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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