Biocon Ltd :Q4FY12 First Cut

0 views

Skip to first unread message

RAJESH DESAI

unread,

Apr 27, 2012, 10:08:36 AM4/27/12

to LONGTERMINVESTORS, DAILY REPORTS, library-of-eq...@googlegroups.com, ai...@googlegroups.com, equity-rese...@googlegroups.com, globalspeculators, STOCK BUFFS, stock...@googlegroups.com

Having trouble viewing this email? Click here

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