Biocon Q1 PAT climbs 71% YoY to Rs 144 cr

The biotech company's consolidated net profit surged 71.1% to Rs 144.40 crore on 21.5% jump in revenue from operations to Rs 2,139.50 crore in Q1 FY23 over Q1 FY22.

Total revenue grew 22.7% to Rs 2,217.40 crore in Q1 FY23 as against Rs 1,807.80 crore posted in Q1 FY22. Profit before tax stood at Rs 196.90 crore in Q1 FY23, up 18.8% from Rs 165.70 crore recorded in the corresponding quarter previous year.

Consolidated EBITDA rose 9% to Rs 478 crore in Q1 FY23 as compared to Rs 437 crore reported in Q1 FY22. EBITDA margin decreased to 22% in Q1 FY23 as against 24% recorded in the same period last year. Core EBITDA jumped 25% to Rs 660 crore in the first quarter from Rs 530 crore posted in Q1 FY22.

Net profit margins increased to 7% in Q1 FY23 as compared to 5% in Q1 FY22. Gross research & development (R&D) spend soared 64% to Rs 223 crore in Q1 FY22 as against Rs 136 crore posted in the same period a year ago.

Revenue from Generics was Rs 580 crore (up 19% YoY), Biosimilars revenue stood at Rs 977 crore (up 29% YoY) and revenue from Research services was Rs 645 crore (up 8% YoY).

Kiran Mazumdar-Shaw, executive chairperson of Biocon and Biocon Biologics, said, "We have had a strong start to the year. At a consolidated level, YoY revenues grew 23% backed by robust growth in both Biosimilars (29%) and Generics (19%). Core EBITDA grew 25% and margin improved to 31% compared to 30% in Q1FY22 and Net Profit grew 71% to Rs 144 crore. Our financial performance this quarter includes the impact of annual increments in personnel costs as well as increased input and freight costs, pursuant to pandemic and geopolitical disruptions of global supply chains. R&D investments increased significantly by Rs 87 crore this quarter reflecting pipeline progression to deliver future growth. All our three businesses are poised for the next phase of strong and sustainable growth which has been challenged during the two years of the COVID-19 pandemic."

Biocon is a global biopharmaceutical company committed to enhancing affordable access to complex therapies for chronic conditions like diabetes, cancer, and autoimmune.

Shares of Biocon were down 4.66% to Rs 307.75 on the BSE.

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