Biocon’s Q3 PAT plunges 96% to ₹25 crore; revenue up 7%
Bengaluru-based Biocon Ltd recorded a profit after tax (PAT) of ₹25 crore for the quarter ended December 31, a 96 per cent decline compared to ₹660 crore in the same quarter last year.
After adjusting for exceptional items, profit stood at ₹13 crore. The company noted that last year’s profits were attributed to a one-time gain from Bicara and income from Biocon Biologics’ partial divestment of the BFI business. The consolidated revenue was ₹3,856 crore, up 7 per cent (on a like-for-like basis).
Commenting on the performance, Kiran Mazumdar-Shaw, Chairperson, Biocon Group said, “The performance was driven by a sustained double-digit growth of 14 per cent on a like-for-like basis in Biosimilars and a return to growth in Research services, which grew by 11 per cent. The growth trajectory is clearly visible with sequential growth across all the three business segments this quarter.”
She noted that Syngene’s return to growth, along with global approvals for bUstekinumab and European approval for gLiraglutide will pave the way for upcoming launches and drive growth in Q4FY24 and beyond.
R&D investments
Net R&D investments for the quarter stood at ₹199 crore, accounting for 7 per cent of revenue (excluding Syngene). EBITDA for the quarter stood at ₹787 crore, up 16 per cent on a like-for-like basis, with an EBITDA margin of 20 per cent.
Additionally, the company announced that Mayank Verma, its Company Secretary and Compliance Officer, has resigned. He will be relieved of his duties effective April 14.
The shares closed at ₹357.15, up by 0.44 per cent on the BSE.
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