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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

Sensex – Nifty Open Lower Amid Weak FII Sentiment, Midcap & Smallcap Stocks Lend Market Support

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Key Highlights:

– Sensex fell 171 pts, Nifty down 35 pts; midcaps, smallcaps held strong.

– FIIs sold Rs 3,694 crore worth of stocks; DIIs bought Rs 2,820 crore.

– Nifty’s bearish engulfing pattern suggests continued caution; 25,000 key support.

Mumbai: Indian equity benchmarks Sensex and Nifty began Friday’s session in the red, weighed down by selling pressure in large-cap stocks. At 9:25 am, the Sensex declined by 171 points or 0.21 percent to trade at 82,087, while the Nifty dropped 35 points or 0.14 percent to 25,075.

Heavyweights Drag, Broader Market Holds

Major drag on the indices came from key constituents such as Axis Bank, Bharti Airtel, Kotak Mahindra Bank, and HDFC Bank. Financial stocks, FMCG, and private banking segments were under pressure. However, midcap and smallcap segments outperformed, providing resilience to the overall market.

Gainers on the Sensex included M&M, Tata Steel, Power Grid, L&T, Infosys, and Maruti Suzuki, reflecting strength in sectors like auto, metals, and infra.

Sectoral Picture Mixed

On the sectoral front, gains were recorded in auto, IT, PSU banks, metals, realty, energy, media, infrastructure, and commodities. Meanwhile, financial services, FMCG, and private banking faced losses.

Technical indicators showed bearish signals, with Nifty completing a bearish engulfing candle on Thursday. Analysts highlight 25,000 as a key support and 25,340 as a vital resistance level.

FIIs Remain Net Sellers

Foreign institutional investors (FIIs) continued their selling trend, offloading equities worth Rs 3,694 crore on July 17 — marking the second consecutive session of net selling. Domestic institutional investors (DIIs), however, remained net buyers, purchasing Rs 2,820 crore worth of shares for the ninth straight session.

According to Dr. VK Vijayakumar of Geojit Financial Services, FIIs have shown a clear pattern of selling in July after buying in the previous three months. Without positive triggers, the downtrend could persist.

Global Cues Offer Some Relief

Asian markets traded mostly higher on Friday, with Shanghai, Hong Kong, Bangkok, and Jakarta in the green, although Tokyo and Seoul lagged. The US markets ended positively on Thursday, driven by upbeat investor sentiment.

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Business

Indian Equity Indices Open Flat As Markets Await Fresh Triggers To Break Out Of Consolidation Phase

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Mumbai: The Indian equity indices opened flat on Thursday, as markets looked for new triggers to break out of the consolidation range.

At 9.2 am, c was down 15 points at 82,619 and Nifty was down 2 points at 25,210. Buying was seen in the midcap and smallcap stocks. Nifty midcap 100 index was up 123 points or 0.18 per cent at 59,741 and Nifty smallcap 100 index was up 70 points or 0.37 per cent at 19,210.

On the sectoral front, auto, pharma, FMCG, metal, realty, energy, infra and PSE were major gainers, while IT, PSU bank, financial services and media were major losers.

In the Sensex pack, Sun Pharma, M&M, Trent, Kotak Mahindra, Tata Motors, NTPC, BEL, Titan and Power Grid were major gainers. Tech Mahindra, ICICI Bank, Eternal, Axis Bank, Infosys and HUL were major losers.

According to analysts, an India-US interim trade deal has been discounted by the market, leaving no scope for a sharp rally decisively breaking the range.

“One positive and surprise factor that can trigger a rally is a tariff rate much below 20 per cent, say 15 per cent, which the market has not discounted. So, watch out for developments on the trade and tariff front,” said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

Most Asian stocks traded in a flat-to-low range. Tokyo, Shanghai, Bangkok and Jakarta were trading in the green while Hong Kong and Seoul were in the red.

The US market closed in the green on Wednesday due to positive market sentiment.

On the institutional front, foreign institutional investors (FIIs) continued to reduce exposure in India, selling equities worth Rs 1,858 crore on July 16. In contrast, domestic institutional investors (DIIs) remained consistent buyers for the 8th straight session, infusing Rs 1,223 crore, lending crucial support to the market amid global uncertainties.

The broader trend remains optimistic as long as key support levels are respected, said analysts.

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Business

Tesla Mumbai Showroom Now Open, Bookings For Model Y Begin

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Elon Musk’s Tesla has flagged off its India operations with its first showroom in Mumbai now open. The showroom is located in Mumbai’s premium Bandra Kurla Complex area. It will be showcasing the popular Model Y and Model 3 cars at the venue. Maharashtra CM Devendra Fadnavis arrived at the first Tesla showroom in India, to commemorate the occasion.

The new Mumbai showroom opening marks the entry of Tesla in India, one of the world’s fastest-growing automobile markets. The showroom, at Maker Maxity in BKC, is around 4,000 sq ft large and is said to cost Rs. 35 lakh per month. While customers will be able to book their cars starting today, delivery is said to commence sometime in August. Delivery and registration are only limited to Delhi, Gurugram and Mumbai for now.

The experience centre is located near the Apple flagship store in BKC. Tesla is said to open a showroom isn Delhi as well. While this is a soft launch, the company is expected to do a grand inauguration as well. To book the Model Y or the Model 3, consumers will need to head to the Mumbai experience store.

Musk’s company has imported all the cars fully assembled from China, paying heavy taxes (approximately 70 percent) on the same. The cars are said to be priced starting at around Rs. 40 lakhs in India.

The spotlight will be on the Model Y, which is the most popular variant of Tesla across the world. The SUV is available globally in two variants, Long Range RWD and Long Range AWD (Dual Motor). It claims to offer up to 574 km and goes from 0 to 100 kmph in just 4.6 seconds.

The Model 3, Tesla’s most affordable offering in the Indian market, will also be showcased but is expected to go on sale later in 2025. The top variant of the Model 3 clocks 0 to 100 kmph in 3.1 seconds, has a range of 507 km, and a top speed of 162 kmph.

Tesla India has reportedly leased a 24,500-square-foot space in Mumbai’s Kurla West to set up a service centre, located close to its upcoming showroom in BKC.

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