Biocon Net Profit Jumps 105% To Rs 254 Crore In March Quarter, Stock Edges Higher

Biocon Limited- the country’s leading biopharmaceutical company, reported a 105 per cent growth in net profit to Rs 254 crore for the January-March quarter in the financial year 2020-21, compared to Rs 123 crore in the corresponding period last year. The Bengaluru-based company’s revenue during the March quarter grew 26 per cent to Rs 2,044 crore, tracking higher growth in its biosimilar, research services, and generic business. Biocon is involved in manufacturing generic active pharmaceutical ingredients and is an innovation-led integrated company.

According to a regulatory filing by the firm to the BSE on Thursday, April 29, Biocon’s consolidated revenue increased 26 per cent in the fourth quarter of the fiscal 2020-21 to Rs 2,044 crore, compared to Rs 1,621 crore in the corresponding quarter last year.

Amid the second wave of the COVID-19 pandemic in the country, the company’s subsidiary Biocon Biologics, stepped up to provide the anti-CD6 novel biologic Itolizumab or ALZUMAb-L for infected patients. According to the statement, ALZUMAb-L was approved by the Drug Controller General of India for restricted emergency use.

Biocon added that due to the uncertainty of the second wave of the pandemic and considering the investments in R&D, the board of directors decided not to declare a dividend for the financial year 2020-21. 

Biocon is listed on stock exchanges BSE and NSE. After reporting the March quarter results, the share price of Biocon Limited edged marginally higher. On Thursday, Biocon opened at Rs 387.20 on the BSE, registering an intra day high of Rs 402.10 and an intra day low of Rs 386 during the session. Shares of Biocon settled 0.77 per cent higher at Rs 393.95 apiece on the BSE. On the NSE, shares of Biocon settled 0.81 per cent higher at Rs 394 apiece.