Jannah Theme License is not validated, Go to the theme options page to validate the license, You need a single license for each domain name.
Business

Biocon declares dividend, pharmaceutical major’s net profit falls 57%, misses estimates

Biotechnology company Biocon Ltd on Thursday (May 16) reported a 56.77% year-on-year (yoy) decline in net profit at ₹135.5 crore for the fourth quarter ended March 31, 2024. .

During the corresponding quarter, Biocon reported a net profit of ₹313.2 crore, the company said in a regulatory filing. The CNBC-TV18 poll had predicted a profit of ₹179 crore for the quarter under review.

The company’s operating revenue fell 3.8 per cent to ₹3,917 crore, compared to ₹3,773.9 crore in the corresponding period of the previous fiscal. The CNBC-TV18 poll had predicted a revenue of ₹3,840.8 crore for the quarter under review.

Read also: Akzo Nobel announces final dividend of ₹25 as fourth quarter net profit rises 14%

At the operational level, EBITDA fell 8.2 per cent to ₹916 crore in the fourth quarter of this fiscal, compared to ₹997.3 crore in the corresponding period of the previous fiscal. The CNBC-TV18 survey forecast an EBITDA of ₹826.5 crore for the quarter under review.

EBITDA margin stood at 23.4% during the reported quarter compared to 26.4% in the corresponding period of the previous financial year. EBITDA is earnings before interest, taxes, depreciation and amortization. The CNBC-TV18 poll predicted a margin of 21.5% for the quarter under review.

The Board of Directors has recommended a final dividend at the rate of 10%, i.e. ₹0.50 per equity share of face value of ₹5 each for the financial year ending March 31, 2024, subject to approval of shareholders at the following annual general meeting.

Read also: Crompton Greaves declares ₹3 dividend and net profit up 6% in fourth quarter

The company has set Friday July 5, 2024 as the record date to determine the shareholders’ right to the final dividend for the financial year ending March 31, 2024. The dividend will be paid no later than September 6, 2024.

Further, based on the recommendation of the Nomination and Remuneration Committee (NRC), the Board of Directors approved the reappointment of Kiran Mazumdar Shaw as Executive Director (designated as Executive Chairman) of the Company, for a period period of five years from April 1, 2025.

The board also approved the reappointment of Siddharth Mittal as the Managing Director of the company for a period of five years from December 1, 2024, on terms including remuneration, subject to shareholder approval. of the society.

The results came after the close of market hours. Shares of Biocon Ltd ended at ₹305.90, down ₹5.65, or 1.81 per cent, on the BSE.

cnbctv18-forexlive

Back to top button