Biocon registers muted revenue growth

Q4 revenues at Rs 974 cr; board recommends 2:1 bonus shares

Biocon registers muted revenue growth

 Biocon, an emerging global biopharmaceutical enterprise serving customers in over 120 countries, on Thursday reported a muted revenue growth for Q4 FY17 at Rs 974 crore due to elongated approval timelines in some emerging markets, discontinuance of some in-licenced products and impact of the fire at Syngene.

“Our revenue growth was muted in Q4 FY 17. Our EBITDA margin at 24% in Q4 reflects a healthy operational performance. Our net profit for Q4 at Rs 135 crore, represents a growth of 75%, after adjusting for an exceptional item in Q4FY16,” said Kiran Mazumdar-Shaw, Chairperson and Managing Director of Biocon.

The company closed FY17 with a revenue of Rs 4,079 crore, an increase of 18%, on the back of robust growth in its biologics as well as its small molecules businesses. She said, “We have closed the year FY 17 with a strong revenue growth of 18% led by a sturdy performance of our Biologics as well as Small Molecules businesses. On a full year basis, our EBITDA rose 34%, while Net Profit before exceptional item reported a robust growth of 54 %.”

The Board at the meeting held on April 27, 2017, recommended the issue of two bonus shares for every one share held in Biocon. The Board also recommended a final dividend of Rs 3 per share for FY17, (pre bonus).

Syngene Q4 revenues drop 6%

Syngene International has announced that its revenue for Q4 dropped 6% over the prior year, from Rs 334 crore to Rs 315 crore. Even PAT too witnessed marginal drop of 1% to Rs 78 crore for Q4 of 2016-17 over the previous year PAT of Rs 79 crore.

On a full year basis, Syngene saw revenue growth of 14% from Rs 1,113 crore in 2015-16 to Rs 1,272 crore in 2016-17 across its businesses, supported by higher interest income. Profitability was up strongly, with EBIDTA and PAT for the full-year registering healthy growth of 24% and 19%. The Board has recommended a final dividend of Re 1 per share for FY2017, subject to shareholder approval.

Peter Bains, Non-Executive Director and former CEO of Syngene, has stepped down from the Board of Directors from April 27, 2017. Bains has been associated with Syngene since 2010 and was instrumental in driving its growth and a successful IPO.

The Board has appointed Jonathan Hunt as an additional Director, effective from May 1, 2017. Hunt will be the Whole time Director for a period of five years effective from the same date.

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