Biocon reports 17 pc dip in Q3 net profit at Rs 169 cr

Biopharmaceuticals major Biocon Ltd has reported 17 per cent decline in its net profit to Rs 169 crore during the quarter ended December while the company's topline grew by 7 per cent to Rs 1,879 crore.

It had posted a net profit of Rs 203 crore and revenues of Rs 1,753 crore in Q3 FY20.

Executive Chairperson Kiran Mazumdar-Shaw said the consolidated revenue for Q3 FY21 was driven by 13 per cent growth in research services and 11 per cent in biosimilar business segments.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the quarter stood at Rs 427 crore with core EBITDA margins at 31 per cent.

"2020 has been one of the most challenging years for the world with an unprecedented pandemic impact on the global economy," said Mazumdar-Shaw.

"We continue to face headwinds across operational, regulatory and commercial functions which have been deterrents to our planned market expansion. However, we expect normalisation by next fiscal," she added.

Mazumdar-Shaw said the two recent investments of 225 million dollars in Biocon Biologics by Goldman Sachs and ADQ endorse the value creation of company's biosimilars business.

"These investments augur well for our business and will enable us to invest in expanding our research and manufacturing capacities across segments," she said.

The recent launch of Tacrolimus capsules in the United States as well as approvals in Most of the World (MoW) markets for Insulin Aspart, Bevacizumab and Trastuzumab biosimilars will also pave the way for expanding our business in future, added Mazumdar-Shaw.

At 10:35 am, Biocon's stock was trading 8.3 per cent lower at Rs 405.25 on BSE Ltd.

( With inputs from ANI )