BIOCON · Healthcare
Biocon Ltd. reported revenue of ₹3,954 cr for October to December 2023, — on the year and +14.2% on the quarter.
Operating profit (EBITDA) was ₹903 cr, a margin of 22.8%, — on the year and +213 bps on the quarter.
Net profit was ₹753 cr, — on the year and +335.3% on the quarter, with earnings per share of ₹5.50.
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 73% of profit before tax.
Source: Quarterly statements
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 7.0% against 19.0% over the previous quarters, worth about ₹97.0 cr of profit.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, 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).
| 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 ₹3,954 cr (— on the year) and net profit of ₹753 cr (— on the year) for October to December 2023.
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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