4,743.20 crore as of 30 September 2021. Inventories rose to Rs 2,981.90 crore as of 30 September 2022 from Rs 2,272.70 crore as of 30 September 2021. Sundry debtors were higher at Rs 2,078.80 crore as of 30 September 2022 compared to Rs 1,159.60 crore as of 30 September 2021. Cash and bank balance declined from Rs 1,668.60 crore as of 30 September 2021 to Rs 1,477.50 crore as of 30 September 2022. Investments rose to Rs 2,853.30 crore as of 30 September 2022 from Rs 1,824.40 crore as of 30 September 2021 .
PBDT rose 1.88% to Rs 962.6 crore. Provision for depreciation rose 13.12% to Rs 448.3 crore. Fixed assets increased to Rs 11,046.90 crore as of 30 September 2022 from Rs 8,494.40 crore as of 30 September 2021. Intangible assets declined from Rs 1,260.60 crore to Rs 26.40 crore.
Profit before tax down 6.24% to Rs 514.30 crore. Share of profit/loss was 33.18% higher at Rs -71.3 crore. Extraordinary items were increased to Rs -17.00 crore. Provision for tax was expense of Rs 176.8 crore, compared to Rs 103.6 crore. Effective tax rate was 41.50% compared to 27.87%.Minority interest increased 27.53% to Rs 57.90 crore. Net profit attributable to owners of the company decreased 14.10% to Rs 191.30 crore.
Equity capital stood at Rs 600.30 crore as of 30 September 2022 to Rs 600.30 crore as of 30 September 2021. Per share face Value remained same at Rs 5.00.
Promoters’ stake was 60.64% as of 30 September 2022 ,compared to 60.64% as of 30 September 2021 .
Cash flow from operating activities decreased to Rs 303.30 crore for YTD ended September 2022 from Rs 325.60 crore for YTD ended September 2021. Cash flow used in acquiring fixed assets during the YTD ended September 2022 stood at Rs 830.70 crore, compared to Rs 917.60 crore during the YTD ended September 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
In
Q2 FY23, Generics business went up 18% to Rs 623 crore compared to Q2 FY22.
Biosimilars segment went up 34% and Research services up 26% on YoY basis.
In
Q2 FY23, Generics business contributed 26% of total revenue, Biosimilars 42%
and Research services 32%.