Biocon net profit more than doubles to Rs 126 cr in Q2FY24

Bengaluru: Beating analysts’ estimates, biopharmaceutical major Biocon Ltd on Friday posted a 168% jump in net profit at Rs 126 crore for the July-September period of the ongoing financial year FY 2023-24.

The Bengaluru-headquartered company’s revenue grew 52% year-on-year to Rs 3,620 crore, led largely by a revenue rise of 97% in its biosimilars business segment. The generics segment delivered a modest 4% annual revenue growth during the quarter at Rs 676 crore.

“Biocon Biologics is now driving the business in North America and most of the emerging markets, and integration of the acquired business in Europe and a few remaining countries is expected to be completed during the year,” said Biocon and Biocon Biologics Executive Chairperson Kiran Mazumdar-Shaw.

During the quarter, net research and development investments stood at Rs 264 crore, reflecting a 9% year-on-year rise. 

The company’s earnings before interest, taxes, depreciation and ammortisation rose 68% year-on-year to Rs 900 crore, with a 25% EBITDA margin.

Biocon shares were up 0.55% on Friday at Rs 228.30 apiece on the National Stock Exchange.