Biocon Limited (BIOCON) Earnings Call Transcript & Summary

[Foreign Language] Good afternoon, ladies and gentlemen. I welcome all the members to the 45th Annual General Meeting of the company. This meeting is being held through video conference in accordance with the circular issued by the Ministry of Corporate Affairs and SEBI. The proceedings of the meeting shall be deemed to have been conducted at the registered office of the company in compliance with law. Before we initiate the AGM proceedings, let me introduce my fellow directors who have joined us through video conference and some of who are with me on the dais. Mr. Siddharth Mittal, Mr. Managing Director and Chief Executive Officer; Mr. M. Damodaran, Lead Independent Director; and represents the Audit Committee and Risk Management Committee; Ms. Naina Lal Kidwai, Independent Director and Chairperson Nomination and Remuneration Committee and CSR and ESG Committee; Ms. Rekha Mehrotra Menon, Independent Director; Mr. Peter Bains, Independent Director; Professor Ravi Mazumdar, Non-Executive Director and Chairperson Stakeholder Relationship Committee; Mr. Eric Mazumdar, Non-Executive Director; Mr. Indranil Sen, Chief Financial Officer; and Mr. Mayank Verma, Company Secretary. Due to prior engagement, Mr. Bobby Kanubhai Parikh, Independent Director and Chairperson Audit Committee and Risk Management Committee is not able to attend this meeting. Mr. Vijay Kumar Kuchroo has completed his tenure with the company as an Independent Director with effect from July 27, 2023. I would like to place on record our deep appreciation and gratitude to him for his extensive contribution and stewardship. Apart from our directors, we would also -- we also have M/s. BSR and Company LLP, statutory auditors and V. Sreedharan & Associates, secretary auditors and scrutinizer for this AGM, who have joined this meeting from their respective locations. Participation of members through video conference is being reckoned as for the purpose of quorum as per the circular issued by the MCA and Section 103 of the Companies Act 2013. As the requisite quorum is present for the Annual General Meeting, I call this meeting to order. Notice of the 45th Annual General Meeting, addendum to the notice and the annual report for FY '22, '23 were sent through e-mail to all the members whose e-mail IDs are registered with the company or the depository participants in compliance with the MCA and SEBI circulars. As the AGM notice is already circulated to the members, I take the same as read. Today, there are 5 resolutions proposed to be passed as set out in the notice and addendum to the notice of AGM. The company has taken all necessary steps required as per the provisions of the Companies Act 2013, and the circular issued by MCA to enable the members to participate and vote on the resolutions as set forth in the notice. Members who have not casted their vote through remote voting and who are participating in this meeting will have the opportunity to cast their votes through the Insta-poll facility provided by KFin Technologies Limited, registrar and share transfer agents. I now call up on our company secretary, Mayank Verma, to provide general instructions to the members regarding participation in this meeting and our casting of votes through the e-voting facility.

Thank you, Chairperson. Good afternoon, everyone. I welcome all the Board members and the shareholders to the 45th Annual General meeting of the company. The members may note that this meeting is being held through video conference in compliance with the Companies Act, 2013, and circular issued by Ministry of Corporate Affairs. Facility to join this meeting through video conference is being made available to the members on the first come first serve basis. All the members are kept to unmute to enable seamless conduct of the meeting. The statutory auditors, the statutory registered and documents have been made available electronically for inspection by the members during the AGM. Members who wish to seek inspection of those documents can [ write back ] to the company's [indiscernible]. As the AGM is being held through video conference, the facility for appointment of proxy by the members was not applicable and hence, the proxy registered for the inspection is not available. The company has received requests from a few members to register them as a speaker at the meeting. Accordingly, the floor will be open for these members to ask questions or express their views. Some auditor will facilitate this session once the chairperson opens the flow for Q&A. It may be noted that the company reserves the right to restrict the number of members asking the questions, depending on the availability of time at the meeting. Now let me summarize 5 resolutions placed before today's meeting and seeking member approval as set out in the notice and addendum to the notice of the Annual General Meeting. The first 3 resolutions pertain to ordinary business, which are adoption of a stand-alone and consolidated financial statement for the year ended March 31, 2023, and the report of the Board of Directors and auditors thereon. Appointment of Professor Ravi Mazumdar, who seeks retires by rotation and being eligible, seeks reappointment as a director. To declare a final dividend of INR 1.5 per equity share for the financial year ended March 31, 2023. The Resolution 4 and 5 are special business. Resolution 4 is towards the ratification of payment of remuneration to the cost auditors of the company for the financial year '23, '24. The resolution #5 is towards the appointment of Ms. Rekha Mehrotra Menon as an Independent Director of the company. The text of the resolutions along with the explanatory statement is being provided in the notice and addendum to the notice circulated to the members. In compliance with the MCA circular, the items of special businesses in the AGM notice are considered unavoidable and hence, are proposed for approval for the members. In compliance with the provisions of Companies Act and SEBI regulations, the company has arranged for e-voting facility for all the members holding shares in the company as on the cut-off date of August 4, 2023, through KFin Technologies Limited and on all the resolutions proposed at today's meeting. The remote e-voting will get commenced on Sunday, August 6, 2023, at 9 a.m. and ended yesterday at 5 p.m. Members who have joined us today for this AGM through videoconferencing facility and who have not cast your votes during the remote e-voting period can still cast their vote on all the resolutions as set out in the AGM notice through the Insta-poll facility provided by KFin Technologies. Members just click on the thumb button below the screen to cast their vote on all the resolutions. Mr. V. Sreedharan Practicing Company Secretary has been appointed by the Board as a scrutinizer for the e-voting process. Upon submission of the report by the scrutinizer, the results of e-voting and the Insta-poll will be intimated to the Stock Exchange within 2 working days from the conclusion of this AGM, and will be made available from the website of the company and on the website of KFin Technologies Limited. Statutory Auditors M/s. BSR & Co. LLP and [ statutory ] auditors, Mr. V. Sreedharan & Associates have expressed unqualified opinion on their respective reports for the financial year FY '22, '23. The statutory auditors report on the standalone financial statement and consolidated financial statements are made available on Page #273 and 347 of the annual report, respectively. The [ statutory ] auditor report is available on Page 205 of the annual report. As the auditor reports are already circulated to the members as a part of annual report, we take the report as read. Now, I will request, Kiran, to address the members.

Thank you, Mayank and dear shareholders. It gives me great pleasure to welcome you once again to the 45th Annual General Meeting of Biocon Limited. Ladies and gentlemen, I want to say that you have invested in a company that is making a huge impact on global health through its unwavering focus on enabling affordable access to life-saving medicines for some of the most debilitating diseases in the world. Our generics, biosimilars and novel biologics for cancer and diabetes are not just saving lives. They are addressing serious global threats that can undermine the social, economic and cultural stability of nations. Cancer accounts for nearly 10 million or 1 in 6 deaths every year. It strikes without prejudice, affecting people of all ages, races and socioeconomic backgrounds. India is projected to report 2.08 million cancer cases in 2040, a jump of almost 60% over 2020. Cancer not only imposes a huge financial strain on families trying to cope with treatment costs, but it stretches national health care systems and depletes the workforce leading to economic instability. [indiscernible] and years of potential productive life loss from cancer is estimated to have resulted in a GDP loss of USD 11 billion or 0.4% of India's GDP in 2020. This loss is projected to increase to between $36 billion to $40 billion by 2030. Biocon is leveraging the power of science, collaboration and determination has changed this trajectory of cancer, both in India and countries across the globe. Our affordable high-quality biosimilar trastuzumab, a targeted therapy for an aggressive form of breast and gastric cancers, has brought down treatment costs to 1/10, I repeat 1/10 of what it was in India, and thus enabled access to this life-saving drug for thousands of patients not only in India, but across the world. This product enjoys the unique distinction of being the first biosimilar trastuzumab to be approved in the world in 2013, as well as the first biosimilar trastuzumab to be approved by the U.S. FDA in 2017. Our commercialized biosimilars such as trastuzumab, pegfilgrastim and bevacizumab, as well as those that are under development, position us uniquely to provide a broad range of treatment options for cancer patients worldwide. The immunosuppressions in our generics portfolio are also benefiting cancer patients, as well as those with autoimmune diseases and people who have undergone organ transplants. Coming to diabetes. Diabetes has emerged as a global pandemic and one of the major challenges to human health in the 21st century. With just under 0.5 billion people living with diabetes worldwide currently, and this number projected to rise to 700 million by 2045. This disease isn't just a health concern, but it's a socioeconomic time bomb. India has over 100 million people with diabetes and 136 million with pre-diabetes. The huge diabetes burden is expected to cost the country an estimated $2.6 trillion in lost GDP. Insulin is the bedrock of diabetes treatment. It turns a deadly disease into a manageable one for 9 million people with type 1 diabetes and for more than 60 million people living with type 2 diabetes, insulin is essentially reducing the risk of kidney failure, blindness and limb amputation. However, one out of every 2 people needing insulin does not get it because of a number of factors, including high prices. Biocon's biosimilar insulins are addressing this access gap. Through our proprietary Pichia pastoris platform, we have been able to disrupt the insulin market globally. In fact, we are one of 3 insulin producers globally to have a differentiated technology and #4 in the world in terms of insulin manufacturing capacity. As a result, millions of people with diabetes in both advanced and emerging economies are benefiting from our affordable human insulin, and biosimilar insulin glargine and aspart. Our insulin glargine received a historic U.S. approval in 2021 as the world's first interchangeable biosimilar product, which is a testament to our scientific excellence and robust quality. Our generics portfolio also includes several products for diabetes and other metabolic disorders. Our philosophy of unconditional equity has led us to invest over $1 billion over the last 20 years in building dedicated lab-to-market capabilities for biosimilars and generics. Our commitment to ensuring that 1 in 5 diabetes patients and 1 in 5 cancer patients globally, can access our biosimilars and generics and led us to take bolder steps. It has led us to successfully complete the transformational approximately $3 billion acquisition of our long-term partner, Viatris’ Global Biosimilars business. This acquisition has made us one of the largest biologics company in India and amongst the largest in the world. The increased scale, scope and global nature of our biosimilars business will help us establish ourselves as a global leader in biosimilars and maximize value for all our shareholders. Moreover, direct commercial presence in many global markets will allow Biocon Biologics to devise more sustainable and targeted strategies to make our biosimilars accessible to the maximum number of patients and health care providers. Now coming to our ESG. Our philosophy of insuring unconditional health equity resonates with our environmental, social and governance or ESG aspirations. We have aligned our business focus to address the needs of patients, people and the clients. We are casting a lifeline of hope to millions of patients and their families across the world by bringing down the cost of essential medicines. Over the past year, our biosimilars served 5.7 million patients across the world. Of these, 2.1 million patients were in India alone. Underpinning our health equity initiatives is our commitment to creating a diverse equitable and inclusive workplace for our people. Women today comprise 23% of the group's workforce. The importance of preserving our planet for future generations have led us to actively work towards reducing our carbon footprint and transitioning to renewable energy. In FY '23, 71% of the energy consumption in our India operations was from green power sources, such as solar and wind energy. Coming to our financial performance. We closed an eventful FY '23 on the combined business and sustainability fronts. Biocon's consolidated revenue for the year increased 38% year-on-year to INR 11,550 crores or approximately USD 1.4 billion. Half of this came from the biosimilars business, which reported revenues of [ INR 5,584 crore ], or USD 680 million. The over 60% growth in biosimilars revenue was on account of the consolidation of Viatris revenues post the acquisition in Q4 and strong performance in the underlying business. Research services delivered a better-than-expected 23% revenue growth to INR 3,193 crores or approximately USD 390 million, aided by a strong uptick in biomanufacturing services. The Generics business revenue was up 13% to [ INR 2,637 ] crores or approximately USD 320 million. EBITDA grew by 32% to [ INR 2,888 crores ] or USD 350 million, with EBITDA margins at a very healthy 25%. Net profit before exceptional items reached INR 787 crores or USD 96 million, a 9% increase from the previous year. Our resilient performance and strategic progress have led Biocon's Board to recommend a final dividend of INR 1.50 per share at the rate of 30% of the face value of the share for FY '23. All our business segments are well-positioned for growth in FY '24. Having ended FY '23 on a USD 1 billion revenue trajectory, the biosimilars business is set to leverage key growth drivers to build on the strong foundation in FY '24 and beyond. Healthy demand for its services, including commercial manufacturing of biologics will spur in [indiscernible] growth. The Generics business expects mid-teens growth in the current financial year, on the back of portfolio expansion, capacity enhancement, geographic expansion and strategic partnerships. Establishing clear pathways for exciting new growth inflections in each of our businesses will help us to continue addressing global health care needs with passion and compassion. Today, we have gathered with a shared focus to explore the boundless potential of investing in a company that is not only enabling access to life-saving medicines, but is also aligned to the evolving global health care paradigm. As investors and shareholders, you have the privilege of being part of a transformative narrative, a narrative that holds the promise of not only impressive returns, but also a legacy of positive change. Today, I urge you to recognize the power of our collective investment in this company. We are not just funding growth, we are investing in a future where accessible health care is not a luxury, but a fundamental right. Thank you all for your continued trust in us and let us together embark on this transformative part of ethical value creation.

Thanks, Kiran. [Operator Instructions] I will request moderator to please facilitate the question-and-answer session. Operator?

We have some speakers who have registered as speakers for this AGM. The first registered speaker is [ Mr. K. Sadananda Shastri ]. [Operator Instructions]

Am I audible?

You are audible, sir. You can proceed with your question, please.

Are you seeing me?

No, your video is not on, sir. Can you switch on your video, please?

One-minute, now?

Yes. Please continued to speak, sir.

Okay. Good afternoon. I'm [ Sadananda Shastri ] from Bangalore. My number [ 1170-2201 ]. Chairperson, madam. I will go according to our report only and none other than that. So not to [ embarrass ], I have minimized my set of questions this time. First of all, I thank you and your AGM team, especially [ Anukita Jain ] for having taken care of shareholders to attend this AGM. I also wish to convey my condolences. Hello?

Yes. We can hear you.

I also wish to convey my condolences to [ Mr. John Shaw ], who was my close friend also. In Page #6 of the report, you have given a good growth of performance and figures for which I thank you. Page #10. I'm happy to congratulate you for having been honored with the Florida Lifetime Achievement Award 2022 for excellence in science and technology. I am proud also for you -- you have brought many awards and rewards for the company. Page #96, financial highlights. Very steady growth. You showed in the graph, but in Page 97, few like profit, et cetera, [ distorted ], which needs [indiscernible]. Page #119. Patent across the group. In this aspect, company has segregated Biocon Limited and Biologics, whether the company consider Biologics as a department, wing, group, subsidiary or associate. Page 144. To extract renewable energy, company has established a solar plant, fixing panels to the ground at Raichur. Does it not wastage of land? Can company not find any other devices to put the land for best utilization, and put the panels to rooftop system? Company's efforts of 17 wind turbine not made available to see in the report. Can we see in the next report -- next year report? Page #182. Board's report. Share of loss of joint venture being continue with the diminishing balance. How long it continues to [ wipe it ] off? Exceptional item of INR 28,628 million positive in stand-alone, but negative in consolidated. And likewise, profit for the year in the same manner with a negative growth, whether it is due to accumulated loss of subsidiaries, and also many subsidiaries still running loss that especially Biosimilar U.K. with INR 3,247 million, whether loss-making units are viable or not. Page #188. More than dividend, why the company has not transferred any amount to reserves because strong reserve speaks about the company's stability. Page #360. Lastly, the balance sheet. Trade receivables have gone up, and credit impairment and [indiscernible] [ 35 million ] may hurdle for the profit growth. What necessary company takes for its recovery? Equity capital continued undisturbed and other equities are in sound position. Why not the company convert it to capital by declaring bonus shares to reduce borrowings of [ INR 1,52,905 ] million and other liabilities and increased finance costs. Thank you very much.

Thank you, Mr. K. Sadananda Shastri. We will move on to the next registered speaker.

Moderator, please hold on. Thank you, [ Mr. Sadananda Shastri ] for all your comments and appreciation of various positive aspects of the business. I would like to basically turn to my colleague, Mr. Siddharth Mittal to answer a lot of your financial queries, but suffice to say that I want you to know that the company is in a very strong growth phase. You know that we have made a very large acquisition to project and promote ourselves as one of the largest and leading biosimilar companies globally. And this of course, has necessitated the company to make a large commitment to certain investment needs for supporting such an acquisition. This is a transformational acquisition, and you'll be very happy to know that we just announced this quarter's financials, which clearly shows that we have not only doubled our revenue growth for Biocon Biologics, but even at a group level, we have increased our revenue growth by almost 60%, and not just that, we are now gaining very, very credible market share in one of the leading markets in the world, which is the U.S. for many of our biosimilars, where one of them has already become the brand leader, and many others are now becoming very, very significant products in these markets. So apart from saving lives, we are also beginning to establish a very strong brand presence for Biocon, and I think in the years ahead, you will see that this investment will really give us very rich returns. That is the way we are really investing in our future. And I hope you understand that the way we have basically calibrated even that dividend is keeping this in mind, that we will need to invest in R&D and growth.

Let me address your few other questions. Mr. Shastri. So I think you mentioned about the businesses growing in the fiscal '23, but the profits are reducing. So we have also increased our investment in R&D, which is very, very important, as Kiran mentioned, for our future growth, and that has had an impact on our profits. But when you look at the overall core margin, we have grown very, very healthy in FY '23 compared to the previous year. The Biocon Biologics is a subsidiary company and treated as a subsidiary in the consolidated financials. So you made a comment on the solar power. Let me just draw our attention to the fact that where these panels have been set up it's 86 acres of land. We are not going to get that much of rooftop area to put the panels. And of course, the developers and our partners, who commissions these panels look at the non-agriculture land and non-usable land to commission the panels. So it's not eating into a productive land bank of the country. The wind energy definitely consumes lesser space, but we do have many wind investments in the wind turbines as well. But the energy generation for wind is seasonal. So we also need to depend on solar to have a consistent round-the-year energy supply. The loss of JV, which is resulting from reducing our stake in Bicara over the last 12 months, we are down to 38% stake in Bicara down from almost 85%, 88% at the beginning of the fiscal year. And this has happened as Bicara has raised additional funds to invest into its development pipeline for the lead molecule. Dividend and a couple of other things, I think you didn't give some suggestions and transfer to reserves, we will look into it. And the last point on the AR increase has been in line with the business. As you can see, we have had a very healthy growth and to -- in line with the growth we have had an increase in AR. The equity of cost remains the same because we have or [ 120 crore ] shares of INR 5 each, that's the equity which is there. And on the debt side, I think I'll address it separately over the period of last fiscal. We have taken steps to reduce our debt, and we are continuing to be in discussions with private equity to further reduce the debt in this fiscal year. Thank you.

Thank you, sir. Can I call the next speaker, please?

Yes.

Next speaker is [ Mr. Kaushik Narendra Sahukar ] from Mumbai. [Operator Instructions]

Yes. Am I audible, sir?

Yes. You're audible, sir.

Yes. I'm visible also, right?

Yes. Go ahead.

Yes. Good afternoon, everyone. I am honored to have the opportunity to address you all today, and I would like to express my gratitude to the Board of Directors for allowing me this chance once again. First off, I salute the Board of Directors for continuing. We see more of meeting thereby allowing PAN India participation. Sir, I request you to continue this trend. I'm satisfied shareholder of our company. And I must commend the management for the remarkable efforts in creating wealth of the shareholders. However, I'd like to raise a couple of concerns. I hope I'm audible, Madam?

Yes, yes, you are.

My primary concern pertains to utilization of savings on account of virtual mode of meeting. I believe it would be prudent and fair to allocate a portion of these funds to the welfare of the shareholders. More particularly amongst speaker shareholders, who actively participate in the AGM as speakers, considering the valuable contribution and active moment in the meeting, it will be gesture to distribute a small memento among them on occasion of important festivals. Madam, can you provide me the breakup on part of expenses on account of physical meeting and on account of virtual meeting, if possible, I humbly request the Board of Directors to consider my proposal and explore the possibility of implementing the gesture of gratitude and appreciation. By doing so, I firmly believe that it will [indiscernible] repo between the company and the stakeholders and contribute to the overall helping of the corporate family. My next concern is, does company manufacture any medicines for preventing any skin rashes, urinary infection. Does the company also manufacture any oncology product? If yes, can I get the name of this drug? My next concern is, could you share the insights into company's current pharmaceutical product pipeline and upcoming product launches? Are we the company fostering innovation in research and development to stay competitive in the industry? My last concern is, that the company has been hesitant in supporting individual needs, equaling myself. I have shared my credentials in the past and follow-up consistently, but my request has not been considered. Madam, I refer to your assurance you have made last year or last couple of years back also. [indiscernible] any differently-abled [indiscernible] be part of this activity. I have filled product support and [indiscernible] work including Form 15 CB. The assistance [indiscernible] a lot to me. If I can't get help from a reputable company like Biocon, then who can I tell to. I'm re-sending my credential after meeting in the hopes of [indiscernible] justice and proactive consideration or desired help and support. Madam, your assurance -- your assurance for last couple of years, but it has not resulted into any support. I want to clarify that I'm not making a handout of free money nor has sympathy. I value my independence and [ self-learner ] as a chartered accountant myself. And I hope you can understand my -- and respect my desire to maintain that independence. I [indiscernible] you that with your support, I can make significant contribution to our organization and have positive impact on our society. I eagerly await the response and sincerely appreciate the time and attention you have given today. And I admire the support from the auditors who assist me in this matter as a [indiscernible]. Thank you, thank you so much.

Thank you so much, and I appreciate all the comments that you made and the suggestions you've made. First and foremost, I want to comment that in terms of the Annual General Meeting that we hold, or cities either physically or by video conferencing, I think you must understand that the cost of technology is also very, very expensive. So I really don't think there is a huge saving that we can actually distribute to any participated shareholder. But we deeply appreciate that this video conferencing mode allows many more shareholders to attend this AGM. Especially people that you who don't live in Bangalore. So I'm sure you appreciate that aspect. Secondly, in terms of our research pipeline and the products that we made for all these diseases that you just mentioned, I would really encourage you to read our annual general report, which actually tells you about the kind of pipeline we're developing, our capabilities in R&D. As you know, no other company from India has been able to develop biosimilar medicines, which are available in the U.S. and European markets, and that speaks very highly about our science, our research and our quality. So I hope you understand that you have invested in a very quality focused company, high science company that is making a big difference to global health care. As far as your own requests are concerned, as you know, it is very difficult for us to address individual requirements, but we can certainly tell you that if you need any of our medicines, please reach out to us, and we'll be happy to help you, to give you some support. Thank you.

Thank you, Madam. We will go to the next speaker. Next to registered speaker is [ Celestine Elizabeth Màscarenhas ]. [Operator Instructions] [ Celestine Elizabeth Màscarenhas ]? As there is no response from Celestine, we will move on to the next speaker, [ Santosh Kumar Saraf ] from Kolkata. [Operator Instructions] [ Mr. Santosh Kumar Saraf ]?

[Foreign Language]

[Foreign Language]

Thank you, Madam. We will move on to the next speaker, Mr. Mukesh V. Ajmera from Bangalore.

Am I audible?

You're audible, sir. You can proceed with your question, please.

Good afternoon, everybody. Mrs. Kiran Mazumdar Shaw; Sri Damodaran; Mrs. Naina Lal Kidwai; Sri Ravi Mazumdar; Siddharth Mittal and all other Board of Directors, I'm delighted to join this meeting through VC, though it would have been nice if it was personnel meeting. But keeping in mind that all India speakers, this is the best option that has happened, thanks to corona. I also express the same feelings, Mrs. Kiran, as the previous speaker, Mr. Santosh Kumar Saraf, about the loss of your husband, who was a very good human being, an excellent, a friendly person. He had a very good pleasant demeanor, and he had even offered to take me to Scotland some time. Unfortunately, that would not happen now. Though it is a personal loss to you, including your mother's. Perhaps if you can get some solace, you can consider some of us -- shareholders as also an extended family of yours besides a huge family that you have in Biocon and Syngene. One small request is for such meetings, it would be nice if the shareholders can also chat amongst each other, which some other companies are doing. Perhaps this KFin Tech is not allowing. In fact, they're not even allowing who all the participants are. So if that can be done in physical meetings, we could meet and exchange notes and contacts with each other. If this can be done here, it will be all the more better. The company is doing excellent. I would like to also know, Mrs. Kiran, if you can enumerate all the awards, accolades and recognitions you have received in your lifetime, along with Biocon's and Syngene's, and publish it somewhere, of course, definitely next AGM. But even otherwise send it to the shareholders, it will be a great crowd thing for us. One of the things I would like to consider the company is, how come the -- I mean, though it is not in our hands or your hands, how come the shares of Biocon are not doing so well? There is a proverb in Hindi, which says [Foreign Language]. And if you consider Biocon to be the mother and Syngene to be the daughter, [Foreign Language] in terms of shareholder value -- share value at least. So I mean this is a mystery for quite a few years as to such a lovely company, such a globally recognized company. And even as an Indian company, it's a force to reckon with. And still, the shares are not doing so well. It really beats me and I'm sure a lot of other shareholders, so if this mystery and myth can be busted by somebody, it will be great and it can join the progress of share value along with Syngene. Madam, I would like to -- though it may or may not be suitable here. But indirectly, it could be for any company. There are a lot of shareholders across the country and also many -- and otherwise, as you know, the Prime Minister is talking and proposing ease of living in 75th year of Indian independence. But despite that, the difficulty of living still exists, especially for investors. People do not get their own money. That is -- you probably -- INR 2 lakh crores of Indian public money is now part with the government, and they cannot claim it. Unfortunately, people like me, I'm also a victim of one such company for the last 23 years since my mother passed away, my shares are not getting transmitted. Though it is not possible to enumerate everything here, it would be nice if large groups like yours -- large companies like yours, you have an excellent reputation in the country, with the government, with everybody. So companies like your -- like-minded, who have empathy, sympathy for shareholders who have lost their dividends and shares, if something can be done to eliminate the redundant 100-year old British legacy -- British hegemony of rules and regulations, which are still being followed in 75th year of independence. This is a large -- a large thing that needs to be done. It's a shame on our country that people can't access their own money or their own parents' money. There's no big mystery about it, but something needs to be done. And these individuals cannot do much. I have a lot of inputs about this. If somebody can get together, I can contribute a lot. This is just a small thought. I hope you can please consider this as part of ESG or a social service towards the shareholders at large, lakhs of them across the country for thousands of companies. Thank you very much. Wish you all the best for everybody and hope our company does much better in years to come and keeps crossing milestones year after year.

Thank you, Mukesh. Yes, we look forward to continue in the physical form of the AGM. But as you very likely said, I think the video conferencing method allows more people to participate across the country. So I'm sure you can understand that. Also thank you for your kind sentiments about my husband and my mother. Like I mentioned to the previous speaker, Mr. Saraf, it is a very, very huge loss for me. It's something which has devastated me. Unbearable, but I have to go on. My -- both my mother and my late husband said to me that you must have the strength to continue to know what you want and what you have to do for yourself and the country. So I will continue to do what I have to. In terms of all the awards and recognitions that you mentioned, please visit our website. It has listed all the awards and recognitions that I've received and the company has received. So it is all listed there. Secondly, I think as far as the Biocon shares are concerned, I have no doubt that these shares will do well in the coming years. I think people have to understand that the company is growing very rapidly. I think people have -- actually need to understand what we are doing. We are on a growth path. We have just said that we have seen the strongest ever revenue growth that the company has delivered this quarter and beyond. And I think you will see that the growth path that we're on is going to create a global company of global revenue with a global reach. Where we are going to be saving lives across the world, I think that's our mission. And we are continuing to do that with brand, Biocon, will be a very, very significant brand. The world over, that's why we have acquired the business from Viatris, and we are determined to ensure that we realize our mission of basically making sure that one in 5 people who need our medicines will use it around the world. So that is our mission, and you know that we will always be very successful because our mission is very noble. Our mission is very empathetic with people who don't have access to medicines because our mission is about affordable access. So I'm sure with the shareholders like you who have believed in us, who have supported us, and worked -- remained with us, we will make you proud. And finally, I think in terms of your request to us for your ease of living issues. I would request all shareholders to come together and make this request because the government is amenable to listening to such problems. And I'm sure they will solve it if you have collective efforts. Thank you very much, [ Mukesh ].

Thank you, madam. We will go to the next speaker, [ Harjit Kaur ].

Hello. Can you hear me?

Yes, yes.

This is the first year. [Foreign Language]. Consolidated revenue is 150 -- 501 million, 38% growth [Foreign Language] revenue generated. [Foreign Language] margins 25%. [Foreign Language] EPS was INR 3.90 [Foreign Language] dividend INR 1.50 [Foreign Language]. [Foreign Language] 120 countries [Foreign Language] top 15 companies [Foreign Language] Page 212 [Foreign Language] 22% growth [Foreign Language] 48 employees accordingly [Foreign Language] Siddharth Mittal [Foreign Language] employees against 48 million payout [Foreign Language] profitability 49 million [Foreign Language], last year 48 million loss [Foreign Language] 1 million profit [Foreign Language]. Other income, the main reason [Foreign Language] other income, 2019 [Foreign Language] 1,444 million [Foreign Language] 2023 3,759 million [Foreign Language] 300x growth [Foreign Language]. EPS [Foreign Language] Page number [Foreign Language] INR 7.65 [Foreign Language] INR 3.88 [Foreign Language] 26 subsidiaries [Foreign Language] company, Biocon company [Foreign Language] consolidated [Foreign Language] benefit Biocon shareholders [Foreign Language] Page 266 [Foreign Language]. [Foreign Language] middle class investor [Foreign Language] 4% [Foreign Language] large capital [Foreign Language] equity, 92% [Foreign Language] large investor [Foreign Language] Page 199 [Foreign Language] the employees [Foreign Language] granted [Foreign Language] I don't understand that on the Page 199 and the Page 182, noncontrolling interest, madam [Foreign Language] 1,232 million [Foreign Language] 1,803 million, 15% [Foreign Language]. [Foreign Language] 50% growth [Foreign Language]. Comprehensive income [Foreign Language]. Comprehensive income 967 million [Foreign Language] 48 million, madam, profitability [Foreign Language] loss [Foreign Language] 76 employees ratio payout [Foreign Language]. Page 156 [Foreign Language] CSR activity [Foreign Language] health care [Foreign Language] Biocon company [Foreign Language] CSR activity [Foreign Language] INR 38 million [Foreign Language] 97 million, under 1,63,000 [Foreign Language] INR 97 million. [Foreign Language] benefit shareholder [Foreign Language].

May I request the speaker shareholder to conclude the...

I understand that [Foreign Language].

Harjit sir, we have a list of shareholders. Everyone has to get opportunity to...

[Foreign Language].

[Foreign Language]. No problem. I have no problem. [Foreign Language] I have no problem. [Foreign Language].

[Foreign Language] Biocon is a company [Foreign Language] global scale manufacturing, research or [Foreign Language].

[Foreign Language] To question, share price related [Foreign Language] earnings per share [Foreign Language] INR 5.44 earnings per share, last year [Foreign Language] investment R&D [Foreign Language]. [Foreign Language] INR 3.88 [Foreign Language] dividend INR 1.50 [Foreign Language]. Question regarding increased salary [Foreign Language] proportion. [Foreign Language] Remuneration Committee [Foreign Language] employees, the remuneration [Foreign Language] including senior management, including myself, it is [Foreign Language]. [Foreign Language] starting with Kiran, herself and me and the teams [Foreign Language]. That is why independent directors [Foreign Language].

Thank you, sir. We will move on to the next speaker, Mr. Om Prakash Kejriwal from Kolkata.

Am I audible, sir?

Yes, you are audible, sir. You can proceed with your question, please.

Camera is not working. Where is the camera?

[Foreign Language]

Audible and visible?

Yes, sir. You are audible and visible, sir. You can proceed with your questions, please.

Good evening, madam, and good evening, everybody attending this AGM. Myself, Om Prakash Kejriwal, your equity shareholder from Kolkata. Thank you, madam, for providing me the platform to speak something before you. Thanks to our secretarial department for helping me in [indiscernible] shareholder. Madam, this is my first AGM only due to virtual. It is just an opportunity for me to join this AGM sitting in Kolkata. If possible, please follow this virtual AGM in next year also so that more and more shareholders could join, different parts of the world and express their views. Madam, today my dream come true. I'm interacting with the iron lady. One was Sri Rahul Bajaj of Bajaj Auto and second is you. I have full faith in you. You people are doing a let -- a lot of work for the betterment of human beings. Thanks a lot for your good work. Ma'am, we are getting more competition in biosimilars. So we are getting less margin and so our financial position is not so strong and so we are not performing in share market. Madam, when the situation will improve? Please share your views. When our equity is too big, INR 600 crores, if there any possibility, please come up with buyback. It is tax efficient and by this way, we can reduce our equity base. Promoter holding is 60.64%. Are you -- any planning to increase our promoter holding in future? Please share your views. At last, madam, please maintain your smile and be cheerful. We are always with you as a long-term investor. Thank you.

Thank you, very much, for your very kind words. I want to start by telling you that as far as biosimilars are concerned, we have a very strong leadership position from India. And we are determined to basically build on this as a global dealer. When it comes to competition, obviously, biosimilars is an area of interest to most companies. As you know, it's been very difficult for many companies to actually develop biosimilars and you know that at this point in time, we are the only company that is developing biosimilars, which are able to enter the advanced markets of U.S. and Europe because it is very difficult to get such entry into these markets because of the complexity of biosimilars. Having said that, we will also be very happy to know that our biosimilars are making very strong inroads into the U.S. and European markets and establishing a very strong presence in these markets. Today, in the U.S., our pegfilgrastim is the #1 brand in the U.S., which I think is a matter of great pride for us. We have the first biosimilar, pegfilgrastim, to be approved in the U.S. and today, we are the #1 pegfilgrastim in the U.S. Our insulin glargine, Semglee, is also beginning to get a lot of good market shares in the U.S. and also beginning to get market share in Europe. Today we are at over 12% market share in the U.S. We are also getting new prescriptions, which are tracking at 15%. In terms of our biosimilar, [indiscernible] trastuzumab. Again, we are at 11% market share in the U.S., which is extremely commendable compared to the 8% we had last year. So overall, we are doing extremely well. Even in Europe, our adalimumab [indiscernible] is basically having a very strong market share of 18% and 10% in Germany and France. In Canada too, we have a very strong leadership position in biosimilars and so on and so forth. So while there is competition, we also have leadership. And I believe that being one of the front runners in biosimilars, we will have to try extra hard to make sure we keep ahead of the goal. So with all the efforts in R&D, in the manufacturing where we have a huge advantage and now, of course, after the acquisition that we have made, we have a strong commercial footprint. So we hope to really build global leadership in everything we do. And in terms of all your other suggestions, we will certainly keep them in mind, but thank you very much.

We will go to the next speaker, Mr. Arun Kumar Boppana from Navi, Mumbai.

Hello?

Yes, sir. Your audible, sir.

Good afternoon, everybody. Biocon founded in 1978, stuck to its roots to being a source and a resource, with the aim of providing modern medicines to the Indian masses at affordable prices because India can't wait for affordable medicines. I'm glad about Biocon and complements for obtaining regulatory approvals from U.S. FDA and Europe, EMA for biosimilars. That's a critical milestone. My questions, are we planning any new drug delivery systems? Like prefill injectables, transdermal patches as oral delivery is seen as a problem in some cases. What are new complex molecules, cost-effective alternatives to expensive originator biologics, making treatment more accessible? And what are the new collaboration in R&D or research in areas such as oncology and diabetes to enhance our research capabilities and expand our product portfolio? Any new collaboration for the distribution of products worldwide? Which countries give us more revenue? Any advanced therapies in pipeline for diabetes, particularly? What is the state of innovative therapies, including novel biologies and small molecules? Developments and prospects will change continuously over time. I'm sure Biocon is aware of it. Again, is IEPF and KYC issue? I think the company should take an initiative to appoint somebody and -- so that it charge some money and clear the issue with IEPF and KYC. [indiscernible] has taken the initiative in Bangalore. So I hope we will get in touch with them and follow their suit. Concerning the present momentum, what will be our asset base at the end of the decade? Lastly, tribute to our founder, Biocon. Biocon was built with an enterprise and spirit to serve the poor. The dominant position of Biocon is an impressive achievement, a record speak for itself. The accomplishments of the founder and successors are nothing short of being remarkable. In conclusion, no numbers of the past matters. No number in the future will be too big for Biocon. I wish you all the best. All of the best in reforming, transforming and performing. Thank you very much.

Thank you, Mr. Boppana for your very thoughtful suggestions and your comments. Just to answer some of your questions. In terms of new drug delivery, I think we have a number of devices. We have very unique proprietary pens that we use for our -- many of our products; like insulins, we have auto injectors for many of our products. We have prefilled syringes. So we have a range of devices for many of our drugs that we deliver globally. We also have the same kind of devices for both small molecules and large molecules. There also -- we also have a number of formulations that we are developing, which has the same release. Many of them are now also in the realm of only derived or delivered at times. So there's a lot of research going on in all these new drug delivery systems that you rightly pointed out. In terms of novel molecules, as you know, Biocon is one of the very few Indian companies that have invested in innovation in a big way. As you know, we have 2 novel molecules, which are being developed for the Indian market. One is BIOMAb for head and neck cancer, which is beginning to do very well. We also have ALZUMAb, which has been approved for psoriasis, and we're also in partnership with Equillium developing it for other indications like graft versus host disease for ulcerative colitis and lupus nephritis. In addition to that, we also spun off a very, very interesting start-up that is developing a bispecific antibody for cancer -- head and neck cancer. As you know, this has been very well received by the investors in the U.S. They have made very good progress in the clinic and they have a lot of interest in -- as a result of the clinical data that they are sharing. So overall, I think we are doing a lot in novel molecules. And our collaborations are ongoing with a number of companies worldwide. So I think as a research-led, science-led company, we will continue to pursue this. And as I said before, I think our mission of making global impact on global health care is something that we remain committed to. So thank you for your good wishes.

We will go to the next speaker, Mr. Aspi Bamanshaw Bhesania from Mumbai.

Can you see me and hear me?

Yes, we are able to see you and hear you, sir.

Madam, I'm Aspi from Bombay. At the outset, I offer my condolences on the absolutely big bereavement in your family. Madam, again, I welcome Mr. Nicholas, who is the new director. Madam, the first quarter stand-alone interest is INR 48 crores and consolidated interest is INR 233 crores. So what are you doing to reduce that interest burden? And about the biosimilar, can you inform when the IPO will come. I would prefer the IPO not to come and to give the shares to our shareholders, just as Mr. Mukesh Ambani gave the shares of Jio Finance to shareholders of RIL. So the same way I would like you to give because if you go for an IPO, at least 10% will go in IPO expenses. And now about biosimilar, how is the environment? Is it still a premium or it's become like a generic? And madam, since you have 2 listed companies, I would request you to take over the RTA functions. So then the shareholders will get a good benefit. Because outside RTA they just do things for money because you can do it only for the shareholder satisfaction. Because others are also complaining about the dividend going to the -- dividend going away. Thank you very much and all the best for the future.

Thank you, Aspi. Thank you for your suggestions and your comments. I just want to mention that the interest figures that you talked about, a lot of them are charges on account of the acquisition that we have made on -- for buying the biosimilars business from Viatris. In terms of the IPO, certainly, we are watching the space. We will do what is necessary. But certainly, we will bear some of your comments in mind about shareholders -- shareholders of Biocon. I also wanted to say that as far as biosimilars is concerned, certainly, it is still a market and a segment that is still very attractive and lucrative. We don't expect as much competition as the generic space has. But at the same time, obviously, when there is a large opportunity, there is a rush towards getting a piece of the cake and that does disrupt some of the pricing predictions. But having said that, we still believe it's a very, very attractive and lucrative market for us. But thank you very much, and we look forward to your participation in future AGMs.

We will go to the next speaker, Atanu Saha from Kolkata. As there is no response from Mr. Atanu Saha, we will go to the next speaker, Dilip Kumar Jain from Jaipur. As there is no response from Mr. Dilip Kumar Jain, we will move on to the next speaker, Hiranand Kotwani from Kalyan.

Yes, yes. [Foreign Language] Am I audible?

You're audible, sir. You can proceed with your question, please?

Am I visible also? No?

You're not visible, sir. You can proceed with your question, sir.

There's some problem and technical issues are there, gentleman, I'm audible?

You are audible, sir.

Okay. I will just share -- not to go touch the video because it's created a problem. Certainly, [Foreign Language] to all. It is a great pleasure to join you from Kalyan. I'm a -- this company is very dear to me certainly, but you said, madam, affordable -- in every speech I have seen, the affordable, but certainly, some prices are not reduced. In no medicine has reduced the price, even the insulin and other drugs. How do you say the affordable?

Let me answer that question by telling you if you remember what the cost of insulin was before we developed insulin, it was 10x this price. If you know what the price of trastuzumab was, it used to cost INR 2,50,000 per dose in India. Today, it is less than INR 20,000. In fact, in many cases, the drugs that we are making today, which used to be in the INR 2 lakh range are now costing INR 10,000 to INR 15,000. I think that is what is affordable. I hope you would appreciate that and agree with me that when you reduce it to these kind of price levels, it is very affordable.

Mr. Hiranand Kotwani? I think we lost his audio, madam. We will go to the next speaker, Mr. Jaideep Bakshi Kolkata. No response from Jaideep Bakshi. We will go to the next speaker, Shailesh Mahadev from Mumbai. No response from Shailesh Mahadev. We will go to the next speaker. Satish Jayantilal Shah from Mumbai. No response. We will go to the next speaker, Hariram Choudhary from Mumbai. Hariram Choudhary, no response. The next speaker is Tamal Kumar Majumdar from Kolkata. No response from Tamal Kumar Majumdar. We will go to the next speaker, Badri Vishal Bajaj from Hyderabad. No response from Mr. Badri Vishal Bajaj. We will go to the next speaker, Rajendra Jamnadas Sheth. No response from Rajendra Jamnadas Sheth. Next speaker, Gaurav Liladhar Rozatkar from Pune. No response from Mr. Gaurav. We will move to the next speaker, Nalini Venkata Raman from Chennai. No response from Nalini. We will go to the next speaker, Davinder Kaur. No response from Davinder Kaur. Next speaker is Ramesh Shankar Golla from Hyderabad. No response from Ramesh Shankar Golla. We will go to the next speaker, Shri Jaichand from Chennai. No response. Next speaker is Keerthi Shah from Mumbai. No response. Next speaker is Tapas Kumar Datta from Howrah. No response. Last speaker of the day, [ Prathamesh Vikas Dakwe ].

I am a joint holder of Prathamesh Vikas Dakwe. This is Vasudha Vikas Dakwe. I'm talking on behalf of him. Respected Chairman sir, Board of Directors and my fellow shareholders, myself Vasudha from Thane. I would like to congrats our company secretary for sending me the soft copy report way in advance, which itself is clear and transparent. Most of the question was asked by the previous shareholder, I do not take much time. Only one thing I would like to ask, what is our attrition rate? And please look into the matter of unclaimed dividend amount as it is the hard and fast money of the minority shareholder which is going to IEPF fund. With this, I support all the resolutions. Thank you very much and wish the company all the best for coming financial years. And my best wishes for coming all the festivals during the month of Shravan and bhadrapada. Thank you very much, sir. Ma'am.

With this, we have concluded all the questions.

I would like to thank Ms. Vasudha for her questions. And we will certainly look into unclaimed dividends. Also, we would like to inform you that the attrition is now coming -- reducing significantly across all our companies. And we are tracking below industry attrition levels. So with that, I would like to thank all the shareholders who have participated in this Q&A. And for those of you who have additional questions, please do not hesitate to reach out to our secretariat. With this, I would like to basically say that members may note that the e-voting will be available for the next 15 minutes on the KFin Technologies Limited website. I would now like to state that the meeting now stands concluded. And I thank all the shareholders for attending the 45th Annual General Meeting of the company. I would now request all the directors, invitees and shareholders to kindly log off. Thank you.