ANI
22 Jan 2021, 15:37 GMT+10
Bengaluru (Karnataka) [India], January 22 (ANI): Biopharmaceuticals major Biocon Ltd has reported 17 per cent decline in its net profit to Rs 169 crore during the quarter ended December while the company's topline grew by 7 per cent to Rs 1,879 crore.
It had posted a net profit of Rs 203 crore and revenues of Rs 1,753 crore in Q3 FY20.
Executive Chairperson Kiran Mazumdar-Shaw said the consolidated revenue for Q3 FY21 was driven by 13 per cent growth in research services and 11 per cent in biosimilar business segments.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the quarter stood at Rs 427 crore with core EBITDA margins at 31 per cent.
"2020 has been one of the most challenging years for the world with an unprecedented pandemic impact on the global economy," said Mazumdar-Shaw.
"We continue to face headwinds across operational, regulatory and commercial functions which have been deterrents to our planned market expansion. However, we expect normalisation by next fiscal," she added.
Mazumdar-Shaw said the two recent investments of 225 million dollars in Biocon Biologics by Goldman Sachs and ADQ endorse the value creation of company's biosimilars business.
"These investments augur well for our business and will enable us to invest in expanding our research and manufacturing capacities across segments," she said.
The recent launch of Tacrolimus capsules in the United States as well as approvals in Most of the World (MoW) markets for Insulin Aspart, Bevacizumab and Trastuzumab biosimilars will also pave the way for expanding our business in future, added Mazumdar-Shaw.
At 10:35 am, Biocon's stock was trading 8.3 per cent lower at Rs 405.25 on BSE Ltd. (ANI)
Get a daily dose of Sydney Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Sydney Sun.
More InformationCHICAGO, Illinois - After engine parts fell onto a residential neighborhood in Denver, USA this weekend, Boeing Co. has recommended ...
DUBLIN, Ireland - The government is considering easing the nationwide Covid lockdown before the planned nine-week deadline, as Taoiseach Micheal ...
SYDNEY, NSW, Australia - Sharemarkets in Asia were rocky on Wednesday following a violent sell-off on Wall Street a day ...
TEL AVIV, Israel: An Israeli study has found the COVID-19 vaccine developed by Pfizer and BioNTech effective in preventing laboratory-confirmed ...
Oil prices climbed again on Tuesday after a jump in the morning session, holding near a 13-month high, due to ...
NEW YORK, New York - U.S. stocks fell heavily for most of the day on Tuesday, but in late trading ...
CHICAGO, Illinois - Following an 11-month closure, Chicago's lakefront, parks and pools are preparing to reopen.Earlier this week, Chicago Mayor ...
KINSHASA, Democratic Republic of Congo - Italy's ambassador to the Democratic Republic of Congo was assassinated Monday while traveling in ...
NAIROBI, Kenya: The head of the World Health Organization (WHO) has requested that Tanzania report on its measures to battle ...
OTTAWA, Canada - Ramping up pressure on Liberal Prime Minister Justin Trudeau to toughen his stance on China, Canada's parliament ...
CODOGNO, Italy: Sunday marked one year since Italy experienced its first known COVID-19 death, a 77-year-old retired roofer from the ...
In a massive show of strength to protest three farm laws, more than 100,000 farmers and agricultural laborers gathered in ...