Biocon Q4 results: Net profit rises 31% to Rs 313 cr, revenue up 57%

The company’s revenue from operations increased by 57 per cent to Rs 3,774 crore as compared to Rs 2,409 crore during the same quarter the previous financial year

Bengaluru-based biotech firm Biocon has posted a 31 per cent rise in fourth-quarter net profit to Rs 313 crore in 2022-23. This is compared to Rs 239 crore during the same period in 2021-22.

During the January to March quarter of 2022-23, the company’s revenue from operations increased by 57 per cent to Rs 3,774 crore as compared to Rs 2,409 crore during the same quarter the previous financial year.  The company’s board has recommended a final dividend at the rate of 30 per cent or Rs. 1.50 per equity share of face value of Rs 5 each for the financial year ended March 31, 2023, subject to shareholders’ approval.

For the entire financial year, the company’s net profit saw a decline of 29 per cent to Rs 462.7 crore, as compared to Rs 648.4 crore in 2021-22. This was mainly owing to a dip in exceptional items to Rs 219 crore. This mainly owing to the deal-related expenses of the Viatris transaction. During the year under review, the company’s revenue from operations increased by 86 per cent to Rs 1,117 crore against Rs 8,184 crore in 2021-22.

During the year, revenue from generics business increased by 13 per cent to Rs 2,637 crore from Rs 2,341 crore last year. On the other hand, revenue from biosimilars was seen up by 61 per cent to Rs 5,584 crore and research services by 23 per cent to Rs 3,193 crore during the year.Generics business posted a marginal rise in profit before tax by 1 per cent to Rs 264 crore, while the biosimilars business posted a 26 per cent dip in profit to Rs 403 crore and the research services posted an increase of 15 per cent to Rs 594 crore during the year.

“FY23 has been a transformational year led by the acquisition of our partnered biosimilars business from Viatris, which has significantly contributed to Biocon’s robust consolidated financials. We ended FY23 with a strong Q4 performance where revenues grew and EBITDA also increased by 75 per cent to Rs 1,152 crore. Biosimilars continue to be the largest business segment for Biocon, with revenues of Rs 2,102 crore, a growth of 114 per cent, exiting the year on a $1 billion revenue trajectory,” said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics.