Biocon rises nearly 2% even as Q4 net profit drops 57%

On Thursday, Biocon said its net profit after exceptional items stood at ₹136 crore in Q4 FY24, down 57% from ₹313 crore in Q4 FY23.

Net profit declined even as revenue from operations rose 4% to ₹ 3,917 crore during the quarter compared with ₹3,774 crore a year ago.

Biocon’s operating income, or earnings before interest, tax, depreciation and amortisation (EBITDA), also declined 16% to ₹964 crore in Q4 FY24 compared with ₹1,152 crore in the year-ago quarter.

EBITDA margins during the March quarter fell 500 basis points to 24% from 29% in Q4 FY23.

Biocon’s board of directors also recommended a final dividend of ₹0.50 per share at the rate of 10% of the face value of the share for the financial year ending March 2024.

For full fiscal FY24, revenue from operations increased 32% to ₹14,756 crore compared with ₹11,174 crore in FY23.

Net profit after exceptional items more than doubled to ₹1,022 crore in FY24 from ₹463 crore in FY23.

EBITDA was also up 44% to ₹4,164 crore during the year from ₹2,888 crore in the previous fiscal year. Ebitda margins rose slightly to 27% in FY24 from 25% in FY23.

Biocon said that its biosimilars business crossed the $1 billion annual revenue mark in FY24, with revenue at ₹8,824 crore, reflecting a 58% year-on-year growth.

The Biocon stock rose as much as 1.8% on Friday to hit an intraday high of ₹311.25 on the National Stock Exchange of India (NSE). Earlier this week, the share price had hit its 52-week high of ₹321.20. The stock has jumped 15% in the last month and 25% in the past year.