Biocon Q4 net profit dips 3%
The markets reacted positively to the results, with the shares of the company rising by 4% on the BSE on Friday, to close at R239.15.
Biocon's profit after tax stood at R98 crore against R100 crore in the year-ago period, while earnings per share remained constant at R4.90. Revenues surged by 25% year on year to R611 crore, from R487 crore, led by a 29% revenue growth in Syngene, the company's contract research arm. Syngene added 20 new customers during the year.
Kiran Mazumdar-Shaw, chairperson and managing director of Biocon, said, “Group sales have risen by 16% and PAT was sustained at previous year's levels despite lower net licensing income. We have delivered particularly strong growth in our research services and branded formulations business verticals. Our balance sheet remains robust and our cash position is strong.”
Biocon's operating margins for the quarter stood at 18.2%, an improvement over 16% compared to the year-ago period.
“Markets had estimated a much larger impact due to the exit of Pfizer from the marketing partnership this year. To an extent, the concerns were valid, reflected in the 3% drop in profits. However, this is a very small impact, and in that sense Biocon managed
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