Biocon Q1 net profit declines 35% to Rs 108.4 cr; revenue at Rs 1807.8 cr

Biotechnology major Biocon has reported a 35.39 per cent decline in its consolidated net profit at Rs 108.4 crore for the quarter ended June 30, 2021 mainly on account of its share of loss in associate startup entity Bicara Therapeutics Inc.

The company had posted a net profit of Rs 167.8 crore for the corresponding period of the previous fiscal, Biocon said in a late night filing on Thursday.

Consolidated revenue of the company stood at Rs 1,807.8 crore for the quarter under consideration. It was Rs 1,712.1 crore for the same period a year ago, it added.

"Consolidated revenues, at Rs 1,808 crore, saw a muted growth on account of COVID-related operational challenges at Biocon's API facilities, both in Bengaluru and Hyderabad," Biocon Executive Chairperson Kiran Mazumdar-Shaw said.

Q1FY22 P&L was also impacted by a share of loss in its Boston-based associate start-up entity, Bicara Therapeutics Inc, she added.

"The outlook for the rest of the year is promising with several drug approvals on the anvil, contingent to timely USFDA onsite inspections in India and Malaysia, whilst Research Services continue to see rising demand," Kiran Mazumdar-Shaw said.

John Shaw, Vice-Chairman and Non-Executive Director, Biocon, will retire from the company's Board due to health reasons, on July 23, 2021, at the conclusion of its Annual General Meeting, the company said.

As a key member of the company's Board and the management team since 1999, John Shaw has contributed majorly to the transformation of Biocon from a small enzymes company, to a globally recognized biopharmaceutical company, it added.

John Shaw is married to Biocon Executive Chairperson Kiran Mazumdar-Shaw.

The generics segment business of the company for the first quarter of FY22 posted a revenue at Rs 486 crore, down 22 percent (year-on-year) from Rs 621 crore in the same period of the previous fiscal, the filing said.

Biosimilars segment posted a revenue of Rs 758 crore for the first quarter ended June 30, 2021. It had posted revenue of Rs 692 crore for the corresponding period a year ago, it added.

Q1FY22 revenue of Syngene was at Rs 595 crore. It was Rs 422 crore in the first quarter of FY 21, the filing said.

Shares of Biocon Ltd were trading at Rs 397.25 per scrip on BSE, down 1.38 per cent from its previous close.