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Biocon Q4 results: Consolidated revenue growth recorded at Rs 2,476 Cr, up by 21%

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 Biocon registered total revenues at Rs 2,476 crore for the Quarter 4 of the financial year 2022. It also recorded net profit for the period at Rs 239 crore, as per the official statement released on Thursday late night.

During the year-ago period, the Bengaluru-based biopharma giant reported a net profit of Rs 253 crore on revenue of Rs 2,048 crore.

The company recorded a decline of 6 per cent compared to Q4 of last year and 12 per cent decline in comparison with the financial year 2021. The 2021 net profit stood at Rs 740 crore. The figures for 2022 stood at Rs 648 crore, as per the official statement.

The company stated that former HSBC India Chairperson Naina Lal Kidwai has been appointed as Additional Director on the Board of Biocon Ltd.

Commenting on the results, 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 per cent for Q4FY22 at Rs 2,476 crore driven by 48 per cent growth in Biosimilars, 26 per cent in Generics and 15 per cent in Research Services businesses.

“Our Gross R and D spends increased by 70 per cent this quarter to Rs 232 crore reflecting our advancing pipeline that will drive our future growth. Core EBITDA was up by 37 per cent at Rs 815 crore, representing healthy operating margins of 33 per cent. PBT before Exceptional Items stood at Rs 384 crore, up by 9 per cent.

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 per cent at Rs 2,669 crore with core EBITDA margins at 32 per cent,” she explained.

Commenting on the performance, Dr Arun Chandavarkar, Managing Director, Biocon Biologics Ltd. said: “The 48 per cent (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 Glargine in the US. The health of our operational and business performance is reflected in the Core EBITDA margins being 39 per cent of revenues and growing 78 per cent Y-o-Y.

“We have progressed well in the development of several next wave biosimilar programmes, with two of our molecules entering the clinic. Whilst net R and D was at 9 per cent 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,” he said.

Commenting on the Generics segment performance, Siddharth Mittal, CEO and 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 US, particularly Everolimus, an uptick in our API business and a normalisation 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, operationalising 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.”

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.”

Business

Kawasaki Introduces KLX 230 in India with Rs 3.30 Lakh Price Tag

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Kawasaki KLX 230 has been officially launched in India, priced at Rs 3.30 lakh (ex-showroom). Bookings for the dual-purpose motorcycle, which were opened after its unveiling in October, are now live. Customers who pre-booked the bike can expect deliveries to begin in January 2025. The KLX 230 has generated a lot of excitement, having been spotted several times undergoing tests prior to its India debut.

Kawasaki KLX 230, the brand’s first road-legal dual-sport motorcycle in India, combines rugged off-road capabilities with essential road-legal features. It boasts a slim, tall profile with long-travel suspension and wire-spoke wheels, designed to handle diverse terrains. For urban legality, the bike comes with an LED headlamp, turn indicators, rear-view mirrors, a saree guard, and dual-purpose tyres. Available in two vibrant colour options, Lime Green and Battle Grey, the KLX 230 is built for riders who seek both adventure and practicality.

Kawasaki KLX 230 is designed for versatile riding, featuring a high-tensile steel perimeter frame and robust suspension system with 240mm travel at the front and 250mm at the rear. The motorcycle is equipped with a 37mm telescopic fork in the front and a Uni-Trak-linked mono-shock at the rear, ensuring excellent handling across varied terrains. It comes with wire-spoke wheels sized 21 inches at the front and 18 inches at the rear, fitted with dual-purpose tyres.

The KLX 230 also boasts a dual-channel ABS system with disc brakes at both ends for superior stopping power. With a ground clearance of 265mm, a seat height of 880mm, and a kerb weight of 139kg, it strikes a balance between agility and stability. The 7.6-litre fuel tank ensures that riders can enjoy longer journeys without frequent refuelling.

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Railways completes trial run on J&K’s cable-stayed Anji Khad Bridge

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New Delhi, Dec 26: Indian Railways has successfully carried out a trial run of a tower wagon on the Anji Khad Bridge, the country’s first cable-stayed rail bridge, located in Jammu and Kashmir’s Reasi district.

The achievement is a major step forward in enhancing railway connectivity in Jammu and Kashmir, with services expected to commence in January 2025.

Railways Minister Ashwini Vaishnaw shared a video of the trial run on the social media platform X, highlighting the progress of the crucial project.

“The trial run on the Anji Khad Bridge, a key component of the Udhampur-Srinagar-Baramulla Railway Link (USBRL) project, has been successfully completed,” according to the Ministry of Railways.

Completed last month, the Anji Khad Bridge is an engineering marvel featuring a single pylon that rises 331 metres above the riverbed. It is supported by 48 cables on its lateral and central spans and stretches 473.25 metres in total length. The viaduct measures 120 metres, while the central embankment spans 94.25 metres.

This is the second-highest railway bridge in India after the Chenab Bridge, which is the highest in the world at a record 359 metres above the riverbed. Both bridges are part of the ambitious USBRL project aimed at increasing connectivity in Jammu and Kashmir.

The USBRL project stretches across 272 kilometres, of which 255 kilometres have already been completed. The remaining portion between Katra and Reasi is expected to be completed by the end of this month.

The Udhampur-Srinagar-Baramulla Rail Link (USBRL) is a 272 km railway project that connects Jammu and Kashmir to the rest of India. It is considered one of the most challenging railway projects in the Indian subcontinent.

The project will reduce travel time between Srinagar and Jammu from six hours to 3.5 hours. The railway projects have been constructed after overcoming natural challenges such as extreme temperatures, major earthquake zones, and inhospitable terrain.

Prime Minister Narendra Modi is expected to flag off the Vande Bharat train to provide a fast link for passengers travelling between Kashmir and Delhi in January 2025.

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Indian telecom industry’s revenue doubled in 5 years, Bharti Airtel biggest gainer

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New Delhi, Dec 25: The revenue of India’s telecom industry increased 8 per cent (quarter-on-quarter) to Rs 674 billion (13 per cent growth year-on-year) in the second quarter of FY25, mainly driven by tariff hikes, according to a new report.

Driven by three rounds of smartphone tariff hikes, India’s quarterly telecom revenue has almost doubled (up 96 per cent) since September 2019, implying 14 per cent five-year industry revenue CAGR, according to the report by Motilal Oswal Financial Services Ltd.

Given the consolidated market structure in the Indian telecom industry, higher data consumption, lower ARPU, and inadequate returns generated by telcos, “we expect tariff hikes to be more frequent. We build in 15 per cent tariff hike in December 2025.”

The telecom industry’s average revenue per unit (ARPU) has almost doubled from Rs 98 in September 2019 to Rs 193 in September 2024, driven by tariff hikes.

However, as a result of sharp tariff hikes, the industry’s subscriber base at 1.15 trillion in September 2024 is lower than September 2019 levels (1.17 trillion).

Among telcos, Bharti Airtel has been the biggest beneficiary of tariff hikes with a 2.2 times increase in implied ARPU, registering a 17 per cent five-year CAGR.

“We believe the significant improvement in the data subs proportion has also been a key driver for Bharti’s industry-leading ARPU,” said the report.

Over the reporting period from 2019-2024, Bharti’s revenue has increased 2.6 times, implying 21 per cent five-year revenue CAGR, with incremental revenue market share significantly higher at 48 per cent.

“With Vi’s (Vodafone Idea) large capex plans, we believe the pace of market share gains may slow down. However, RJio and Bharti are still likely to continue gaining market share at Vi’s expense, in our view,” the report noted.

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