Biocon net drops 52% in Q1

Biotechnology major Biocon Ltd on Thursday reported Rs 81 crore consolidated net profit for the first quarter of 2017-18, registering 52 per cent annual decline from Rs 167 crore in the same period last year and 37 per cent lower sequentially from Rs 128 crore last quarter.

In a regulatory filing on the BSE after trading, the city-based company said consolidated revenue from operations, however, declined 5.8 per cent annually to Rs 934 crore in the quarter under review from Rs 992 crore in the like period year ago and was flat (0.3 per cent) sequentially from Rs 931 crore quarter ago.

On standalone basis, Biocon's net profit plunged 62 per cent annually to Rs 54 crore in Q1 from Rs 141 crore in the same period year ago and declined 74 per cent sequentially from Rs 204 crore last quarter.

Similarly, standalone revenue from operations (net sales) declined 18 per cent annually to Rs 581 crore in Q1 from Rs 705 crore in the like period year ago and 8 per cent lower sequentially from Rs 632 crore last quarter.

"Our Biologics business had a strong quarter led by insulin sales. Financial performance was muted due to the weakening of US dollar; GST impact and inclusion of operational and fixed costs of Malaysia," said Biocon Chairperson and Managing Director Kiran Mazumdar-Shaw in a statement here.

The annual growth or decline was also impacted by the one-time adjustment in the same quarter year ago to the Indian accounting standard migration.

"Our operating margins, however, were healthy at 29 per cent in the quarter. "The (revenue) outlook for the fiscal (FY2018) remains cautious, as much depends on regulatory approvals and tender outcomes for our biosimilars in key emerging markets," added Shaw.

The company's scrip of Rs 5 face value lost Rs 4.55 to close at Rs 399.10 per share in Thursday's trading on the BSE as against Wednesday's closing price of Rs.403.65, opening at a rate of Rs 404.10 and after a high of Rs 407.85 and a low of Rs 396.90 during the intra-day trading sessions.

--IANS

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