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Biocon Q4 results: Consolidated revenue growth recorded at Rs 2,476 Cr, up by 21%

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 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

PM Modi to inaugurate India Mobile Congress 2025 on October 8

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New Delhi, Oct 6: Prime Minister Narendra Modi will inaugurate the India Mobile Congress (IMC) 2025, Asia’s premier telecom and technology event, on October 8 in the national capital, Ministry of Communications said on Monday.

The four-day mega event, themed “Innovate to Transform,” will run till October 11 and is expected to showcase India’s growing leadership in the global digital and telecom space.

Union Minister for Communications Jyotiraditya M. Scindia visited the IMC 2025 venue to review the final preparations ahead of the Prime Minister’s inauguration.

Scindia also travelled to the venue and back via the Airport Metro, symbolising India’s push for modern and sustainable urban transport.

During his visit, the minister toured the exhibition area, interacted with participating startups and exhibitors, and chaired review meetings with senior officials from the Department of Telecommunications (DoT), the Cellular Operators Association of India (COAI), and other partner agencies.

Speaking to the media, Scindia said that IMC 2025 would mark a new era in global connectivity, where technologies like 5G, 6G, artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT), and satellite communications would come together to shape the future.

He emphasised that the event reflects Prime Minister Modi’s vision of a self-reliant and innovative India that connects not only within but also with the world.

IMC 2025 is expected to attract more than 1.5 lakh visitors, 7,000 delegates from over 150 countries, and 400 exhibitors spread across 4.5 lakh square feet.

The event will also feature over 1,600 technology demonstrations and 100 sessions with more than 800 speakers discussing the latest developments in telecom and digital innovation.

Highlighting the scale of the event, Scindia said that IMC has grown from being a national platform to becoming a global technology congress that represents India’s digital leadership.

He added that the 2025 edition will include six major global summits — covering 6G research, artificial intelligence, cybersecurity, satellite communications, startups, and the Global Startup World Cup — India Edition.

The minister also underlined India’s achievements in the telecom sector, noting that the country now ranks among the world’s top three digital economies with 1.2 billion mobile subscribers, 970 million internet users, and the fastest-ever 5G rollout completed in just 22 months.

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Sensex rises 583 points, Nifty tops 25,000 as IT and banking stocks lead rally

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Mumbai, Oct 6: The Indian stock markets continued their winning streak for the third straight session on Monday, driven by strong buying in the IT and banking shares.

The benchmark Sensex jumped 582.95 points, or 0.72 per cent, to close at 81,790.12, while the Nifty rose 183.4 points, or 0.74 per cent, to end the day at 25,077.

“From a technical perspective, Nifty has successfully broken above the key psychological and technical resistance level of 25,000, turning the structure decisively positive,” analysts said.

“Any dip toward the 25,000 zone is expected to act as a strong support level, with immediate resistance seen at 25,200 and 25,500,” they added.

The Bank Nifty also delivered a stellar performance, opening with a gap-up and maintaining its upward trajectory through the session.

The index surged past 56,100, hitting an intra-day high of 56,164, with next resistance levels seen at 56,300–56,500, and support placed around 55,821–55,500, experts stated.

Broader markets also joined the rally, with the Nifty Midcap 100 gaining 0.89 per cent and the Nifty Smallcap 100 inching up 0.28 per cent.

In the Sensex pack, TCS, Tech Mahindra, Eternal, Axis Bank, and Bajaj Finance were the top performers, climbing as much as 3 per cent.

Meanwhile, Trent, Tata Steel, Power Grid, and Titan ended the session with losses. Among sectors, IT stocks led the gains as the Nifty IT index surged 2.28 per cent.

The Nifty Private Bank, Financial Services, and Healthcare indices also closed in positive territory.

On the other hand, Metal, FMCG, and Media shares came under pressure, slipping up to 1 per cent.

Market experts said the upbeat sentiment in IT stocks and strong institutional buying supported the overall market momentum.

“The domestic equity market ended the session on a positive note, led by gains in the financial services and IT sectors, ahead of the Q2 results,” they said.

“The banking index outperformed, bolstered by strong quarterly updates announced by large scheduled banks and attractive valuations, while hospital stocks surged following the revision of CGHS rates,” market experts added.

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SAIL fortifies Indian Navy fleet with special-grade indigenous steel

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New Delhi, Oct 6: Public sector giant Steel Authority of India Limited (SAIL) has supplied the entire requirement of special grade steel for the INS Androth, commissioned into the Indian Navy on Monday, marking a proud milestone in the country’s journey to achieve self-reliance in the defence sector.

INS Androth is the second vessel in the series of Anti-Submarine Warfare Shallow Water Craft (ASW-SWC) corvettes, the first being INS Arnala, which was commissioned on 18th June this year.

SAIL has supplied the full quantity of special grade steel – including HR Sheets and Plates – for the eight ASW-SWC, including INS Arnala and Androth, being built by Garden Reach Shipbuilders and Engineers Ltd. (GRSE).

The steel was sourced from SAIL’s plants in Bokaro, Bhilai and Rourkela. INS Androth’s commissioning underscores India’s growing maritime capabilities and the nation’s commitment to “Aatmanirbhar Bharat,” according to a SAIL statement.

SAIL had also supplied 8,000 tonnes of critical-grade steel for the country’s advanced frontline warships INS Udaygiri and INS Himgiri, which were inducted into the Indian Navy fleet in August this year.

SAIL played a crucial role in building these two advanced frigates for the Indian Navy. Partnering with Mazagon Dock Shipbuilders Limited (MDL) and Garden Reach Shipbuilders & Engineers Limited (GRSE), SAIL supplied essential critical-grade hot-rolled sheets and plates from its Bokaro, Bhilai, and Rourkela Steel Plants.

By developing and providing critical-grade steel for the Indian Navy, SAIL has made a significant contribution to import substitution and defence self-reliance, directly supporting the ‘Atmanirbhar Bharat’ and ‘Make in India’ initiatives and lessening India’s dependence on imported special quality steel for defence requirements.

Special Plate Plant at RSP alone has supplied over 100,000 tonnes of critical grade steel for defence applications like tanks, warships, and missiles, the statement said.

The commissioning of INS Udaygiri and INS Himgiri powerfully demonstrates the strength and depth of a fully indigenous defence ecosystem – from the foundational steel to the intricate design and dedicated crew.

SAIL’s enduring partnership with India’s defence sector is well-established, with a proud history of supplying critical-grade steel for iconic vessels such as the INS Vikrant, INS Nilgiri, INS Ajay, INS Nistar, INS Vindhyagiri, and INS Surat, among others. This unwavering commitment solidifies SAIL’s standing as a trusted national manufacturer and a vital collaborator in the country’s ongoing naval modernisation, the SAIL statement added.

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