Biocon's Q1 revenue rose 15% YoY to ₹3,942 crore on strong biosimilars and CRDMO growth, but profit slumped 91% to ₹31 crore due to last year's one-time gain. SEBI-registered analyst Saurabh Sahu sees biosimilars and CRDMO as bright spots, calls ₹4,500 crore QIP a long-term positive, while generics remain a drag on margins.