Q1FY25 results and concall highlights -
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Have 5 brands in excess of 100cr and 12 brands in 50-100cr range.
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Eris is now top 20 companies in the market. Have gained 9 ranks since IPO.
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Market growth of 8.1% and we grew at 12.7% in Q1.
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Gross margin at 86% up 300bps, Ebitda margin for Q1 at 39% up 189bps on YoY for base business.
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Guidance for FY25 - revenue growth of 12-14% and margin of 37% for the base business
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Biocon Nephro and Onco business acquired in Nov - Q1 revenue growth of 16%, Gross margin up from 50% to 65%, Ebitda margin up from 19% to 39%. Guidance for the year - 125cr revenue which is a 25% growth and 36% margin.
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Biocon Injectable business - Gross margin at 40%. Expect a 10% improvement in margin going forward. Expect a growth of 28% to 480cr.
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Swiss Parenterals - Guidance of 330cr Sales and 115cr ebitda a growth of 13-14% in sales and 30% in ebitda. Started manufacturing key Biocon Critical Care products and Eris products. Have done multiple regulatory inspections and qualifications. Have filed multiple products. Geared up for future growth.
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New acquisition of biosimilar fill finish lab of Biocon for 105cr. This will reduce time to market by 24 months. Key stepping stone for Biotek business. They have capacity for liquid vials and we will add cartridges and pre-filled syringes. This facility will make us GLP-1 ready. Will help improve margins for our insulin business of 1000bps.
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Overall expect Sales of 2600cr with Ebitda margin of 36% for branded business and consol revenue of 3000cr with Swiss parental with margin of 35%.
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Debt should reach 2500cr by end of FY25 and 2000cr by end of FY26.
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MR strength at 3700+. 560 reps added through Biocon acquisitions.
Disclosure: invested.
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