Biocon Surges Ahead with Strong Q2 Results

Biocon reported a consolidated net profit of Rs 85 crore for Q2, compared to a loss in the same period last year. Revenue rose to Rs 4,296 crore, driven by growth in biosimilars and generics. The board approved raising additional funds through commercial papers.

Biotechnology firm Biocon achieved a consolidated net profit of Rs 85 crore for the second quarter ending September 30, marking a turnaround from a net loss of Rs 16 crore in the same period last year.

Revenue from operations increased to Rs 4,296 crore, compared to Rs 3,590 crore in the prior year, propelled by strong performances in biosimilars and generics segments.

The company's board approved raising up to Rs 550 crore through commercial papers, to be issued in tranches, enhancing Biocon's financial agility. The shares closed 0.75 percent higher at Rs 385.10 on BSE.

(With inputs from agencies.)