The board has recommended a final dividend payout of Rs 1.50 a share. Shares of the company ended 0.7% higher on the National Stock Exchange at Rs 242.15. For FY23, consolidated net profit declined nearly 29% to Rs 463 crore, but revenue grew about 37% to Rs 11,174 crore.
Operating profit, calculated as earnings before interest, taxes, depreciation and amortization (EBITDA), surged 75% YoY to Rs 1,152 crore, and margins expanded 200 basis points to 29%.
Gross spending on research and development (R&D) was 53% higher from the year-ago period at Rs 356 crore.
The generics business saw flat growth in revenue in the quarter and was at Rs 717 crore. For FY23, the business recorded a 13% growth in revenue.
“The generics business performance in FY23 was in line with our expectations, delivering healthy year-on-year revenue growth that was driven by immunosuppressants, specialty APIs, and a ramp up of some of our recently launched generic formulation products,” said Siddharth Mittal, MD & CEO, Biocon.
Profitability for the year was, however, muted, mainly on account of pricing pressure in the key markets, as well as increased input costs. “In the quarters ahead, we will continue to focus on operationalizing ongoing capex projects, advancing our product pipeline and expanding our commercial footprint,” Mittal said.
The biosimilars business put up a stellar show in the quarter as revenue more than doubled on year to Rs 2,102 crore. Biosimilars continue to be the largest business segment for Biocon, exiting the financial year on a $1 billion revenue trajectory.
In Biocon Biologics business, the company will be integrating the acquired business in a phased manner.
“FY24 will also see several important new launches, a key driver of growth. We are confident that our strong business fundamentals, fully integrated global capabilities, and rich pipeline will allow us to capitalize on the rapidly expanding global biosimilars opportunity, drive profitable growth and unlock value for all stakeholders,” said Shreehas Tambe, MD & CEO, Biocon Biologics.
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