Pharma firm Biocon's net profits up 31%; announces dividend for investors

Business Wednesday 24/May/2023 09:56 AM
Pharma firm Biocon's net profits up 31%; announces dividend for investors

New Delhi: Global biopharmaceuticals company Biocon has announced its consolidated financial results for the fourth quarter and the fiscal year that ended on March 31, 2023.

The company's revenue from operations during the January-March quarter and for the entire 2022-23 was Rs 3774 and Rs 11174 crore, up 57 per cent and 37 per cent, respectively, on a yearly basis. Its consolidated net profits for the quarter and the full fiscal year were Rs 313 crore and Rs 463 crore, up 31 per cent and down 29, respectively.

"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, CEO and Managing Director, Biocon Limited.

"Profitability for the year was muted, mainly on account of pricing pressure in our key markets, as well as increased input costs, that was partially mitigated by cost improvement initiatives," said Mittal.

Along with the earnings, the Board of Directors has recommended a final dividend of Rs 1.50 per share for the financial year that ended March 31, 2023.

A dividend is a reward that companies often provide to their shareholders, though not mandatory, from a portion of their earnings.