<<Aiii>> Biocon Ltd :Q4FY12 First Cut

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Follow us on:       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

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CA. Rajesh Desai

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