Whalesbook
Toh pehle dekhte hain yeh profit 63.5% kyun gira. Asal mein, pichhle saal lenalidomide sales se jo ₹345 crore ka profit hua tha, uski comparison ab difficult hai, plus is quarter mein kuch exceptional items bhi aa gaye the. Is wajah se net profit ₹126 crore pe aa gaya. Haan, revenue thoda sa 2.3% badh kar ₹4,517 crore ho gaya. EBITDA bhi 5.4% neeche aaya tha.
Lekin agar hum us pichhle saal ki special sales aur is quarter ke exceptional items ko hata dein, toh asli picture kaafi achhi hai, bhai! Adjusted total income 10% upar hai, adjusted EBITDA 29% badha hai, aur adjusted net profit toh 64% surge hua hai ₹179 crore tak! Full year ka bhi performance adjusted basis pe kaafi strong hai.
Ab sabse badi khabar: leadership transition! Executive Chairperson Kiran Mazumdar-Shaw apni niece Claire Mazumdar ko dheere dheere leadership handover karengi. Yeh pura process 5 saal mein hoga. Claire pehle Bicara Therapeutics ki CEO thi aur unhone company ko Nasdaq pe list bhi karwaya tha 2024 mein, toh unke paas biotech aur strategy ka zabardast experience hai.
Ek point jahan market ko lagta hai ki Biocon ka valuation thoda high hai. Competitors jaise Zydus Lifesciences (19.2x P/E), Lupin (22.9x P/E) ke comparison mein Biocon ka trailing P/E ratio 72x se 95x ke aas paas hai. Matlab investors expect kar rahe hain ki company aage ja kar aur achha perform karegi, nahi toh yeh valuation justify nahi hoga.
Growth drivers ki baat karein toh biosimilar segment, jo company ke 60% revenue ka hissa hai, woh 12% grow kar raha hai, yeh ekdum solid hai. Syngene ka CRDMO business bhi 2% upar hai. Lekin generics mein competition hai aur R&D par bhi kafi kharcha ho raha hai. Plus, US FDA inspection jaise regulatory checks bhi chal rahe hain jo future approvals pe asar daal sakte hain.
Analysts ka kehna hai ki stock overall 'Moderate Buy' category mein hai, aur average target price ₹435 ke aas paas hai, jo current levels se 21% upside dikha raha hai. Par kuch log thode conservative bhi hain. Basically, ab dekhna yeh hai ki nayi leadership competitive pressures, regulatory challenges ko kaise handle karti hai aur growth kaise drive karti hai.