Biocon March quarter profit drops 61.7% to Rs127.5 crore
Mumbai: Biocon Ltd on Thursday reported a consolidated net profit of Rs127.5 crore in the quarter ended March, down 61.7% on a high base of last year when the company has certain one-off gains.
The Bengaluru-based pharmaceutical company had a one-time deferred revenue of Rs268.4 crore on its rh-insulin programme in the March quarter of 2016.
Excluding the one offs and tax, the company’s profit stood at Rs158.7 crore, as against Rs140.6 crore in the year ago period.
Biocon’s sales fell 2.7% year-on-year to Rs931.1 crore in the March quarter mainly on account of decline in revenue from research services--operated by its listed-subsidiary Syngene International Ltd—and small molecules business. However, the biologics and branded formulations businesses grew.
A Bloomberg poll of nine analysts had estimated Biocon’s consolidated net profit at Rs152.1 crore and sales at Rs1,060.7 crore.
Revenue growth was muted due to elongated approval timelines in some emerging markets, discontinuance of some in-licensed products and impact of the fire at one of the laboratories of Syngene in December, Biocon said in its earnings press release. Biocon, excluding Syngene, reported a topline growth of 4%.
On Thursday, shares of Biocon ended down 0.7% at Rs1,119.60 on the BSE, while benchmark Sensex index closed 0.3% lower at 30029.74 points.