Biocon’s March Quarter Profit Falls 4 percent To Rs.283 Crore

Prashant Chauhan Prashant Chauhan
Apr 30, 2022 - 23:13
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Biocon’s March Quarter Profit Falls 4 percent To Rs.283 Crore

Biocon Ltd on reported a 4 percent decline in consolidated net profit to Rs. 283.9 crores in the fourth quarter that ended on March 31, 2022. Meanwhile, the company has appointed former HSBC India Chairperson Naina Lal Kidwai as an independent director, Biocon Ltd said in a regulatory filing. In the same quarter previous fiscal, the company had posted a consolidated net profit of Rs 296.4 crores.

Consolidated revenue from operations in the fourth quarter stood at Rs. 2,408.8 crores as against Rs. 1,842.1 crores in the year-ago period. Total expenses were higher at Rs. 2,039.6 crores as against Rs.1,624.6 crores in the same period the previous year. Biocon Ltd also stated that its consolidated net profit was at Rs.771.6 crores for the fiscal ended March 31, 2022, as compared to Rs.846.2 crores in the previous fiscal. Moreover, consolidated revenue from operations for FY22 was at Rs 8,184 crores as compared to Rs. 7,143.1 crores in the previous fiscal.

 “FY22 was a transformational year for Biocon. Key strategic moves in our Biosimilars business position us for long-term growth and value creation for our stakeholders,” Kiran Mazumdar-Shaw, Biocon, and Biocon Biologics Executive Chairperson, said while commenting on the performance.

She also said that they believe that the two strategic transactions, with Viatris and Serum Institute Life Sciences, will position Biocon Biologics as a world-leading, unique, fully integrated biologics company with a strong differentiated portfolio of biosimilars and vaccines. Meanwhile, the company said that its board of directors has recommended a final dividend at the rate of 10 percent of the face value per share, for the financial year ended March 31, 2022.

Biocon also stated that the generics business comprising active pharmaceutical ingredients (APIs) and generic formulations business posted revenue of Rs.717 crores in the fourth quarter was 26 percent from the year-ago period, while the same for FY22 stood at Rs.2,341 crores.