Biocon's Q1 Net Profit Slides 11%, Revenue Surges; New Director Appointed

11 Aug 2023 , 12:03 PM

Biocon Ltd has announced an 11% decline in its consolidated net profit for the first quarter ending on June 30, 2023. The company’s consolidated net profit stood at Rs 148.9 crore, down from the previous year’s Rs 167.4 crore for the same quarter. This decrease in net profit has been attributed to various factors impacting the biopharmaceutical sector.

Biocon reported a significant increase in its consolidated revenue from operations, reaching Rs 3,422.6 crore compared to Rs 2,139.5 crore in the same quarter of the previous year.

The rise in revenue reflects the company’s strategic efforts and market response. However, total expenses surged notably to Rs 3,299.2 crore during the first quarter, a significant increase from Rs 1,977.5 crore in the corresponding period of the previous year.

On a standalone basis, Biocon’s net profit saw a significant jump to Rs 46.6 crore from Rs 14.9 crore in the same quarter of the previous fiscal.

Standalone revenue from operations also witnessed growth, rising to Rs 513.2 crore from Rs 441.7 crore in the year-ago quarter.

Additionally, the company’s board has approved the appointment of Nicholas Robert Haggar as an Additional Non-Executive, Independent Director, subject to the registration of his name in the Independent Director’s databank maintained by the Indian Institute of Corporate Affairs (IICA).

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