Biocon Ltd on Thursday reported a 4 percent decline in consolidated net profit to ₹ 283.9 crores in the fourth quarter that ended on March 31, 2022. Meanwhile, the company has appointed former HSBC India Chairperson Naina Lal Kidwai as an independent director, Biocon Ltd said in a regulatory filing. In the same quarter previous fiscal, the company had posted a consolidated net profit of ₹ 296.4 crores.
Consolidated revenue from operations in the fourth quarter stood at ₹ 2,408.8 crores as against ₹ 1,842.1 crores in the year-ago period. Total expenses were higher at ₹ 2,039.6 crores as against ₹ 1,624.6 crores in the same period the previous year,” the company said in its press statement on Thursday.
Biocon Ltd also stated that its consolidated net profit was at ₹ 771.6 crores for the fiscal ended March 31, 2022, as compared to ₹ 846.2 crores in the previous fiscal. Moreover, consolidated revenue from operations for FY22 was at ₹ 8,184 crores as compared to ₹ 7,143.1 crores in the previous fiscal.
“FY22 was a transformational year for Biocon. Key strategic moves in our Biosimilars business position us for long-term growth and value creation for our stakeholders,” Kiran Mazumdar-Shaw, Biocon, and Biocon Biologics Executive Chairperson, said while commenting on the performance.
She also said that they believe that the two strategic transactions, with Viatris and Serum Institute Life Sciences, will position Biocon Biologics as a world-leading, unique, fully integrated biologics company with a strong differentiated portfolio of biosimilars and vaccines.
Meanwhile, the company said that its board of directors has recommended a final dividend at the rate of 10 percent of the face value per share, for the financial year ended March 31, 2022.
Biocon also stated that the generics business comprising active pharmaceutical ingredients (APIs) and generic formulations business posted revenue of ₹ 717 crores in the fourth quarter was 26 percent from the year-ago period, while the same for FY22 stood at ₹ 2,341 crores.
“Our FY22 performance (of generics business) was muted, largely due to supply and operational challenges earlier in the year, as well as headwinds in the form of pricing pressures, and escalating costs of solvents, raw material, and logistics,” Biocon Ltd CEO & Managing Director Siddharth Mittal said in a statement.