Bengaluru-based Biocon Ltd. reported a 56.7 per cent decline in consolidated profit to ₹135.5 crore in Q4 FY24 compared to ₹313.2 crore in Q4 FY23. Additionally, consolidated profit fell by 79.7 per cent quarter-on-quarter (q-o-q) from ₹660 crore in Q3 FY24.

The revenue from operations grew by 3.7 per cent year-on-year (y-o-y) to ₹3,917.1 crore in Q4 FY24 from ₹3,773.9 crore in Q4 2023 and declined by 0.9 per cent q-o-q from ₹3,953.7 crore in Q3 2024. 

Earnings before interest, tax, depreciation and amortisation (EBITDA) for Q4 FY24 stood at ₹964 crore, with an EBITDA margin of 24 per cent. The Board of Directors has recommended a final dividend of ₹0.50 per share at the rate of 10 per cent of the face value of the share, for the financial year ended March 31, 2024. 

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The shares closed at ₹305.90 down by 1.81 per cent at the end of trading hours before the results were declared, compared to broader Sensex which closed by ₹73,663.72 up by 0.93 per cent. 

Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics, said, “Q4FY24 performance was strongly led by Biologics that delivered the promised billion-dollar annual revenue milestone marking the successful transition of the Biosimilars acquisition from Viatris.”

“For the full year FY24, we reported consolidated revenue growth of 35 per cent at ₹15,621 crore and an EBITDA growth of 44 per cent at ₹4,164 crore with healthy EBITDA margins of 27 per cent This growth was largely driven by biosimilars which grew 58 per cent to ₹8,824 crore. The Biocon Group has strengthened business operations, expanded global reach and is now increasingly well positioned to deliver a new phase of growth spanning biosimilars, GLP-1 peptides and CDMO services,” she added. 

(Inputs from bl intern Vidushi Nautiyal)