Biocon stock price up by more than 1% today

24 May 2023 , 11:46 AM

Biocon Limited announced its results for the quarter and financial year ended March 2023. The drugmaker has reported a 31.3% increase (after exceptional items) in its profit for the fourth quarter to Rs 313.20 crore.

Consolidated revenues increased 59% year-on-year to Rs 3,929 crore in Q4FY23. The company stated in its filing that the revenue for the quarter includes a Rs 109 crore gain on stake dilution in Bicara.

During the quarter under review, EBITDA increased 75% to Rs 1,152 crore, representing an EBITDA margin of 29% versus 27% in the same period last year.

Consolidated Revenues increased 38% y-o-y to Rs 11,550 crore in FY23. The revenue for the year includes a Rs 217 crore gain on stake dilution in Bicara as a result of its fund raise during the year.

Net Profit for the year, after exceptional items came in at Rs 463 crore, down by 29% y-o-y against Rs 648 crore in the previous corresponding year.

EBITDA was up 32% year on year at Rs 2,888 crore, with an EBITDA margin of 25%.

At around 11.40 AM, Biocon was trading 2.60% higher at Rs 248.45, against the previous close of Rs 242.15 on NSE. The counter touched an intraday high of Rs 260.60 so far in today’s trade.

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