Biocon Soars with ₹660 Crore Net Profit in Q3, Driven by Strong Revenue Growth

9 Feb 2024 , 03:00 PM

Biocon reported a consolidated net profit of ₹660 Crore for the December quarter of the current financial year, rebounding from a net loss of ₹42 Crore in the same period last year.

The company’s revenue from operations surged by 34.4% to ₹3,953.7 Crore compared to the previous year.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased to ₹926 Crore from ₹644.3 Crore in the year-ago period, with an EBITDA margin of 23.4%, up from 21.9%.

Biocon Biologics prepaid approximately $200 million to reduce acquisition-related debt during the quarter.

Other income for Q3FY24 included a gain of ₹456 Crore from the fair valuation of Biocon’s holding in Bicara Therapeutics due to Bicara’s Series C financing. Exceptional items during Q3 FY24 resulted in a net gain of ₹21 Crore, with exceptional gains amounting to ₹16 Crore after tax and minority interest.

Net R&D investments for the quarter stood at ₹329 Crore, representing 11% of revenue excluding Syngene.

Despite pricing pressure in the API business affecting customer offtake, Biocon witnessed sequential revenue growth during the quarter, driven by higher API sales. However, subdued year-on-year performance was observed due to pricing pressure, partially offset by sustained growth across most Generic Formulation products.

Biocon Biologics reported a significant year-on-year growth of 65% for Q3FY24, with revenue reaching ₹2,483 Crore.

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