Biocon reports 95% growth in profit at Rs 257 cr in Q4FY21

Biocon reported net profit of Rs 257 crore in January-March quarter, driven by strong sales of biosimilars, research services and generics businesses. The company had reported Rs 132 crore net profit in Q4FY20, thus showing 95 per cent growth as compared to the previous year.

Biocon's revenue for the said quarter stood at Rs 2,044 crore, showing a growth of 26 per cent. The company's EBITDA (Earnings before Interest, Depreciation and Amortisation) grew 68 per cent to Rs 641 crore in Q4 of the financial year.

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On year-on-year basis, Biocon reported 14 per cent revenue growth to Rs 7,360 crore in FY21. The company's EBITDA for FY21 grew 8 per cent at Rs 1,907 crore and the net profit (before exceptional item and discontinuing operations) was Rs 754 crore.

"On a full-year basis, we reported a revenue growth of 14% led by biosimilars, which grew by 21 per cent, research services by 9 per cent and generics by 6 per cent. For FY21, EBITDA was at Rs 1,907 crore and core EBITDA margins at 33 per cent. Our determination to keep investing in science to stay a step ahead of the pandemic is reflected in the 19 per cent rise in our Gross R&D spends in the year," Biocon executive chairperson Kiran Mazumdar-Shaw said.

Shaw said Biocon as a science-led company is contributing to the national fight against the pandemic via several initiatives spanning diagnostic tests, vaccination and therapies towards combating COVID-19.

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"The Biocon Group is catering to the countrywide demand for Remdesivir, Itolizumab and CytoSorb. Syngene through its vaccination centre is offering immunisation services for Biocon Group employees as well to others operating in Electronic City, Bengaluru," she added.

The company said on account of the "uncertainty" created by an unprecedented second wave of the COVID-19 pandemic and the continued investments in R&D and Capex, its board has decided not to declare a dividend for FY21.

The Biocon stock was trading at Rs 395.50, which is Rs 4.65 or 1.19 per cent up on the National Stock Exchange on Thursday.

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