Biocon net declines 62% in Q4

Bengaluru, April 28: India's biotechnology major Biocon Ltd has posted Rs 127 crore consolidated net profit for the fourth quarter (January-March) of fiscal 2016-17 as against Rs 333 crore in the same period year ago, registering a whopping decline of 62 per cent year-on-year (YoY).

In a regulatory filing on the BSE on Thursday night, the city-based pharmaceutical company said consolidated revenue for the quarter (Q4) under review was muted at Rs 974 crore as against Rs 973 crore in like period year ago.

Ebitda (earnings before interest, tax, depreciation and amortisation), however, grew 5 per cent YoY to Rs 231 crore from Rs 221 crore in like quarter year ago.

Sequentially or quarter-on-quarter (QoQ), net profit in Q4 (Rs 127 crore) was 26 per cent lower YoY from Rs 171 crore in the third quarter (October-December).

Revenue too in Q4 (Rs 974 crore) was 11 per cent lower QoQ from Rs 1,092 crore in the third quarter (Q3) and Ebitda (Rs 231 crore) was 29 per cent lower YoY from Rs 324 crore in Q3.

For the fiscal under review (FY 2017), consolidated net profit grew 11 per cent YoY to Rs 612 crore from Rs 550 crore in fiscal 2015-16 (FY 2016).

Consolidated revenue for FY 2017 grew 18 per cent YoY to Rs 4,079 crore from Rs 3,460 crore in FY 2016, while Ebitda grew 34 per cent YoY to Rs 1,137 crore from Rs 847 crore in FY 2016.

"We have closed FY 2017 with 18 per cent revenue growth, led by a sturdy performance of our Biologics and Small Molecules businesses," said Biocon Chairperson Kiran Mazumdar-Shaw in a statement later.

Net profit before exceptional item for Q4 at Rs 135 crore was 75 per cent up YoY and for FY 2017 at Rs 620 crore 54 per cent up YoY.

"FY 2017 was a landmark year wherein we established our credibility as a global biosimilars player with the launch of our insulin Glargine pen in Japan and submission of five regulatory filings of biosimilars in the developed markets of the US and the EU," recalled Shaw in the statement.

The company's subsidiary in Malaysia became operational with the Malaysian government's exclusive contract for its insulins, which expanded its footprint in emerging markets. The multiple clinical and regulatory milestones crossed in our biosimilars business augur well for the future.

The company's Board of Directors recommended bonus shares in the ratio of 2:1 shares of Rs 5 face value, i.e. one bonus share for every two equity shares.

The blue scrip share, however, ended at Rs 1,119.60 per share on the BSE on Thursday as against Wednesday's closing rate of Rs 1,127.50 and opening price of Rs 1,133 after quoting at a high of Rs 1,155.80 and a low of Rs 1,111.20 during the intra-trading session.