Biocon Ltd Q3 PAT up 10.97% at Rs187.1cr as profits on bio-similars lower than expected

21 Jan 2022 , 12:42 PM

Biocon Ltd reported 17.06% growth in total revenues for the Dec-21 quarter on consolidated basis at Rs2,174.20cr. On a sequential basis, the revenues were higher for the quarter by 18.14%.

During the quarter, revenues from generics were up 7.2% at Rs608cr while the revenues from Biosimilars was up 27.7% at Rs982cr. The research services business of the company also up 9.6% at Rs.642cr.

During the quarter, Biocon had placed shares of its unlisted subsidiary Biocon Biosimilars with Tata Equity Mutual Fund.

The consolidated Profit after tax (PAT) for the Dec-21 quarter was up 10.97% at Rs187.10cr. The profits were sharply higher on a sequential basis due to a large exceptional loss of Rs.70cr in the previous Sep-21 quarter.

In terms of profit growth, the growth in profits of the generics business was 25% at Rs67cr while biosimilars were up 11.2% at Rs124cr. Novel Biologics continues to make losses while the research business profits were also 10% higher.

PAT margins tapered lower from 9.08% in Dec-20 to 8.61% in Dec-21 quarter. Sequential net margins were sharply higher by 410 bps.

Financial highlights for Dec-21 compared yoy and sequentially

	Biocon Ltd
Rs in Crore	Dec-21	Dec-20	YOY	Sep-21	QOQ
Total Income (Rs cr)	₹ 2,174.20	₹ 1,857.40	17.06%	₹ 1,840.40	18.14%
Net Profit (Rs cr)	₹ 187.10	₹ 168.60	10.97%	₹ 138.30	35.29%
Diluted EPS (Rs)	₹ 1.56	₹ 1.40		₹ 1.16
Net Margins	8.61%	9.08%		7.51%