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Biocon gains after Q4 PAT rises 105% YoY

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Biocon rose 1.32% to Rs 396.10 after the company reported 105% jump in consolidated net profit to Rs 254 crore in Q4 FY21 from Rs 123 crore in Q4 FY20.

Revenue from operations rose 18% year-on-year (YoY) to Rs 1,839 crore during the quarter. On the segment front, revenue from generics was Rs 578 crore (up 3% YoY), revenue from biosimilars was Rs 664 crore (up 53% YoY) and revenue from research services was Rs 659 crore (up 8% YoY) in the fourth quarter.

EBITDA increased by 68% to Rs 641 crore in Q4 March 2021 as against Rs 382 crore in Q4 March 2020.

Gross R&D spends in the March 2021 quarter declined by 2% to Rs 136 crore from Rs 139 crore in the same period last year. Manufacturing, staff & other expenses rose by 13% to Rs 1,403 crore in Q4 FY21 over Q4 FY20.

Profit before tax in Q4 March 2021 stood at Rs 366 crore, up by 72% from Rs 213 crore reported in Q4 March 2020.

Biocon reported 1% drop in consolidated net profit to Rs 740 crore on 13% rise in net sales to Rs 7,106 crore in the year ended 31 March 2021 over the year ended 31 March 2020.

Kiran Mazumdar-Shaw, executive chairperson, Biocon, said: "As a science-led company we are contributing to the national fight against the pandemic, through several initiatives spanning diagnostic tests, vaccination and therapies towards combating COVID-19. The Biocon Group is catering to the countrywide demand for Remdesivir, Itolizumab and CytoSorb.

Syngene through its vaccination Centre is offering immunization services for Biocon Group employees as well to others operating in Electronic City, Bengaluru. Despite the challenges posed by the second COVID-19 wave in India, we will endeavor to have safe and uninterrupted operations and enable access to life-saving medicines for our patients and customers."

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, the board of directors has decided it would not be appropriate to declare a dividend for FY21.

Biocon is an innovation-led global biopharmaceuticals company committed to enhance affordable access to complex therapies for chronic conditions like diabetes, cancer and autoimmune.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, April 29 2021. 09:31 IST