Biocon Ltd on Tuesday announced its consolidated financial results for the third quarter that ended December 31, 2022. According to the company’s statement, its net revenue from operations for the quarter increased by 36% YoY to Rs.3,020 Crore from Rs. 2,223 Crore in Q3FY22.
The company‘s EBITDA reached Rs. 723 Crore in Q3FY23 compared to Rs.537 Crore in Q3FY22, representing a growth of 35% whereas EBITDA margin remains flat at 24%. The company’s net R&D investments reached Rs.337 Crore in Q3FY23 against Rs.138 Crore, representing a YoY growth of 144%.
The company declared a net profit of Rs.140 Crore in the quarter ended December 2022 compared to Rs.187 Crore recorded in the year-ago quarter, representing a fall of 25% YoY.
“Q3 FY23 has been an eventful quarter which saw the completion of the global acquisition of our partnered Biosimilars business from Viatris on Nov 29, 2022. We are now implementing country-wise integration of the business to maximize the value of the combined entity to propel growth. Biosimilars as a business segment offers differentiated growth to Biocon Biologics based on vertical integration and a unique portfolio of Insulins and antibody based immunotherapeutics. This quarter captures a fraction of the acquired business, but from Q4FY23 onwards, the financials will recognise the entire Biosimilars business,” Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics said in a statement.
According to Shaw, the biggest contribution came from the Biosimilars business, which reported a 54% increase in revenues to Rs 1,507 crore.
“We expect to end FY23 on a strong note with healthy growth across businesses. Biocon Biologics is tracking towards exiting the year at a USD 1 billion trajectory, excluding vaccines,” she added.
According to the company, Net R&D investments for the quarter grew by 144% to Rs 337 crore, representing 16% of revenues ex-Syngene. This demonstrates Biocon’s advancing pipeline that will drive its future growth, it added.
The company’s income from Generics business stood at Rs.718 Crore in Q3FY23 compared to Rs.607 Cr, representing a growth of 18 percent.
On Tuesday, the shares of Biocon Limited closed on the NSE at Rs. 234.35 apiece, down by 1.41% from the previous close of Rs.237.70.
