Visit http://indiaer.blogspot.com/ for complete details Biocon (CMP: `400, TP: `435, Outperform)
• We expect revenues to grow at ~21% YoY to `7.01bn on the back of 15% YoY growth in domestic biopharma revenue and 20% growth in its German subsidiary, Axicorp. We expect the Biocon’s research services segment to grow at >20% YoY.
• EBITDA margin is likely to be ~21%, a sequential expansion of 42bps and YoY expansion of 105bps. Improvement is mostly due to margin expansion at Axicorp.
• We expect net profit to grow at >19% YoY and 14% sequentially. We expect the tax rate to go up on YoY basis due to decline in direct exports.
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