Kiran Mazumdar Shaw to be Executive Chairperson of Biocon for 5 years starting April 2020

New Delhi: The Board of Directors of Biocon Limited have approved the appointment of Kiran Mazumdar Shaw as Executive Chairperson of the Company for a period of five years subject to shareholders approval, effective April 1, 2020.

Confirmation to this effect was recently released along with the Q3FY20 results of the company. Besides the released also informed

 The Board has also approved the change in designation of Siddharth Mittal from Joint Managing Director to Managing Director of Biocon Ltd effective April 1, 2020.

 M.B. Chinappa has been appointed Chief Financial Officer of Biocon Biologics India Ltd, effective Jan. 6, 2020.

Financial results

Biotechnology major Biocon has reported a 6.62 per cent fall in consolidated net profit at Rs 202.8 crore for the quarter ended December 31, 2019, on account of higher expenses.

The company had posted a net profit of Rs 217.2 crore for the corresponding period of the previous fiscal, Biocon said in a filing to the BSE.

However, the company's revenue from operations rose to Rs 1,748.1 crore for the quarter under consideration as against Rs 1,540.8 crore during the same period a year ago.

Read also: Biocon Bengaluru facility clears USFDA inspection

Expenses rose to Rs 1,465.6 crore for December quarter as against Rs 1,295.4 crore in the year-ago period.

Read also: Biocon Biologics gets Rs 536 crore investment from True North Fund

Informing about the Commenting on the highlights, Chairperson & Managing Director, Kiran Mazumdar-Shaw stated: "We witnessed a strong revenue growth of 14% to Rs 1,784 Crore in Q3FY20, led by Biologics, Small Molecules and Research Services businesses. We continued our journey of increasing access to high quality biosimilars and commercialized our biosimilar Trastuzumab in U.S., Canada and many EU markets this quarter. Net Profit before exceptional item at Rs 225 Crore reported a 6% growth. EBITDA at Rs 480 Crore reported a growth of 18%. Core margins were strong at 33% with EBITDA margin of 27% and Net Profit margin of 11%.

"Importantly, we have initiated value unlocking of our biosimilars business with the dilution of a minority stake to True North for a primary equity investment of ~USD 75 million, which gives a pre-money equity valuation of ~USD 3 billion for Biocon Biologics. We plan to raise further capital at an opportune time in the near future