Q2FY11 :Biocon preview (Sept qtr) by Centrum,

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Biocon (Rating – Sell; Target Price – Rs307)
􀂁 We expect the topline to grow by 20.3% YoY to Rs7bn, owing to sustained growth in the
Biopharma segment and higher revenues from Axicorp.
􀂁 We expect marginal improvement of around 10bps on a YoY basis in the EBIDTA margin also,
thereby taking it to 19.6%
􀂁 We expect adjusted PAT of Rs839mn, a 13%YoY improvement.