 "biocon")
Bengaluru-based biopharma firm Biocon on Thursday reported a 56.7 per cent drop in consolidated profits for the fourth quarter (Q4) in the financial year 2023-24 (FY24). The company reported Rs 135.5 crore in profit in Q4 FY24, compared to Rs 313.2 crore during the same period last year. Sequentially, profit fell 79.4 per cent from Rs 660 crore reported in Q3.
Revenue from operations, however, rose marginally by 3.7 per cent at Rs 3,917.1 crore, compared to Rs 3,773.9 crore reported in Q4 FY23. Sequentially, however, revenue slipped 0.92 per cent from Rs 3,953.7 crore.
Earnings before interest, tax, depreciation, and amortisation (Ebitda) for the quarter stood at Rs 964 crore, representing an Ebitda margin of 24 per cent.
For the entire financial year, Biocon reported a net profit growth of 121 per cent at Rs 1,022.5 year-on-year (Y-o-Y) from Rs 462.7 crore. Revenue from operations also grew by 32 per cent at Rs 14,755.7 crore, from Rs 11,174.2 crore reported at the end of FY23.
For the FY24, Biocon reported an Ebitda growth of 44 per cent at Rs 4,164 crore with Ebitda margins of 27 per cent.
This growth was largely driven by Biosimilars which grew 58 per cent to Rs 8,824 crore, the company said in an exchange filing.
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Commenting on the quarter performance, Kiran Mazumdar-Shaw, executive chairperson, Biocon and Biocon Biologics said, “Q4FY24 performance was strongly led by Biologics that delivered the promised billion-dollar annual revenue milestone marking the successful transition of the Biosimilars acquisition from Viatris. With the recent approval of Liraglutide in the UK, we added to our list of 'global firsts' and demonstrated our capability in developing complex GLP-1 products which will be the key growth driver for the Generics business, going forward. Syngene is well positioned to benefit from the ‘China Plus One’ strategy which is being rapidly adopted by US Pharma & Biotech companies.
The company board has recommended a final dividend of Rs 0.50 per share at the rate of 10% of the face value of the share, for the financial year ended March 31, 2024, subject to shareholders’ approval.
Shares of the Biocon closed trading at Rs 305.9 ahead of the company's Q4 earnings report.
