Biocon: A Mixed Quarter with Strong Underlying Momentum

Biocon reported a 95% drop in net profit for the June quarter, with earnings falling from Rs 660 crore last year to Rs 31 crore. Despite this, operating revenue and EBITDA showed growth, and the company is poised for future expansion with strengthened financials and strategic acquisitions.

On Thursday, Biocon reported a staggering 95% drop in its consolidated net profit for the June quarter. The Bengaluru-based biotechnology firm recorded a net profit of just Rs 31 crore, compared to Rs 660 crore in the same period last year.

Total revenue also declined, hitting Rs 4,022 crore this quarter, down from Rs 4,567 crore a year ago, according to the company's latest statement.

Despite the dip in profits, Chairperson Kiran Mazumdar-Shaw highlighted ongoing strength in segments like Biosimilars and CRDMO, with operating revenue rising 15% year-over-year to Rs 3,942 crore and EBITDA increasing by 19%. With recent strategic financial moves, Biocon is poised for future growth.

(With inputs from agencies.)