BIOCON · Healthcare
Biocon Ltd. reported revenue of ₹3,942 cr for April to June 2025, +14.8% on the year and −10.8% on the quarter. Over the last four quarters revenue comes to ₹15,770 cr, +6.8% on the four before.
Operating profit (EBITDA) was ₹766 cr, a margin of 19.4%, +137 bps on the year and −497 bps on the quarter. Over the last 8 quarters the margin has ranged from 18.1% to 24.4%, averaging 20.9%. Operating costs grew +12.9% against revenue growth of +14.8%, so more of each rupee of sales reached operating profit.
Net profit was ₹89.0 cr, −89.7% on the year and −80.6% on the quarter, with earnings per share of ₹0.23. The tax rate was 8% against an average of 22% over the previous 7 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹656 cr, −67.4% on the four before.
On earnings per share of ₹3.18 over the last four quarters, the stock at ₹349.20 trades at 109.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 64% of profit before tax, against 102% a year earlier.
Source: Quarterly statements
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 8.0% against 37.8% over the previous quarters, worth about ₹28.9 cr of profit.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,462 cr | ₹3,954 cr | ₹3,917 cr | ₹3,433 cr | ₹3,590 cr | ₹3,821 cr | ₹4,417 cr | ₹3,942 cr | ₹4,296 cr | ₹4,173 cr | ₹4,517 cr | ₹4,336 cr |
| YoY | — | — | — | +0% | +4% | −3% | +13% | +15% | +20% | +9% | +2% | +10% |
| EBITDA margin | 20.7% | 22.8% | 23.3% | 18.1% | 19.1% | 19.7% | 24.4% | 19.4% | 19.4% | 20.0% | 22.6% | 19.5% |
| Other income, % of PBT | 63% | 73% | 13% | 102% | 59% | 34% | 12% | 64% | 47% | — | −11% | 32% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 19% | 7% | 30% | 25% | 72% | 48% | 6% | 8% | 22% | — | 20% | −7% |
| Net profit | ₹173 cr | ₹753 cr | ₹223 cr | ₹862 cr | ₹27.0 cr | ₹81.0 cr | ₹459 cr | ₹89.0 cr | ₹133 cr | −₹52.0 cr | ₹199 cr | ₹137 cr |
| YoY | — | — | — | +479% | −84% | −89% | +106% | −90% | +393% | −164% | −57% | +54% |
| Core profit YoY | — | — | — | −122% | −50% | −53% | +54% | — | +125% | +5% | −36% | +149% |
| EPS | ₹1.05 | ₹5.50 | ₹1.13 | ₹5.49 | −₹0.13 | ₹0.21 | ₹2.87 | ₹0.23 | ₹0.63 | ₹1.08 | ₹0.78 | ₹0.87 |
| Flags | 1 | 2 | · | 2 | 1 | 1 | 2 | 2 | 2 | 1 | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Biocon Ltd. reported revenue of ₹3,942 cr (+14.8% on the year) and net profit of ₹89.0 cr (−89.7% on the year) for April to June 2025.
2 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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