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Biocon Limited Q4FY12 consolidated result
- Net sales showed a 14% Q-o-Q growth from Rs5,172 mn in Q3FY12 to Rs5,892 mn in Q4FY12. The sales of Q4FY11 included sales of Axicorp as well that Biocon divested, hence Y-o-Y is not comparable. Hence, we present a Q-o-Q comparison.
- 'EBITDA grew 20% Q-o-Q growth from Rs1,287 mn in Q3FY12 to Rs1,546 mn in Q4FY12. EBITDA margin too improved 50 bps from 24.8% in Q3FY12 to 25.3% in Q4FY12.
- Owing to Q-o-Q flattish interest cost and reduction in tax rate from 11.7% to 11%, PAT grew 15% to Rs978 mn in Q4FY12 from Rs848 mn in Q3FY12. PAT margin too showed a slight improvement from 16.4% to 16.6%.
- Overall the results look better than street expectations.
Y/E Mar Rs mn
|
Mar-11
|
Jun-11
|
Sep-11
|
Dec-11
|
Mar-12
|
Net sales
|
7,016
|
4,417
|
5,084
|
5,172
|
5,892
|
Y-o-Y (%)
|
6.8
|
10.1
|
21.0
|
1.5
|
(16.0)
|
Q-o-Q (%)
|
37.7
|
(37.0)
|
15.1
|
1.7
|
13.9
|
Total expenditure
|
5,581
|
3,213
|
3,750
|
3,898
|
4,556
|
Raw Material Cost
|
3,932
|
1,891
|
2,142
|
2,085
|
2,396
|
% of sales
|
55.9
|
42.6
|
41.7
|
40.2
|
39.3
|
Y-o-Y (%)
|
4.0
|
8.0
|
26.6
|
12.8
|
(39.0)
|
Q-o-Q (%)
|
112.7
|
(51.9)
|
13.3
|
(2.7)
|
14.9
|
Staff cost
|
820
|
693
|
778
|
792
|
813
|
% of sales
|
11.7
|
15.6
|
15.2
|
15.3
|
13.3
|
Y-o-Y (%)
|
28.3
|
24.9
|
33.9
|
27.9
|
(0.8)
|
Q-o-Q (%)
|
32.4
|
(15.5)
|
12.4
|
1.7
|
2.7
|
Power Cost
|
218
|
231
|
227
|
243
|
0
|
% of sales
|
3.1
|
5.2
|
4.4
|
4.7
|
0.0
|
Y-o-Y (%)
|
12.1
|
17.5
|
13.9
|
16.7
|
(100.0)
|
Q-o-Q (%)
|
4.7
|
6.0
|
(1.9)
|
7.3
|
(100.0)
|
Other expenses
|
611
|
398
|
603
|
778
|
1,346
|
% of sales
|
8.7
|
9.0
|
11.7
|
15.0
|
22.1
|
Y-o-Y (%)
|
(6.0)
|
(2.8)
|
38.6
|
(2.2)
|
120.1
|
Q-o-Q (%)
|
(23.1)
|
(34.9)
|
51.3
|
29.1
|
73.0
|
EBIDTA
|
1,451
|
1,221
|
1,385
|
1,287
|
1,546
|
EBIDTAM (%)
|
20.6
|
27.5
|
27.0
|
24.8
|
25.3
|
Y-o-Y (bps)
|
62
|
(9)
|
(407)
|
(729)
|
470
|
Y-o-Y (%)
|
10.1
|
9.8
|
5.8
|
(21.6)
|
6.6
|
Other Income
|
133
|
105
|
110
|
137
|
13
|
Depreciation
|
396
|
451
|
429
|
434
|
431
|
Y-o-Y (%)
|
8.0
|
24.0
|
13.3
|
10.5
|
8.8
|
EBIT
|
1,188
|
876
|
1,065
|
990
|
1,129
|
Interest
|
57
|
57
|
20
|
29
|
30
|
Y-o-Y (%)
|
70.5
|
(13.9)
|
(67.4)
|
(54.2)
|
(47.0)
|
PBT
|
1,131
|
820
|
1,045
|
961
|
1,099
|
Provision for Taxation
|
111
|
119
|
188
|
113
|
121
|
Tax rate (%)
|
9.8
|
14.6
|
18.0
|
11.7
|
11.0
|
Profit after tax
|
1,008
|
701
|
857
|
848
|
978
|
NPM (%)
|
14.4
|
15.9
|
16.9
|
16.4
|
16.6
|
Y-o-Y (%)
|
25.0
|
(8.7)
|
(3.9)
|
(15.8)
|
(3.0)
|
Q-o-Q (%)
|
0.0
|
(30.5)
|
22.3
|
(1.0)
|
15.3
|
Share capital
|
1,000
|
1,000
|
1,000
|
1,000
|
1,000
|
EPS (`)
|
5.04
|
3.50
|
4.28
|
4.24
|
4.89
|
