Biocon has slipped in trade post CLSA's sell call on the stock, at a target price of Rs 260.

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A couple of takeaways from the annual report is that the cash flow remained negative for the eighth consecutive year in FY21, as per CLSA.

The operating cash flow fell 24 percent year-on-year and capex intensity remained high. It is around Rs 2,200 crore of FY22 capex guidance, which suggests that the capex intensity will remain high, going forward.

A slump in the margins in the biologics business has hurt overall profitability, as per CLSA.

FY21 report lacks any mention of listing plans for the biologics business as well.

Watch the accompanying video of CNBC-TV18’s Ekta Batra for more details.

(Edited by : Dipika)