Indian biopharmaceutical major Biocon reported an increase of 72.34 per cent in its consolidated net profit for the quarter ended June 30, 2019. The company posted a net profit of Rs 206.3 crore during the quarter under review, as opposed to Rs 119.7 crore during the corresponding quarter last fiscal.
Biocon reported an increase of 30.44 per cent in revenue from operations on consolidated terms to Rs 1,465.9 crore during the June quarter of FY20, as opposed to Rs 1,123.8 crore during the same period last fiscal. The total revenue for the period under review was reported at Rs 1,490 crore, as against Rs 1,192.6 crore reported during quarter ended June 30, 2018.
Meanwhile, Biocon saw its standalone net profit decline by 51.58 per cent to Rs 111.2 crore during Q1 FY20, from Rs 229.7 crore in the same quarter last fiscal.
Also, Biocon had transferred its manufacturing and commercialisation business for biosimilars, insulins and drug substance manufactured in the GPP facility to Biocon Biologics India Limited (BBIL), the biologics arm of the Biocon group. The transfer was done on a going concern basis by way of slump sale, effective May 01, 2019 for a consideration of Rs 705.4 crore, the company said in a filing to the Bombay Stock Exchange.
"Accordingly, results of biologics business for the current quarter and comparatives for previous quarters and year end has been disclosed as discontinued operations in the standalone results," the filing further added.
Also, Biocon's Board of Directors had approved the transfer of Branded Formulations (BFI) business on June 17, 2019, on a going concern basis by way of a slump sale to BBIL. "Accordingly, results of BFI business for the current quarter and comparatives for previous quarters and year end has also been disclosed as discontinuing operations in the standalone results," the company further stated in its filing.
The slump sale of biologics and BFI businesses to BBIL did not have any impact on the consolidated results of the company, Biocon further said.
Moreover, the Nomination and Remuneration Committee of Biocon's board also approved the appointment of Mayank Verma as Company Secretary. He will also be the Compliance Officer under Regulation 6(1) of the SEBI Listing Regulations.