Biocon tumbled 8.85% to Rs 402.85 after the company s consolidated net profit fell 16.9% to Rs 169 crore on 8% rise in revenue from operations to Rs 1,851 crore in Q3 FY21 over Q3 FY20.Profit before tax in Q3 FY21 stood at Rs 236 crore, down by 26% from Rs 318 crore in Q3 FY20. Tax expense during the quarter decreased by 22% year-on-year (YoY) to Rs 49 crore.
EBITDA declined by 11% to Rs 427 crore in Q3 December 2020 from Rs 480 crore in Q3 December 2019. EBITDA margins was at 23% as on 31 December 2020 as against 27% as on 31 December 2019.
Revenue from Generics was Rs 561 crore (down 3% YoY), revenue from Biosimilars was Rs 769 crore (up 11% YoY) and revenue from Research services was Rs 585 crore (up 13% YoY).
Read more about Shares turn volatile; Nifty below 14,600 on Business Standard. In broader market, the S&P BSE Mid-Cap index was up 0.3% while the S&P BSE Small-Cap index was up 0.11%.
Professor Peter Piot Joins the Board of Biocon Biologics Limited as an Independent Director
Posted On: 2021-01-21 01:36:22 (Time Zone: Arizona, USA)
Biocon Biologics Ltd., a fully integrated pure play biosimilars company and a subsidiary of Biocon Ltd. (BSE code: 532523, NSE: BIOCON), announced today that it has inducted Professor Peter Piot to its Board as an Independent Director. Professor Piot, MD, PhD is the Director of the London School of Hygiene & Tropical Medicine and the Handa Professor of Global Health.
Ms Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, said: I welcome Professor Peter Piot to the Biocon Biologics board. He brings years of scientific expertise, long experience in public health interventions and policy framing on major health issues. His thought leadership and invaluable experience in global healthcare will greatly guide our actions in building Biocon Biologics into an innovative global leader in biosimilars committed to delivering affordable
Biopharmaceutical major Biocon Ltd has posted a nearly 19 per cent dip on a year-on-year (YoY) basis in its consolidated net profit at Rs 186.6 crore for the third quarter of FY21, owing to its generics business taking a hit along with headwinds across operational, regulatory and commercial functions. The third quarter of the last financial year had seen the Bengaluru-headquartered company post a net profit of Rs 230.3 crore. Biocon s consolidated revenue for Q3 of FY21 increased by 7.20 per cent at Rs 1878.9 crore as against Rs 1752.6 crore for the said quarter last year. The company s consolidated revenue growth came on the back of a 13 per cent rise in research services and 11 per cent in biosimilar business segments on a YoY basis, along with core earnings before interest, tax, depreciation and amortization (EBITDA) margins of 31 per cent, said Biocon s executive chairperson Kiran Mazumdar-Shaw.