Bengaluru
Biocon has posted a 4% decline in consolidated net profit at Rs 284 crore for the fourth quarter ended March 31, 2022. It reported Rs 296 crore net profit in the same quarter last year. The company’s quarterly net profit missed street expectations.
Its consolidated revenue from operations in the fourth quarter stood at Rs 2,409 crore, a 30.7% increase compared to Rs 1,842 crore in the year-ago period.
For the full-year FY22, the Bengaluru-based company reported a 9% decrease in consolidated net profit at Rs 772 crore compared to Rs 846 crore in the previous fiscal. Its revenue from operations for FY22 stood at Rs 8,184 crore, a 14% increase, as against Rs 7,143 crore in the previous fiscal. In FY22, the company’s core EBITDA up 18% at Rs 2,669 crore.
Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics, said, “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.”
“We 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,” she added.
The company said its board of directors has recommended a final dividend at the rate of 10% of the face value per share, for the financial year ended March 31, 2022.
On Friday morning, the company’s shares gave up initial gains and were trading at Rs 371.80, down 1.25% in afternoon trade on the BSE.
