Business

Biocon posts Rs 257 crore profit for Q4 on strong biosimilar business

ANI | April 29, 2021 12:58 PM
No dividend for FY21 due to continued investments in R&D and capex.

Bengaluru (Karnataka) [India], April 29 (ANI): Biopharmaceuticals major Biocon Ltd on Thursday reported net profit of Rs 257 crore in the fourth quarter of FY21, up 95 per cent from Rs 132 crore in Q4 FY20.

The was largely driven by biosimilars, research services and generics businesses. The company's Q4 FY21 consolidated revenue grew 26 per cent to Rs 2,044 crore from Rs 1,621 crore in Q4 FY20.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) was Rs 641 crore versus Rs 382 crore in the same period.

Biocon gained Rs 160 crore arising on fair valuation of Bicara Therapeutics Inc due to loss of control from subsidiary to associate reported under 'other income' for the quarter.

Executive Chairperson Kiran Mazumdar-Shaw said the company's determination to keep investing in science to stay a step ahead of the pandemic is reflected in 19 per cent rise in our gross R&D spends.

"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," she said.

The Biocon Group is catering to the countrywide demand for Remdesivir, Itolizumab and CytoSorb. Syngene, through its vaccination centre, is offering immunisation services for Biocon Group employees as well as others operating in Electronic City at Bengaluru.

"Despite the challenges posed by the second Covid-19 wave in India, we will endeavour to have safe and uninterrupted operations and enable access to life-saving medicines for our patients and customers," said Mazumdar-Shaw.

On account of the uncertainty created by unprecedented second wave of Covid-19 pandemic and continued investments in R&D and capex, the board of directors decided it will not be appropriate to declare a dividend for FY21. (ANI)

Have something to say? Post your comment
Must Read
Mega Job Fair at Kapurthala from today - More than 25 renowed companies will select the candidates
'Bigg Boss 13' winner Sidharth Shukla passes away
'Bigg Boss 13' winner Sidharth Shukla passes away
The religious and social organizations of Faridkot town get funds for their contribution and dedication to the public welfare works
The religious and social organizations of Faridkot town get funds for their contribution and dedication to the public welfare works
Punjab government observes 26th death anniversary of late CM Beant Singh as ‘Sarab Dharam Prathana Sabha’
Punjab government observes 26th death anniversary of late CM Beant Singh as ‘Sarab Dharam Prathana Sabha’
Punjab Congress row: Won't spare anyone if not allowed to take decisions, warns Sidhu
Punjab Congress row: Won't spare anyone if not allowed to take decisions, warns Sidhu
Capt Amarinder led Punjab govt announces another Rs 1500 cr bonanza for govt employees
Capt Amarinder led Punjab govt announces another Rs 1500 cr bonanza for govt employees
Punjab Cabinet gives nod to amend rules of Gram Sewaks for making Graduation basic qualification
Punjab Cabinet gives nod to amend rules of Gram Sewaks for making Graduation basic qualification
Punjab to launch ‘Mera Kaam Mera Maan’ scheme to help unemployed youth enhance skills & employability
Punjab to launch ‘Mera Kaam Mera Maan’ scheme to help unemployed youth enhance skills & employability
Punjab Cong row: There's resentment in MLAs against CM, says Pargat Singh
Punjab Cong row: There's resentment in MLAs against CM, says Pargat Singh
Punjab sugarcane farmers call off stir as CM hikes SAP to Rs. 360/quintal
Punjab sugarcane farmers call off stir as CM hikes SAP to Rs. 360/quintal
Free treatments worth Rs. 912 cr. provided to 8.06 lac beneficiaries in two years under SSBY–Balbir Sidhu
Free treatments worth Rs. 912 cr. provided to 8.06 lac beneficiaries in two years under SSBY–Balbir Sidhu
Sidhu slams Amarinder govt for low sugarcane prices in Punjab
Sidhu slams Amarinder govt for low sugarcane prices in Punjab