Biocon reports net loss of Rs42 crore in Q3FY23

15 Feb 2023 , 03:13 PM

Biocon Ltd reported a net loss of Rs42 crore for the December quarter, compared to a profit of Rs187 crore in the same quarter of the previous year, owing to an exceptional item of Rs271 crore related to the Viatris deal.

Profit was also impacted by Biocon’s stake dilution in Biocon Biologics and Syngene. The net profit for the quarter, excluding an unusual item, was Rs140 crore.

Meanwhile, revenue from operations increased 35% year on year to Rs2,941 crore in the third quarter under review, compared to Rs2,174 crore the previous year. Revenue increased 27% sequentially from Rs2,320 crore in the previous quarter.

For the quarter, the company’s EBITDA increased 35% year on year to Rs723 crore, with a healthy EBITDA margin of 24%.

Meanwhile, core EBITDA (excluding R&D, licensing income, forex, Bicara dilution gain, and mark-to-market movement on investments) increased 49% to Rs1,069 crore in the third quarter, representing healthy core operating margins of 36% compared to 33% in the same quarter previous year.

At around 2.39 PM, Biocon’s stock was trading 1.30% higher at Rs238, against the previous close of Rs234.95 on NSE. The counter touched an intraday high and low of Rs239.45 and Rs230.60 respectively.

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