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ICICI Direct Report
Biocon Ltd.'s Q2 FY21 revenues grew 11% YoY to Rs 1745 crore (our estimate Rs 1821 crore) mainly due to 11.4% YoY growth in biosimilars to Rs 676 crore.
The generics segment grew 8.3% YoY to Rs 599 crore. Research services segment grew 11.8% YoY to Rs 520 crore.
Ebitda margins fell 319 basis points YoY to 22.4% (our estimate 25.6%) mainly due to higher employee and research and development costs.
Ebitda declined 2.8% YoY to Rs 391 crore against our estimate of Rs 466 crore.
Adjusted profit after tax declined 10.4% YoY to Rs 169 crore (our estimate Rs 191 crore).
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