External broker reports(aggregated public sources), Axis Direct

Axis Direct

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External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Biocon reported a Consolidated EBITDA of Rs 471 Cr (EBITDA margins: 20.3%), which stood below our expectations.</li><li>The numbers got majorly impacted due to an increase in the R&amp;D Cost by 59% during the quarter.</li><li>The overall R&amp;D Costs have increased to Rs 242 Cr from Rs 146 Cr on a YoY basis, impacting the EBITDA margins which declined to 20.3% from expectations of 24.2%.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Biocon reported a Consolidated EBITDA of Rs 471 Cr (EBITDA margins: 20.3%), which stood below our expectations.The numbers got majorly impacted due to an increase in the R&amp;D Cost by 59% during the quarter.The overall R&amp;D Costs have increased to Rs 242 Cr from Rs 146 Cr on a YoY basis, impacting the EBITDA margins which declined to 20.3% from expectations of 24.2%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Biocon Ltd

Biocon - Margins Outlook on Lower Side