Biocon Ltd posted strong net profit and revenue figures for the first quarter of FY23. Its net profit increased by 71 per cent to ₹ 144 crore from ₹84 crore in June 2021.

The pharmaceutical company’s total revenues increased to ₹2,217 crore, a 23 per cent increase from ₹1,808 crore in Q1FY22. The biosimilars segment contributed the most revenue, at ₹977 crore, a 29 per cent increase over the previous year’s figure of ₹758 crore, while generics increased by 19 per cent to ₹580 crore from ₹486 crore in June 2021. Revenue from research services increased by 8 per cent to ₹645 crore in June 2021, up from ₹595 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 the pandemic and geopolitical disruptions of global supply chains. R&D investments increased significantly by ₹87 crore this quarter reflecting pipeline progression to deliver future growth,” said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics.

Core earnings before interest, taxes, and amortization (EBITDA) grew by 25 per cent to ₹660 crore as against ₹530 crore in June 2021, while profit margins increased marginally to 31 per cent, up from 30 per cent in Q1FY22.

“During the quarter, we undertook planned capacity expansions that required temporary manufacturing stoppages. These expansions will augment growth in the second half of this fiscal. Looking ahead, we will continue to invest in strengthening our product pipeline, optimizing cost structures and operationalizing our capacity enhancement projects,” said Siddharth Mittal, CEO and Managing Director, Biocon Ltd.

The company reported earnings per share of ₹1.2 for Q1 compared to ₹0.7  for the year ended June 30, 2022.

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