New Delhi, Nov 4 (PTI) Biocon Ltd on Wednesday reported a 57.3 per cent decline in consolidated net profit to Rs 56.7 crore for the September quarter of FY27 on account of revenue recognition, which moved to the third quarter owing to a logistical delay.
The company had posted a consolidated net profit of Rs 132.8 crore in the corresponding period of the preceding fiscal year, Biocon Ltd said in a regulatory filing.
Total income during the quarter rose to Rs 4,423.4 crore compared to Rs 4,388.5 crore in the year-ago period, it added.
Total expenses in the quarter under review were higher at Rs 4,361.9 crore against Rs 4,205.3 crore in the same period a year ago, the company said.
Commenting on the performance, Biocon Ltd Executive Chairperson Kiran Mazumdar-Shaw said "Biocon continued to achieve industry firsts in biosimilars, with our Pertuzumab becoming the first monoclonal antibody biosimilar recommended under the EMA's new tailored clinical development pathway. This represents an important milestone for biosimilar innovation and patient access."
"This quarter we continued to make significant progress on our strategic priorities, laying the foundation for a stronger second half of FY27.
Shreehas Tambe, CEO & Managing Director, Biocon Ltd, said.
Addressing an earnings call, Shreehas Tambe, CEO & Managing Director, said, during the second quarter, roughly USD 20 million of revenue, which was supposed to be booked during the quarter did not reach customers because of the ongoing geopolitical troubles. "These shipments have been booked in October, but the costs were in Q2 and the revenue did not flow through, leading to the lower margins," he said.
The company said it is expecting a stronger second half (October-March), supported by biosimilars launch momentum and enhanced insulins capacity, continued generics profitability improvement and a progressive recovery in services.
"We also secured a landmark 10-year Pertuzumab PDP partnership in Brazil valued around USD 400 million, underscoring our ability to win and execute large-scale biologics deals. Together with the upcoming European launch of Pertuzumab, expanded insulin manufacturing capacity in Malaysia to support growing US demand, and the strong early momentum of YesafiliTM and Yesintek in the US, we are well positioned for growth in the second half of FY27,” Tambe added.
Shares of Biocon Ltd settled 0.19 per cent higher at Rs 344 apiece on the BSE on Wednesday.
(This story has not been edited by THE WEEK and is auto-generated from PTI)