Bangalore, July 26: Biotechnology major Biocon Ltd has reported revenue of nearly 3.5 percent and a net profit of only 10 percent for the fiscal 2014-2015.
Chairperson of Biocon Ltd, Kiran Mazumdar Shaw, while addressing a news conference on Friday in Bangalore, said the biopharma sales were slow this quarter as compared to the previous quarters.
“Consolidated revenues for the quarter stood at 742 crore rupees. Biopharma sales were relatively flat at 547 crore rupees and within this segment, the core biopharma revenues was 436 crore rupees,” said Shaw.
Shares in Biocon Ltd slumped more than seven percent after June-quarter earnings disappointed some investors.
Shaw said ongoing crisis in Middle East might have been a major reason for reduction in revenues for the biopharma and said they are looking at other global markets to compensate for the same.
“I think, as far as the impact of the Middle East is concerned, we hope this is a temporary issue. We do have many other markets across the world and of course we will see how we can counterbalance these headwinds that we are facing in the Middle East by pushing some of our business to other markets. So, we expect to take some course correction over the coming quarters. But we also hope the Middle East situation will recover,” said Shaw.
Biocon’s June-quarter consolidated net profit up nine percent to 1.03 billion rupees.
On-going geo-political conflicts in MENA region affected growth in the biopharma business, which de-grew by 3 percent year-on-year, Edelweiss Securities says in a note to clients. (ANI)