Biocon registers a 42 per cent dip in profits for Q4

Biocon recently announced its consolidated financial results for the fourth quarter and fiscal year ended on March 31st, 2020. The company registered a 42 per cent decline in net profit at Rs 123 crore but reported a growth of 6 per cent to Rs 1,644 crore in consolidated revenue for the same period.

The company also reported a 15 per cent increase in EBITDA at Rs 1,765 Cr.

Commenting on the results, Kiran Mazumdar-Shaw, Executive Chairperson, stated: “Q4FY20 witnessed a muted growth of 6 per cent with revenues at Rs 1,644 Crore due to operational challenges including one-time COVID-19 related impact on our Biologics business. Small Molecules and Research Services businesses, however, delivered robust growth of 15 per cent and 14 per cent, respectively. On a full-year basis, we reported a revenue growth of 15 per cent led by a strong performance by Biologics which grew by 29 per cent, Small Molecules by 18 per cent and Research Services by 10 per cent. We believe that the Biologics business will recover in Q1FY21 and fully normalise from Q2FY21. For FY20, EBITDA at Rs 1,765 Crore reported a growth of 15 per cent. Net Profit, before exceptional item, at Rs 760 Crore reported a 4 per cent growth. Core margins were strong at 33 per cent with EBITDA margin of 27 per cent and Net Profit margin of 11 per cent.”

“We are dealing with unprecedented challenges related to COVID-19 and as a science-led company we are engaged in several initiatives spanning diagnostic tests, vaccines and therapies towards combating COVID-19. We have also implemented several workplace safety measures in accordance with Government guidelines, including temperature checks, wearing of masks, sanitising, zoning and physical distancing. We are confident that together with our teams and partners we will assure safe and uninterrupted manufacturing and enable access to our life-saving medicines despite the current challenges,” she added.