Biopharma firm Biocon saw its June quarter net profit falling 28% to ₹149 crore.
Profitability for the quarter was impacted due to a higher R&D spend, lower profit share in the Biosimilars business, and lower profitability in the Research Services segment, said the company on Friday. The company’s consolidated revenue grew 14% to ₹1,690 crore in the quarter.
In her commentary, Biocon chairperson, Kiran Mazumdar-Shaw, said: “Our consolidated revenue for Q1FY21 was driven by robust performances by the Biosimilars and Generics business segments which grew by 19% and 16%, respectively. The Research Services business reported flat revenue growth at Rs 422 crore due to slowdown of operations impacted by the COVID-19 crisis.”
Biocon’s earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter stood at ₹432 crore and EBITDA margin was at 26%.
“It has been a breakthrough quarter for Biocon as we made a significant contribution to the global efforts aimed at addressing the pandemic through our innovative science,” she added.
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