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Business News/ Companies / Company Results/  Biocon Q4 Results: Net profit drops 57% to 135 crore, revenue up 4%; dividend declared
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Biocon Q4 Results: Net profit drops 57% to ₹135 crore, revenue up 4%; dividend declared

Biocon Q4 Results: The pharma major's revenue from operations in the fourth quarter of FY24 stood at ₹3,917 crore, registering a rise of four per cent

Biocon Q4 Results: Net profit dropped 57 per cent in the March quarter. Pic by Hemant Mishra/MintPremium
Biocon Q4 Results: Net profit dropped 57 per cent in the March quarter. Pic by Hemant Mishra/Mint

Biocon Q4 Results: Biocon released its January-March quarter results for fiscal 2023-24 (Q4FY24) on Thursday, May 16, reporting a decline of 57 per cent in consolidated net profit at 135.5 crore, compared to 313.2 crore in the corresponding period last year. The pharma major's revenue from operations in the fourth quarter of FY24 stood at 3,917 crore, registering a rise of four per cent, compared to 3,774 crore in the year-ago period.

At the operating level, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) dropped 8.2 per cent to 916 crore in the March quarter compared to 997 crore in the same quarter last year. Margin dropped by 300 basis points (bps) to 23.4 per cent compared to 26.4 per cent in the year-ago period.

Also Read: Q4 results today: GAIL, HAL, Biocon, JK Paper, Vodafone Idea, M&M among 94 companies to post earnings on May 16

The company's board recommended a final dividend at 10 per cent to 0.50 per equity share for FY24. ‘’Board recommended a final dividend at the rate of 10 per cent i.e. Re. 0.50 per equity share of face value of Rs. 5 each for the financial year ended March 31, 2024, subject to shareholders’ approval at the Annual General Meeting,'' said Biocon in a regulatory filing to the stock exchanges.

Biocon has fixed Friday, July 5, 2024 as the record date for determining the entitlement of members to final dividend for the financial year ended March 31, 2024. The dividend will be paid on or before September 6, 2024.

"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," said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon.

Increased market shares of key products in the US, Europe and emerging markets coupled with significant volume growth were the highlights of the biosimilars business the quarter, she added.

Also Read: Biocon leads India's push into blockbuster weight-loss drugs as patents for Saxenda, Wegovy and Ozempic set to expire

"During the year, we reduced our acquisition debt. We also entered into a long-term strategic collaboration to distribute our products in India while retaining exclusive supply rights," said Shreehas Tambe, Chief Executive Officer and Managing Director, Biocon Biologics.

FY24 has been a transformational year as the company leverages its expanded global reach to address patient needs globally and unlock value for the benefit of all stakeholders, he added.

Biocon is one of India’s leading biopharma company. It is fully integrated and delivers biopharma solutions, ranging from discovery to development and commercialisation. It has diversified revenue streams covering biosimilars (including branded formulations), contract research, and small molecules and APIs. Ahead of the announcement of Q4FY24 results, shares of Biocon settled 1.81 per cent lower at 305.90 apiece on the BSE.

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ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 16 May 2024, 05:33 PM IST
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