Hold Biocon; target of Rs 450: ICICI Direct

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ICICI Direct's research report on Biocon

Q3 revenues grew 5.9% YoY to Rs 1851 crore. Generics sales de-grew 2.7% YoY to Rs 561 crore due to statin APIs portfolio witnessing a muted demand owing to stockpiling by customers in Q1FY21. Biosimilars grew 11.0% YoY to Rs 769 crore. Research Services segment grew 12.6% YoY at Rs 584 crore. EBITDA margins contracted 383 bps YoY to 21.6% mainly due to higher employee, R&D and other expenditure. EBITDA declined 10.1% YoY to Rs 400 crore as against I-direct estimate of Rs 481 crore. Net profit declined 16.9% YoY to Rs 169 crore.

Outlook

We change from BUY to HOLD and arrive at our revised target price of Rs 450 (vs Rs 500 earlier) on an SoTP basis.

For all recommendations report, click here

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