Biocon Q4FY23 profit up 31.3% at Rs 313.20 crore on robust sales, beats estimates

Biotechnology company Biocon beats estimates as it posted its fiscal fourth quarter profit at Rs 313.20 crore, up 31.3 per cent as against Rs 238.60 crore in the same quarter last year, on the back of robust sales. It posted revenue from operations at Rs 3773.90 crore, up 56.7 per cent in comparison to Rs 2408.80 crore in the fourth quarter of FY22. Biocon was expected to clock a profit of Rs 234 crore and revenue of Rs 3611.7 crore during the fourth quarter of the financial year ended March 2023. The Board also recommended a final dividend at the rate of 30 per cent, that is, Rs 1.50 per equity share of face value of Rs 5 each for the financial year. “The dividend will be paid on or before September 8, 2023,” it said in a regulatory filing.

“FY23 has been a transformational year led by the acquisition of our partnered biosimilars business from Viatris, which has significantly contributed to Biocon’s robust consolidated financials.