Bengaluru April 27 (IANS) Biotechnology major Biocon Ltd has reported Rs 372 crore consolidated net profit for fiscal 2017-18 a 39 per cent decline from Rs 612 crore in fiscal 2016-17.
In a regulatory filing on the BSE late on Thursday the city-based drug maker said consolidated revenue from operations however grew 5 per cent annually to Rs 4 130 crore in the fiscal under review (FY 2018) from Rs 3 922 crore in FY 2017.
Net profit for the fourth quarter was 2 per cent up sequentially to Rs 130 crore from Rs 127 crore quarter ago but revenue was up 26 per cent to Rs 1 170 crore from Rs 931 crore quarter ago.
Earnings before interest tax and depreciation (Ebitda) for the fiscal declined 9 per cent to Rs 1 035 crore from Rs 1 137 crore year ago but up 30 per cent sequentially for the quarter to Rs 300 crore from Rs 231 crore quarter ago.
"We concluded the year with a strong revenue growth of 26 per cent in fourth quarter led by biologics and research services businesses which grew 47 per cent and 45 per cent " said Biocon Chairperson Kiran Mazumdar-Shaw in a statement here.
The company s traditional small molecules and branded formulations businesses also turned positive in the quarter.
"We crossed a key milestone when our Insulin Glargine Areceived regulatory approvals in Europe and Australia. Our biosimilar Trastuzumab also got approval in Turkey " she said.
On the muted performance for the fiscal Shaw said it was due to pricing challenges in the generics business and a planned plant shut down for re-qualification and lower licensing income in the biologics business.
"Operational expenses related to our Malaysia facility impacted the bottom line for the fiscal. A positive quarter however is indicative of a normalised business trend."
Recent approvals of company s biosimilars along with strong performance of its Syngene are expected to impact the overall performance in 2018-19.
The company s blue-chip scrip of Rs 5 face value however lost Rs 6.50 per share on the BSE to trade at Rs 656.75 in the post-noon session as against Thursday s closing price of Rs 663.75 and opening price Rs 668.
--IANS
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