Biocon stock surges 3% after Q3 PAT rises by 11% yoy to Rs187cr as robust growth seen across segments

21 Jan 2022 , 12:08 PM

Bangalore-based biopharmaceutical company, Biocon posted a consolidated net profit of Rs187cr in the quarter ending December 2021 (Q3FY22) rising by 11% from Rs169cr in the corresponding period of the previous year. These profits are for shareholders of the company.

The company’s revenue from operations stood at Rs2,174cr in Q3FY22 increasing by a whopping 17% from Rs1,857cr of the December quarter last year. In segment-wise performance, the Generics business recorded growth of 7% yoy, while the Biosimilars business rose by 28% yoy and Novel Biologics increases by 100% yoy. Further, the Research services and Inter-segment growth stood at 10% yoy and 13% yoy.

Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, said, “Biocon’s consolidated Q3FY22 revenues grew by 18% YoY to Rs 2,223 Crore, driven by a strong performance across all business segments. Biosimilars grew by 28% to Rs 981 Crore, Research Services was up 10% at Rs 641 Crore and Generics delivered a 7% growth at Rs 607 Crore.”

“EBITDA at Rs 537 Crore grew by 25%, which was impacted by mark- to- market loss attributed to Biocon Biologics’ equity investment in Adagio. Core EBITDA stood at Rs 715 Crore with a healthy margin of 33%. PBT for the quarter stood at Rs 269 Crore. Adjusted for Adagio related loss, PBT was higher at Rs 346 Crore, indicating a healthy operating profitability,” Mazumdar-Shaw added.

On Biocon Biologics, she said that it “achieved a key milestone with the commercialization of the world’s first interchangeable biosimilar, our Insulin Glargine, in the U.S.. Approvals for several of our generics and biosimilars in global markets, and renewal of key long-term research service agreements at Syngene, position us for a strong close to this fiscal.”

At around 12.05 pm, Biocon was trading at Rs373.95 per piece up by 2.8% on Sensex. The stock was near the day’s high of Rs374.50 per piece.