Biocon's profit in September quarter down y-o-y by 66%

15 Nov 2022 , 08:32 AM

Due to unusual charges relating to the introduction of a new tax regime of 25% and net tax of Rs14 crore toward the Viatris purchase, Biocon on Monday announced a 66% YoY decrease in net profit to Rs47 crore during Q2FY23.

On the strength of sales growth across its biosimilars, generics, and research services business segments, the profit before exceptional items reached Rs168 crore.

In the same quarter the year before, the pharmaceutical company reported a net profit of Rs188 crore. When compared to Q2FY22, total revenues increased 23% YoY to Rs2,384 crore from Rs1,945 crore.

In the second quarter of FY23, core profits before interest, taxes, depreciation, and amortization (EBITDA) increased 34% year over year to Rs816 crore, while core EBITDA margins increased 200 basis points to 35%.

In Q2FY23, Biocon Biologics, which accounts for 42% of sales, recorded a 34% YoY increase to Rs977 crore, while the generic business increased by 18% to Rs623 crore. To Rs768 crore, research services saw a 26% YoY increase.

R&D expenditures rose by 52% YoY this quarter to Rs252 crore as Biocon makes progress with the pipeline of biosimilar development.

Including up to $250 million through the sale of redeemable, non-convertible debentures and $275 million through the issue of commercial paper, Biocon's board has approved fundraising of $525 million on a private placement basis.

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