Biocon reports a 71% y-o-y surge in Net Profit for Q1FY23; stock tumbles ~5%

28 Jul 2022 , 10:20 AM

Biocon Limited, an innovation-led fully integrated biopharmaceutical company, has announced its results for the quarter ended June 30, 2022.

The company logged a 71% yoy jump in Net Profit during Q1FY23 at Rs144 crore as compared to Rs84 crore in the previous corresponding quarter. This spurt in profit came on the back of robust growth across business verticals.

The company reported total revenue of Rs2,217 crore in Q1FY23, up by 22.62% yoy against Rs1,808 crore in the previous corresponding quarter.

The company stated that its financial performance during the quarter includes the impact of annual increments in personnel costs, and increased input and freight costs after the pandemic created disruptions in global supply chains.

The company believes that all its businesses are well placed to move towards the next phase of sustainable growth which remained under pressure during the two years of the pandemic.

At around 10.23 AM, Biocon was trading at Rs308.55 down by Rs14.25 or 4.41% from its previous closing of Rs322.80 on the BSE. The scrip opened at Rs319.10 and has touched intraday high and low of Rs319.10 and Rs305.25 respectively.