NEW DELHI: Biotech company Biocon on Thursday reported a 57% fall in its consolidated net profit at Rs 136 crore for the fourth quarter ending March 2024 on account of higher expenses.
It had reported a net profit of Rs 313 crore in the same quarter of the last fiscal. The company’s total revenue increased marginally to Rs 3,966 crore in the said quarter compared with Rs 3,929 crore in the year-ago period, Biocon said in a statement. Total expenses surged to Rs 3,635 crore in the fourth quarter from Rs 3,389 crore in the same period of FY23. For the year ended on March 31, 2024, the company said its consolidated net profit rose to Rs 1,022 crore as against Rs 463 crore a year ago.
Total revenue rose to Rs 15,621 crore as against Rs 11,550 crore in the 2022-23 fiscal. “Q4FY24 performance was strongly led by Biologics that delivered the promised billion-dollar annual revenue milestone marking the successful transition of biosimilars acquisition from Viatris,” Biocon Executive Chairperson Kiran Mazumdar-Shaw said. Increased market shares of key products in the US, Europe and emerging markets coupled with significant volume growth were the highlights of the biosimilars business the quarter, she added.
“During the year, we reduced our acquisition debt. We entered into a long-term strategic collaboration to distribute our products in India while retaining exclusive supply rights,” Biocon Biologics CEO and MD Shreehas Tambe said. FY24 has been a transformational year as the company leverages its expanded global reach to address patient needs globally and unlock value for the benefit of all stakeholders, he added.