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Biocon's Q3 Sees Robust Growth: Net Profit Soars to ₹660 Crore

9 Feb 2024 , 12:12 PM

Biocon reported a consolidated net profit of 660 Crore for the December quarter of the current fiscal year, marking a significant improvement from the net loss of 42 Crore in the same period the previous year.

The company’s revenue from operations experienced robust growth, increasing by 34.4% to 3,953.7 Crore compared to the previous year.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose to 926 Crore, up from 644.3 Crore in the corresponding period last year. The EBITDA margin increased to 23.4 % from 21.9%.

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

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

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

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

Biocon Biologics achieved a remarkable YoY growth of 65 % for Q3FY24, with revenue reaching 2,483 Crore.

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Related Tags

  • Biocon
  • net profit
  • Q3
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