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Results
17-May-24
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Analysis
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Biocon
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NP down 56.74%
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For
quarter ending March 2024, consolidated net sales (including other operating income) of Biocon has increased 3.79% to Rs 3917.1 crore compared to quarter ended March 2023. Sales of Generics segment has gone down 3.48% to Rs 718.40 crore (accounting for 17.99% of total sales). Sales of Biosimilars segment has gone up 12.19% to Rs 2,357.80 crore (accounting for 59.05% of total sales). Sales of Research service segment has gone down 7.79% to Rs 916.90 crore (accounting for 22.96% of total sales). Inter-segment sales came down from Rs 85.60 crore to Rs 76.00 crore. Profit before interest, tax and other unallocable items (PBIT) has slumped 37.43% to Rs 349.70 crore. PBIT of Generics segment fell 32.62% to Rs 50.40 crore (accounting for 14.41% of total PBIT). PBIT of Biosimilars segment fell 40.71% to Rs 90.30 crore (accounting for 25.82% of total PBIT). PBIT of Research service segment fell 9.45% to Rs 209.00 crore (accounting for 59.77% of total PBIT). PBIT margin of Generics segment fell from 10.05% to 7.02%. PBIT margin of Biosimilars segment fell from 7.25% to 3.83%. PBIT margin of Research service segment fell from 23.21% to 22.79%. Overall PBIT margin fell from 14.48% to 8.76%. Operating profit margin has declined from 26.43% to 23.38%, leading to 8.16% decline in operating profit to Rs 915.90 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 11.97% to 36.35%. Employee cost increased from 16.45% to 18.24%. Other expenses fell from 28.27% to 22.88%. Preoperation capitalised expenses rose from 0.05% to 1.81%. Other income fell 68.62% to Rs 48.6 crore. PBIDT fell 16.29% to Rs 964.5 crore. Provision for interest fell 8.76% to Rs 227 crore. Loan funds declined from Rs 18,018.80 crore as of 31 March 2023 to Rs 16,276.70 crore as of 31 March 2024. Inventories rose to Rs 4,943.90 crore as of 31 March 2024 from Rs 4,243.70 crore as of 31 March 2023. Sundry debtors were higher at Rs 6,230.60 crore as of 31 March 2024 compared to Rs 3,573.20 crore as of 31 March 2023. Cash and bank balance declined from Rs 2,400.10 crore as of 31 March 2023 to Rs 2,258.70 crore as of 31 March 2024. Investments declined from Rs 2,068.80 crore as of 31 March 2023 to Rs 999.70 crore as of 31 March 2024. PBDT fell 18.36% to Rs 737.5 crore. Provision for depreciation rose 11.91% to Rs 407 crore. Fixed assets increased to Rs 22,264.50 crore as of 31 March 2024 from Rs 20,648.50 crore as of 31 March 2023. Intangible assets increased from Rs 16,136.20 crore to Rs 16,372.40 crore. Profit before tax down 38.76% to Rs 330.50 crore. Share of profit/loss was 93.27% higher at Rs -2.7 crore. Extraordinary items were decreased to Rs -8.80 crore. Provision for tax was expense of Rs 96.1 crore, compared to Rs 82.1 crore. Effective tax rate was 30.13% compared to 16.53%. Minority interest decreased 13.72% to Rs 87.40 crore. Net profit attributable to owners of the company decreased 56.74% to Rs 135.50 crore. Equity capital stood at Rs 600.30 crore as of 31 March 2024 to Rs 600.30 crore as of 31 March 2023. Per share face Value remained same at Rs 5.00. Promoters’ stake was 60.64% as of 31 March 2024 ,compared to 60.64% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Biocon has increased 32.05% to Rs 14755.7 crore. Sales of Generics segment has gone up 1.23% to Rs 2,798.50 crore (accounting for 18.52% of total sales). Sales of Biosimilars segment has gone up 58.03% to Rs 8,824.20 crore (accounting for 58.39% of total sales). Sales of Research service segment has gone up 9.26% to Rs 3,488.60 crore (accounting for 23.09% of total sales). Inter-segment sales came down from Rs 386.10 crore to Rs 355.60 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 26.21% to Rs 1,631.60 crore. PBIT of Generics segment fell 12.86% to Rs 230.40 crore (accounting for 14.12% of total PBIT). PBIT of Biosimilars segment fell 26.63% to Rs 295.70 crore (accounting for 18.12% of total PBIT). PBIT of Novel Biologics segment rose 1,389.31% to Rs 473.60 crore (accounting for 29.03% of total PBIT). PBIT of Research service segment rose 6.45% to Rs 631.90 crore (accounting for 38.73% of total PBIT). PBIT margin of Generics segment fell from 9.56% to 8.23%. PBIT margin of Biosimilars segment fell from 7.22% to 3.35%. PBIT margin of Research service segment fell from 18.59% to 18.11%. Overall PBIT margin fell from 11.18% to 10.80%. Operating profit margin has declined from 22.48% to 22.36%, leading to 31.33% rise in operating profit to Rs 3,298.70 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 28.17% to 32.49%. Purchase of finished goods cost fell from 5.53% to 4.37%. Employee cost decreased from 19.25% to 17.06%. Other expenses rose from 24.88% to 24.95%. Preoperation capitalised expenses fell from 3.46% to 0.54%. Other income rose 130.25% to Rs 865.5 crore. PBIDT rose 44.21% to Rs 4164.2 crore. Provision for interest rose 132.55% to Rs 974.4 crore. Loan funds declined from Rs 18,018.80 crore as of 31 March 2023 to Rs 16,276.70 crore as of 31 March 2024. Inventories rose to Rs 4,943.90 crore as of 31 March 2024 from Rs 4,243.70 crore as of 31 March 2023. Sundry debtors were higher at Rs 6,230.60 crore as of 31 March 2024 compared to Rs 3,573.20 crore as of 31 March 2023. Cash and bank balance declined from Rs 2,400.10 crore as of 31 March 2023 to Rs 2,258.70 crore as of 31 March 2024. Investments declined from Rs 2,068.80 crore as of 31 March 2023 to Rs 999.70 crore as of 31 March 2024. PBDT rose 29.21% to Rs 3189.8 crore. Provision for depreciation rose 40.94% to Rs 1568.8 crore. Fixed assets increased to Rs 22,264.50 crore as of 31 March 2024 from Rs 20,648.50 crore as of 31 March 2023. Intangible assets increased from Rs 16,136.20 crore to Rs 16,372.40 crore. Profit before tax grew 19.59% to Rs 1,621.00 crore. Share of profit/loss was 49.58% higher at Rs -84.2 crore. Extraordinary items were increased to Rs -11.60 crore. Provision for tax was expense of Rs 227.4 crore, compared to Rs 254.1 crore. Effective tax rate was 14.91% compared to 28.32%. Minority interest increased 52.69% to Rs 275.30 crore. Net profit attributable to owners of the company increased 120.99% to Rs 1,022.50 crore. Equity capital stood at Rs 600.30 crore as of 31 March 2024 to Rs 600.30 crore as of 31 March 2023. Per share face Value remained same at Rs 5.00. Promoters’ stake was 60.64% as of 31 March 2024 ,compared to 60.64% as of 31 March 2023 . Cash flow from operating activities increased to Rs 2,953.90 crore for year ended March 2024 from Rs 1,852.50 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 1,931.60 crore, compared to Rs 1,726.30 crore during the year ended March 2023. Other Highlights
The
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, 2024. The company has fixed Friday, July 5, 2024 as the record date.
R&D investments for the quarter were Rs
246 crore, representing 8% of revenue ex-Syngene.
In
Q4 FY24, Generics business went down 3% compared to Q4 FY23. Biosimilars
segment went up 12% and Research services down 8% on YoY basis.
In
FY24, Generics business went up 1% compared to FY23. Biosimilars segment went
up 58% and Research services up 9% on YoY basis.
In
Q4 FY24, Generics business contributed 18% to total revenue, Biosimilars 59%
and Research services 23%.
Management Comments :
Kiran Mazumdar-Shaw, Executive Chairperson,
Biocon and Biocon Biologics, said: “Q4FY24 performance was strongly led by
Biologics that delivered the promised billion-dollar annual revenue milestone
marking the successful transition of the Biosimilars acquisition from Viatris.
Increased market shares of key products in the U.S., Europe and Emerging
Markets coupled with significant volumes growth were the highlights of the
Biosimilars business this quarter. With the recent approval of Liraglutide in
the UK, we added to our list of `global firsts` and demonstrated our capability
in developing complex GLP-1 products which will be the key growth driver for
the Generics business, going forward. Syngene is well positioned to benefit
from the ‘China Plus One’ strategy which is being rapidly adopted by U.S.
Pharma & Biotech companies.
For the full year FY24, we reported
consolidated revenue growth of 35% at Rs 15,621 crore and an EBITDA growth of
44 % at Rs 4,164 crore with healthy EBITDA margins of 27%. This growth was
largely driven by Biosimilars which grew 58% to Rs 8,824 crore. “The Biocon
Group has strengthened business operations, expanded global reach and is now
increasingly well positioned to deliver a new phase of growth spanning
Biosimilars, GLP-1 peptides and CDMO services.”
Siddharth Mittal, CEO & Managing
Director, Biocon said, “We concluded FY24 with the Generics business posting a
modest revenue growth. Generic Formulations reported a healthy 36% growth, as
our products, particularly statins and immunosuppressants, gained traction
across multiple geographies. This was offset by a degrowth in APIs on account
of pricing pressure the business encountered, which impacted demand. “Our
preparations for entering the GLP-1 market opportunity is building momentum and
we are pleased with the recent approval of Liraglutide in the UK, making Biocon
the first generics Company to be approved for this product in an ICH or major
regulated market. More importantly, the approval validates our scientific and
development capability in bringing vertically integrated, complex peptide
drug-device products to the market. This augurs well for us to capture GLP-1
opportunities that will drive our future growth. “Our focus in FY25 will be
directed towards launching new products and expanding our geographic reach
through a direct presence and strategic partnerships. We will continue to focus
on multiple cost improvement initiatives. We also intend to build upon our
initial regulatory success in our peptide and GLP-1 focused pipeline in
strategic markets.”
Shreehas Tambe, CEO & Managing
Director, Biocon Biologics said, "This has been a remarkable year for
Biocon Biologics, as we evolved into a fully integrated global company with a
presence in over 120 countries. We successfully integrated the acquired
business 1 year ahead of plan, while ensuring business continuity and a
seamless experience for our patients, customers, and partners. This is
reflected in the numbers as our revenues crossed USD 1 billion for the full
year with a healthy EBITDA margin, underpinned by a significant increase in
market shares of our key products in the U.S., Europe, and Emerging Markets.
Our R&D pipeline too has progressed as planned and having secured market
entry dates for 2 new products in U.S. and Canada, these products will serve to
accelerate growth in the coming years. “During the year, we reduced our
acquisition debt. We also entered into a long-term strategic collaboration to
distribute our products in India while retaining exclusive supply rights. FY24
has been a transformational year as we leverage our expanded global reach to address
patient needs globally and unlock value for the benefit of all
stakeholders."
Jonathan Hunt, CEO & Managing Director,
Syngene International said, “Despite the reduced demand for research and
development services within the U.S. biotech sector, stemming from a difficult
funding environment, we delivered a 9% growth for the full year. This
resilience is the result of our broad operating span and the investments made
to establish our development and manufacturing divisions with biologics, in
particular, delivering a strong performance throughout the year.”
| Biocon : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
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| Net Sales (including other operating income) | 3,917.10 | 3,773.90 | 3.79 | 14,755.70 | 11,174.20 | 32.05 | | OPM (%) | 23.38 | 26.43 | -304 bps | 22.36 | 22.48 | -12 bps | | OP | 915.90 | 997.30 | -8.16 | 3,298.70 | 2,511.70 | 31.33 | | Other Inc. | 48.60 | 154.90 | -68.62 | 865.50 | 375.90 | 130.25 | | PBIDT | 964.50 | 1,152.20 | -16.29 | 4,164.20 | 2,887.60 | 44.21 | | Interest | 227.00 | 248.80 | -8.76 | 974.40 | 419.00 | 132.55 | | PBDT | 737.50 | 903.40 | -18.36 | 3,189.80 | 2,468.60 | 29.21 | | Depreciation | 407 | 363.7 | 11.91 | 1568.8 | 1113.1 | 40.94 | | PBT | 330.50 | 539.70 | -38.76 | 1621 | 1355.5 | 19.59 | | Share of Profit/(Loss) from Associates | -2.7 | -40.1 | 93.27 | -84.2 | -167 | 49.58 | | PBT before EO | 327.8 | 499.6 | -34.39 | 1536.8 | 1188.5 | 29.31 | | EO Income | -8.8 | -3 | -193.33 | -11.6 | -291.4 | 96.02 | | PBT after EO | 319 | 496.6 | -35.76 | 1525.2 | 897.1 | 70.01 | | Taxation | 96.1 | 82.1 | 17.05 | 227.4 | 254.1 | -10.51 | | PAT | 222.9 | 414.5 | -46.22 | 1297.8 | 643 | 101.84 | | Minority Interest (MI) | 87.4 | 101.3 | -13.72 | 275.3 | 180.3 | 52.69 | | Net profit | 135.5 | 313.2 | -56.74 | 1022.5 | 462.7 | 120.99 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 135.5 | 313.2 | -56.74 | 1022.5 | 462.7 | 120.99 | | EPS (Rs)* | 1.16 | 2.63 | -55.81 | 8.58 | 5.29 | 62.24 | | | * 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) | 202403 | 202303 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
|---|
| Sales | | Generics | 17.99 | 718.40 | 744.30 | -3.48 | 18.52 | 2,798.50 | 2,764.40 | 1.23 | | Biosimilars | 59.05 | 2,357.80 | 2,101.60 | 12.19 | 58.39 | 8,824.20 | 5,583.80 | 58.03 | | Novel Biologics | 0.00 | 0.00 | 19.20 | - | | Research service | 22.96 | 916.90 | 994.40 | -7.79 | 23.09 | 3,488.60 | 3,192.90 | 9.26 | | Total Reported Sales | 100.00 | 3,993.10 | 3,859.50 | 3.46 | 100.00 | 15,111.30 | 11,560.30 | 30.72 | | Less: Inter segment revenues | | 76.00 | 85.60 | -11.21 | | 355.60 | 386.10 | -7.90 | | Net Sales | 100.00 | 3,917.10 | 3,773.90 | 3.79 | 100.00 | 14,755.70 | 11,174.20 | 32.05 | | PBIT | | Generics | 14.41 | 50.40 | 74.80 | -32.62 | 14.12 | 230.40 | 264.40 | -12.86 | | Biosimilars | 25.82 | 90.30 | 152.30 | -40.71 | 18.12 | 295.70 | 403.00 | -26.63 | | Novel Biologics | 0.00 | 0.00 | 101.00 | - | 29.03 | 473.60 | 31.80 | 1,389.31 | | Research service | 59.77 | 209.00 | 230.80 | -9.45 | 38.73 | 631.90 | 593.60 | 6.45 | | Total PBIT | 100.00 | 349.70 | 558.90 | -37.43 | 100.00 | 1,631.60 | 1,292.80 | 26.21 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | -21.90 | -59.30 | 63.07 | | -94.80 | -104.30 | 9.11 | | PBIT Margin(%) | | Generics | | 7.02 | 10.05 | -303.41 | | 8.23 | 9.56 | -133.15 | | Biosimilars | | 3.83 | 7.25 | -341.70 | | 3.35 | 7.22 | -386.63 | | Novel Biologics | | 0.00 | 526.04 | -52,604.17 | | 0.00 | 165.63 | -16,562.50 | | Research service | | 22.79 | 23.21 | -41.58 | | 18.11 | 18.59 | -47.80 | | PBT | 100.00 | 327.80 | 499.60 | -34.39 | 100.00 | 1,536.80 | 1,188.50 | 29.31 |
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