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Axis Securities Report
Biocon Ltd. reported consolidated Ebitda of Rs 399 crore which was below our expectations, majorly owing to higher research and development cost during the quarter, which was up 65% QoQ .
The overall R&D costs increased to Rs 198 crore from Rs 120 crore on a YoY basis which impacted Biocon's Ebitda margins to 18.7% versus expectations of 22%.
Furthermore, the management indicated that R&D costs will increase in the upcoming quarters that could pose threat to current margins of the company.
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