Business
Biocon Q4 results: Consolidated revenue growth recorded at Rs 2,476 Cr, up by 21%
Biocon registered total revenues at Rs 2,476 crore for the Quarter 4 of the financial year 2022. It also recorded net profit for the period at Rs 239 crore, as per the official statement released on Thursday late night.
During the year-ago period, the Bengaluru-based biopharma giant reported a net profit of Rs 253 crore on revenue of Rs 2,048 crore.
The company recorded a decline of 6 per cent compared to Q4 of last year and 12 per cent decline in comparison with the financial year 2021. The 2021 net profit stood at Rs 740 crore. The figures for 2022 stood at Rs 648 crore, as per the official statement.
The company stated that former HSBC India Chairperson Naina Lal Kidwai has been appointed as Additional Director on the Board of Biocon Ltd.
Commenting on the results, Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics, said: “FY22 was a transformational year for Biocon. Key strategic moves in our Biosimilars business position us for long-term growth and value creation for our stakeholders.
“We believe that the two strategic transactions, with Viatris and Serum Institute Life Sciences, will position Biocon Biologics as a world leading, unique, fully integrated biologics company with a strong differentiated portfolio of biosimilars and vaccines.
“We reported a strong consolidated revenue growth of 21 per cent for Q4FY22 at Rs 2,476 crore driven by 48 per cent growth in Biosimilars, 26 per cent in Generics and 15 per cent in Research Services businesses.
“Our Gross R and D spends increased by 70 per cent this quarter to Rs 232 crore reflecting our advancing pipeline that will drive our future growth. Core EBITDA was up by 37 per cent at Rs 815 crore, representing healthy operating margins of 33 per cent. PBT before Exceptional Items stood at Rs 384 crore, up by 9 per cent.
On a full- year basis, we delivered consolidated revenue of US$ 1.1 billion (Rs 8,397 crore) and reported a Core EBITDA growth of 18 per cent at Rs 2,669 crore with core EBITDA margins at 32 per cent,” she explained.
Commenting on the performance, Dr Arun Chandavarkar, Managing Director, Biocon Biologics Ltd. said: “The 48 per cent (Y-o-Y) growth in revenues this quarter was a result of improved performance across developed and emerging markets, driven by strong market share gains of our interchangeable Glargine in the US. The health of our operational and business performance is reflected in the Core EBITDA margins being 39 per cent of revenues and growing 78 per cent Y-o-Y.
“We have progressed well in the development of several next wave biosimilar programmes, with two of our molecules entering the clinic. Whilst net R and D was at 9 per cent of revenues in FY22, we expect this to ramp up in FY23 commensurate with the progress of our rich and diverse pipeline which provides Biocon Biologics a sustainable growth opportunity in the years ahead.
The two strategic transactions with Serum and Viatris announced in FY22, upon likely closure in the second half of calendar year 2022, will propel us on our path to be a leading vertically integrated biosimilars company globally and will also support the higher investments in developing our pipeline,” he said.
Commenting on the Generics segment performance, Siddharth Mittal, CEO and Managing Director, Biocon Limited, said, “The business saw robust sequential as well as YoY growth in Q4, on the back of contributions from new product launches in the US, particularly Everolimus, an uptick in our API business and a normalisation of supply challenges that impacted us in the first half of the fiscal.
“However, our FY22 performance was muted, largely due to supply and operational challenges earlier in the year, as well as headwinds in the form of pricing pressures, and escalating costs of solvents, raw material and logistics.
“As we progress on our mission of providing high quality affordable medicines to patients around the globe, we will continue to focus on expediting our product pipeline, operationalising new capacities, and accelerating projects that drive cost and operational efficiencies across the organization.
“We will also commence work on important new projects in the current fiscal – a large scale synthetic facility in Hyderabad and an injectable facility in Bangalore; as well as expand our fermentation capacities in Bangalore, all of which will provide further impetus to our future growth.”
Jonathan Hunt, CEO & Managing Director, Syngene said: “I am pleased with the strong finish we had to the year and that we delivered results at the high end of our upgraded guidance range.
“Reflecting on the last two years of the pandemic, I am extremely proud of our track record: we created more than 2000 new jobs – more than in any other two-year period of the company’s history – and gained more than 100 new clients in the last year. We also extended and expanded our long-term partnership with Amgen Inc. and continued to invest in new capacity and technology to underpin future growth.
“Looking ahead, we see growing demand for research, development and manufacturing services around the world and we are well-positioned to take advantage of these new opportunities.”
Business
Relief for Vodafone Idea as SC allows Centre to reconsider AGR dues issue

New Delhi, Oct 27: In a relief for Vodafone Idea, the Supreme Court on Monday allowed the Centre to reconsider the issue of Adjusted Gross Revenue (AGR) dues worth Rs 9,450 crore to ease the burden of the loss-making telecom company. The court reasoned that this matter falls in the Union’s policy domain.
The Supreme Court noted that the decision was made keeping in mind the interest of 20 crore consumers of the telecom company.
In a landmark 2019 verdict, the Supreme Court endorsed the Centre’s definition of AGR and allowed the Centre to collect dues worth Rs 92,000 crore which came as a huge setback for telecom majors such as Vodafone and Bharti Airtel.
Vodafone’s latest petition flagged a fresh AGR demand of Rs 9,450 crore raised by the Department of Telecommunications. The petition contended that a substantial portion of the demand pertained to the pre-2017 period, which had already been settled by the Supreme Court.
Solicitor General of India Tushar Mehta told the court that “there is a huge change in circumstances” of the case because the government has infused equity in Vodafone.
“The government’s interest is public interest. There are 20 crore consumers. If this company is to suffer, it would lead to issues for consumers,” he said.
The Supreme Court noted in its order that the Centre is willing to examine the issue. “The government is also willing to reconsider and take an appropriate decision if the court permits. In the peculiar facts, we see no impediment in government reconsidering the issue. We clarify that this is a matter of policy, there is no reason as to why the Union should be prevented from doing so,” the apex court said.
AGR refers to a fee-sharing mechanism under which telecom operators must share a part of their revenue with the Centre as licensing fees and spectrum usage charges. There was a longstanding dispute between telecom companies and the Centre over the definition of AGR. While the telecom giants stressed that AGR should be based just on core services, the Centre argued it should also factor in non-telecom services provided by the telecom giants.
Business
US has reached a ‘substantial framework’ with China to avert tariffs: US Treasury Secretary Bessent

Washinton, Oct 27: US Treasury Secretary Scott Bessent has said that he believes the US has reached a framework agreement with China to avoid imposing an additional 100 per cent tariff on Chinese imports.
“I think we’ve reached a substantial framework for the two leaders who will meet next Thursday… that tariffs will be averted,” Bessent said on Sunday to media from Kuala Lumpur, Malaysia, where President Donald Trump arrived on Saturday for a weeklong Asia diplomacy tour.
Trump is expected to meet with Chinese leader Xi Jinping in South Korea later this week.
Earlier, Chinese International Trade Representative Li Chenggang said the US and China had reached “preliminary consensus” on trade issues during discussions in Malaysia, according to Chinese media.
Bessent did not provide details about the framework but said on media that he anticipates the US would get “some kind of deferral” on rare-earth export controls.
The minerals have been central to trade tensions between the top global economies.
Bessent said the framework sets up Trump and Xi “to have a very productive meeting,” adding, “I think it will be fantastic for US citizens, for US farmers, and for our country in general.”
Bessent indicated that an escalation in tariffs on China is “effectively off the table” following what he described as “very good” trade talks with his Chinese counterparts.
President Trump had threatened an additional 100 per cent tariff on China from November 1 over Beijing’s efforts to impose export controls on critical rare earths, ratcheting up tensions between the US and China.
Asked about the status of those tariffs, Bessent told media on Sunday that tariff threat has “gone away” after two days of talks in Malaysia.
“We had a very good two-day meeting. I would believe that the – so it would be an extra 100 per cent from where we are now, and I believe that that is effectively off the table.”
He added, “I would expect that the threat of the 100 per cent has gone away, as has the threat of the immediate imposition of the Chinese initiating a worldwide export control regime.”
US and Chinese trade negotiators reached a “basic consensus” on how to address their “respective concerns,” Chinese state media said on Sunday, following talks between the two sides over the weekend in Kuala Lumpur.
A delegation led by Chinese Vice Premier He Lifeng met with US officials including Treasury Secretary Scott Bessent and Trade Representative Jameson Greer for the talks, which come days ahead of a highly anticipated meeting between Chinese leader Xi Jinping and US President Donald Trump.
The two leaders are expected to meet on the sidelines of the APEC summit in South Korea, though Beijing, unlike Washington, has yet to confirm the meeting.
Earlier on Sunday, Bessent said the two sides had “set the stage for the leaders’ meeting” with a “very successful framework for the leaders to discuss”.
“The two sides engaged in candid, in-depth, and constructive exchanges and consultations on major economic and trade issues of mutual concern,” the Chinese state media readout said.
It listed out those issues as including US penalties on China’s maritime logistics and shipbuilding industry, reciprocal tariffs, fentanyl tariffs, agricultural trade, and export controls – a sweeping set of frictions that have set the world’s two largest economies at loggerheads.
“Two sides reached a basic consensus on arrangements to address each other’s concerns. Both sides agreed to further finalise the specific details and fulfil their respective domestic approval processes,” the readout said.
Trade and tech tensions between the world’s two biggest economies have heightened in recent weeks after the US expanded its export blacklist, hitting China’s access to American high-tech, while China ramped up its own export controls on rare earth minerals.
Business
Indian markets open higher on positive US-China trade talks

Mumbai, Oct 27: Indian stock markets opened on a positive note on Monday, supported by progress in trade talks between the United States and China.
Investors showed optimism after reports suggested that both countries are close to signing a deal to ease trade tensions.
The Sensex was trading at 84,450, up by 239 points or 0.28 per cent, while the Nifty stood at 25,874, gaining 79 points or 0.30 per cent.
On the weekly timeframe, the index witnessed a correction of nearly 311 points from its high, indicating heightened volatility and profit booking at higher levels.
“A breakdown below 25,670 could trigger weakness toward 25,500–25,400, while on the upside, resistance is placed at 25,950, followed by 26,000 and 26,100,” analysts said.
“Sustaining above these resistance levels will be crucial for the index to resume its upward trajectory,” they added.
Among the top performers on the Sensex were Tata Steel, Bharti Airtel, Tech Mahindra, and HDFC Bank, which rose up to 1.4 per cent.
On the other hand, stocks like Infosys, BEL, Kotak Mahindra Bank, and Bajaj Finance were among the laggards, falling up to 1.4 per cent.
Broader markets also traded in the green, with the Nifty MidCap index rising 0.46 per cent and the Nifty SmallCap index up 0.23 per cent.
The rally in domestic equities came after US Treasury Secretary Scott Bessen said on Sunday that President Trump’s proposed 100 per cent tariffs on Chinese goods were “off the table.”
He also mentioned that China is expected to increase soybean imports and delay restrictions on rare earth exports, easing global trade concerns.
All sectoral indices on the NSE were trading higher, with the Nifty Realty index leading the gains, up by 1 per cent.
Experts said that positive global cues and optimism around the US-China trade deal lifted market sentiment, helping Indian equities start the week on a strong note.
“Comments from the US treasury Secretary Scot Bessent that there is a “substantial framework for trade negotiations with China” indicate that a US-China trade deal is on the cards,” analysts said.
“For India, the fundamentals are also turning positive with brisk festival season sales and reports of a smart pick up in capital spending by the private sector. This long awaited trend has significant positive implications for India’s growth and stock market,” they mentioned.
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