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Biocon Ltd. reported revenue in line with estimates but profitability was lower than expected for the Q1 FY22 results.
Biosimilar segment recovered supported by Covid-19 related drugs however, generics impacted due to lockdown.
Consolidated revenues grew 3.9% year-on-year to Rs 17.6 billion (our estimate: Rs 17.4 billion), adjusted Ebitda margin dropped 230 basis points YoY (down 160 basis points QoQ) to 22.1% (our estimate: 25.0%) and adjusted profit after tax declined 43.5% YoY to Rs 844 million (our estimate: Rs 1.5 billion).
Lower gross margin and higher expenses kept Biocon’s margins in check.
However, new launches coupled with recovery in the environment would support margins in the near term.
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