Biocon Q4 net profit falls 42% to Rs 123 cr due to one-time COVID-19 impact; total income up 6%

Biotechnology major Biocon has reported a 42 percent decline in its consolidated net profit to Rs 123 crore for the quarter ended March 2020, mainly on account of the one-time coronavirus-related impact on its biologics business

Press Trust of India May 15, 2020 13:07:55 IST
Biocon Q4 net profit falls 42% to Rs 123 cr due to one-time COVID-19 impact; total income up 6%

New Delhi: Biotechnology major Biocon has reported a 42 percent decline in its consolidated net profit to Rs 123 crore for the quarter ended March 2020, mainly on account of the one-time coronavirus -related impact on its biologics business.

The company had posted a net profit of Rs 214 crore for the corresponding period of the previous fiscal, Biocon said in a statement.

Consolidated total income of the company rose up by 6 percent to Rs 1,644 crore as against Rs 1,557 crore for the same period year ago, it added.

"Q4FY20 witnessed a muted growth of 6 percent with revenues at Rs 1,644 crore due to operational challenges including one-time COVID-19 related impact on our biologics business," Biocon Executive Chairperson Kiran Mazumdar-Shaw said.

Click here to follow LIVE news and updates on stock markets

Small molecules and research services businesses, however, delivered robust growth of 15 percent and 14 percent, respectively, she added.

Consolidated net profit for the fiscal year ended March this year stood at Rs 748 crore. It was Rs 905 crore for the same period year ago, Biocon said.

Biocon Q4 net profit falls 42 to Rs 123 cr due to onetime COVID19 impact total income up 6

Biocon. Representational image. Reuters.

The total income of the company rose to Rs 6,529 crore for the fiscal year ended March 2020 as against Rs 5,659 crore for the same period year ago, it added.

"On a full-year basis, we reported a revenue growth of 15 percent led by a strong performance by biologics, which grew by 29 percent, small molecules by 18 percent and research services by 10 percent. We believe that the Biologics business will recover in Q1FY21 and fully normalise from Q2FY21," Mazumdar-Shaw said.

Net profit, before the exceptional item, was at Rs 760 crore, a growth of 4 percent, she added.

"We are dealing with unprecedented challenges related to COVID-19 and as a science-led company we are engaged in several initiatives spanning diagnostic tests, vaccines and therapies towards combating COVID-19 ," Mazumdar-Shaw said.

Shares of Biocon were trading at Rs 323.50 per scrip on BSE, down 3.52 percent from their previous close.

Updated Date:

also read

Wake up from slumber and respond to COVID-19 challenges, IMA tells health ministry
India

Wake up from slumber and respond to COVID-19 challenges, IMA tells health ministry

The doctors' body said for the last 20 days, it has been insisting on a complete and well-planned national lockdown, but the Centre has refused to implement it

SC constitutes 12-member task force for 'transparent, professional' allocation of oxygen, resources
India

SC constitutes 12-member task force for 'transparent, professional' allocation of oxygen, resources

Stating that the likely future course of the COVID-19 pandemic must be taken into contemplation at the present time, the Supreme Court said that the task force will enable decision makers to have inputs which go beyond finding ad-hoc solutions to the present problems

India must impose lockdown for few weeks to break chain of COVID-19 transmission, says Anthony Fauci
India

India must impose lockdown for few weeks to break chain of COVID-19 transmission, says Anthony Fauci

Top US public health expert also recommended taking the help of the armed forces to immediately build makeshift field hospitals