Biocon net profit up 2% at Rs 130 crore

Biocon net profit up 2% at Rs 130 crore

Chairperson and Managing Director of Biocon, Kiran Mazumdar-Shaw. DH Photo

Biocon on Thursday reported a 2% rise in its net profit at Rs 130.4 crore compared with Rs 127.5 crore in the corresponding quarter of last year.

For the 2017-18 fiscal, the company posted a net profit of Rs 372 crore, down 39%, from Rs 612 crore in 2016-17.

The pharmaceutical company's total revenues witnessed 27% increase at Rs 1,237 for the fourth quarter ended March 31, 2018, compared with Rs 974 crore in the year-ago period.
The company's total revenue for FY18 stood at Rs 4,336 crore with revenue from operations at Rs 4,130 crore.

Chairperson and Managing Director Kiran Mazumdar-Shaw said, "We concluded the year with a strong revenue growth of 27% in Q4FY18 led by Biologics and Research Services businesses, which grew 47% and 45%, respectively. Our traditional Small Molecules and Branded Formulations businesses also turned in a positive performance this quarter. We crossed a key milestone in Q4 when our Insulin Glargine, received regulatory approvals in the developed markets of Europe and Australia. Our biosimilar Trastuzumab also got approval in Turkey."

The muted FY18 performance was on account of continued pricing challenges in the generics business coupled with a planned plant shut down for requalification and lower licensing income in the biologics business.

"In addition, operational expenses related to our Malaysia facility impacted the bottomline. However, a positive Q4 is indicative of a normalised business trend. Recent approvals of our biosimilars along with the strong performance of Syngene are expected to positively impact overall performance in FY19," she added. 

At the board meeting on Thursday, the Board of Directors of the company has proposed a final dividend of Re 1 per equity share.