Biocon Ltd reported a 49 percent slump in consolidated net profit at INR 82 crore for the quarter ended September 30, 2022. The Kiran Muzumdar-Shaw-led company had posted a net profit of INR 160 crore in the year-ago period.
Sequentially, the company’s profit slumped 67 percent from INR 144 crore in the June quarter (Q1FY22).
The profit after tax for the quarter under review was impacted by Biocon’s decision to adopt the new tax regime notified u/s 115BAA of the Income Tax Act, 1961. Consequently, the company has written off a Minimum Alternate Tax (MAT) balance of INR 107 crore in the current financial results, which can no longer be carried forward, it said in a regulatory filing. “Further, all existing deferred tax balances in Biocon Limited have also been remeasured using the reduced income tax rates expected to be applied under the new regime,” it added.
Revenue from operations increased 26 percent to INR 2,320 crore in the said quarter as against INR 1,840 crore in the same quarter last fiscal.
Moreover, the company has also informed that its board has appointed Peter Bains as Additional Director (Category – Independent) to its Board, subject to the completion of necessary formalities under the Companies Act. Bains has over three decades of experience in biopharmaceuticals, with a successful track record of building brands, businesses, teams and companies. He currently serves as a Non-Executive Director on the Board of Indivior PLC, a UK FTSE-listed pharmaceuticals company, as well as MiNA Therapeutics and Apterna, both privately held UK biotech companies, Biocon noted.