IANS

Biocon net up 64% quarterly, soars 143% yearly (Lead)

Bengaluru, April 25 (IANS) Biotech major Biocon Ltd on Thursday reported a consolidated net profit of Rs 214 crore for the fourth quarter of fiscal 2018-19, registering 64 per cent annual growth from Rs 130 crore in the same period a year ago.

For the fiscal, the consolidated net profit shot up 143 per cent annually to Rs 905 crore from Rs 372 crore a year ago in fiscal 2017-18.

In a regulatory filing on the BSE, the city-based firm said that consolidated revenue from operations for the quarter (Q4) under review grew 31 per cent annually to Rs 1,529 crore from Rs 1,170 crore in the same period a year ago.

Revenue from operations for 2018-19 grew 34 per cent annual to Rs 5,514 crore from Rs 4,130 crore in the previous fiscal.

Sequentially, however, net profit and revenue declined 1 per cent in the fourth quarter from Rs 217 crore and Rs 1,541 crore a quarter ago.

Earnings before interest, tax, depreciation and amortisation (Ebitda) at Rs 431 crore for the quarter was up 43 per cent year-on-year from Rs 300 crore a year ago and 6 per cent sequentially from Rs 400 crore a quarter ago.

For the fiscal under review, Ebitda grew 49 per cent YoY to Rs 1,538 crore from Rs 1,035 crore in the previous fiscal.

“Our quarterly performance was led by robust growth in biologics and research services segments, supported by growth in small molecules segment,” Biocon Chairperson Kiran Mazumdar-Shaw in a statement.

Terming fiscal 2018-19 landmark for the biologics business, which grew 97 per cent annually, she said it emerged as a key driver for the company’s incremental growth.

“Our three strategic business segments — small molecules, biologics and research services have reported a top-line of over Rs 1,500 crore each this fiscal,” said Shaw.

Looking ahead for the new fiscal (2019-20), the Chairperson expected the company to sustain growth momentum across its business segments led by biosimilars.

“We expect to sustain core Ebitda margins despite higher R&D investments to fuel our future growth,” she added.

Branded formulations business posted double-digit growth, though offset by a decline in the UAE.

Generic formulations business, however, grew multi-fold off a low base, reflecting the company’s focus on vertical integration in the small molecules business.

To mark the firm’s 40th year, the board recommended 1:1 bonus share of Rs 5 face value by capitalisation of free reserves.

The board also recommended 20 per cent (Re 1) final dividend per share of Rs 5 face value.

The company’s blue-chip scrip gained Rs 6.50 per share to close at Rs 620.10 on the BSE at the end of trading on Thursday as against Wednesday’s closing rate of Rs 613.60 and opening price of Rs 620.

–IANS

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