BIOCON 2020-21 Annual Report Analysis

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BIOCON 2020-21 Annual Report Analysis
Tue, 10 Aug

BIOCON has announced its results for the year ended March 2021. Let us have a look at the detailed performance review of the company during FY20-21.

BIOCON Income Statement Analysis

  • Operating income during the year rose 12.8% on a year-on-year (YoY) basis.
  • The company's operating profit decreased by 0.8% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 18.5% in FY21 as against 21.0% in FY20.
  • Depreciation charges increased by 29.5% and finance costs decreased by 11.1% YoY, respectively.
  • Other income grew by 19.3% YoY.
  • Net profit for the year grew by 2.8% YoY.
  • Net profit margins during the year declined from 13.2% in FY20 to 12.0% in FY21.

BIOCON Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 63,005 71,058 12.8%
Other income Rs m 5,075 6,052 19.3%
Total Revenues Rs m 68,080 77,110 13.3%
Gross profit Rs m 13,245 13,145 -0.8%
Depreciation Rs m 5,522 7,151 29.5%
Interest Rs m 649 577 -11.1%
Profit before tax Rs m 12,149 11,469 -5.6%
Tax Rs m 3,151 2,215 -29.7%
Profit after tax Rs m 8,998 9,254 2.8%
Gross profit margin % 21.0 18.5
Effective tax rate % 25.9 19.3
Net profit margin % 13.2 12.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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BIOCON Balance Sheet Analysis

  • The company's current liabilities during FY21 stood at Rs 42 billion as compared to Rs 40 billion in FY20, thereby witnessing an increase of 5.0%.
  • Long-term debt stood at Rs 30 billion as compared to Rs 12 billion during FY20, a growth of 142.3%.
  • Current assets rose 43% and stood at Rs 76 billion, while fixed assets rose 21% and stood at Rs 106 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 182 billion as against Rs 141 billion during FY20, thereby witnessing a growth of 29%.

BIOCON Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 65,970 74,728 13.3
 
Current Liabilities Rs m 40,080 42,101 5.0
Long-term Debt Rs m 12,222 29,616 142.3
Total Liabilities Rs m 140,758 182,146 29.4
 
Current assets Rs m 53,250 76,004 42.7
Fixed Assets Rs m 87,508 106,142 21.3
Total Assets Rs m 140,758 182,146 29.4
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



BIOCON Cash Flow Statement Analysis

  • BIOCON 's cash flow from operating activities (CFO) during FY21 stood at Rs 12 billion on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -36 billion, an improvement of 132.5% on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs 26 billion, an improvement of 562% on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs 723 million from the Rs 2 billion net cash flows seen during FY20.

BIOCON Cash Flow Statement 2020-21

Particulars No. of months 12 12 % Change
Year Ending Mar-20 Mar-21
Cash Flow from Operating Activities Rs m 12,831 11,597 -9.6%
Cash Flow from Investing Activities Rs m -15,589 -36,247 -
Cash Flow from Financing Activities Rs m 3,876 25,640 561.5%
Net Cash Flow Rs m 1,654 723 -56.3%
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for BIOCON

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 7.7, an improvement from the EPS of Rs 7.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 378.8, stands at 49.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 6.1 times, while the price to sales ratio stands at 6.4 times.
  • The company's price to cash flow (P/CF) ratio stood at 27.7 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Sales per share (Unadj.) Rs 52.5 59.2
TTM Earnings per share Rs 7.5 7.7
Diluted earnings per share Rs 7.5 7.7
Price to Cash Flow x 31.3 27.7
TTM P/E ratio x 49.5 49.5
Price / Book Value ratio x 7.7 6.1
Market Cap Rs m 454,560 454,787
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for BIOCON

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 1.8x during FY21, from 1.3x during FY20. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 20.9x during FY21, from 19.7x during FY20. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company declined and down at 12.4% during FY21, from 13.6% during FY21. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company declined and down at 11.5% during FY21, from 16.4% during FY20. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company declined and down at 5.4% during FY21, from 6.9% during FY20. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Current ratio x 1.3 1.8
Debtors’ Days Days 71 63
Interest coverage x 19.7 20.9
Debt to equity ratio x 0.2 0.4
Return on assets % 6.9 5.4
Return on equity % 13.6 12.4
Return on capital employed % 16.4 11.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how BIOCON has performed over the last 5 years, please visit here.

BIOCON Share Price Performance

Over the last one year, BIOCON share price has moved down from Rs 412.4 to Rs 378.8, registering a loss of Rs 33.6 or around 8.1%.

Meanwhile, the S&P BSE HEALTHCARE Index is trading at Rs 26,364.3 (up 0.0%). Over the last one year it has moved up from 19,641.6 to 26,364.3, a gain of 6,723 points (up 34.2%).

Overall, the S&P BSE SENSEX is up 43.5% over the year.

(To know more, check out historical annual results for BIOCON and quarterly results for BIOCON )

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Related Views on News

BIOCON Announces Quarterly Results (1QFY22); Net Profit Down 4.0% (Quarterly Result Update)

Jul 26, 2021 | Updated on Jul 26, 2021

For the quarter ended June 2021, BIOCON has posted a net profit of Rs 2 bn (down 4.0% YoY). Sales on the other hand came in at Rs 18 bn (up 3.9% YoY). Read on for a complete analysis of BIOCON 's quarterly results.

BIOCON Announces Quarterly Results (4QFY21); Net Profit Up 118.6% (Quarterly Result Update)

Jul 8, 2021 | Updated on Jul 8, 2021

For the quarter ended March 2021, BIOCON has posted a net profit of Rs 4 bn (up 118.6% YoY). Sales on the other hand came in at Rs 18 bn (up 16.3% YoY). Read on for a complete analysis of BIOCON 's quarterly results.

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