BENGALURU: Biopharmaceuticals company Biocon on Wednesday posted a 71 per cent increase in consolidated net profit at Rs 144 crore for the quarter ended June 2022, compared to Rs 84 crore in the same quarter last year.
The company's consolidated revenue was up 23 per cent y-o-y at Rs 2,217 crore compared to Rs 1,808 crore in the year-ago period. Biocon's EBITDA Margin stood at 22 per cent, as against 24 per cent in Q1FY22.
“We have had a strong start to the year. At a consolidated level, y-o-y revenues grew 23 per cent backed by robust growth in both Biosimilars (29 per cent) and Generics (19 per cent)," said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics. Its core EBITDA grew 25 per cent and margin improved to 31 per cent compared to 30 per cent in Q1FY22.
"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," she said.
The company's R&D investments increased significantly by Rs 87 crore in the first quarter. "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," Shaw added.
Biocon Biologics reported a y-o-y growth of 29 per cent for Q1FY23 with revenues at Rs 977 crore. "The strong performance was driven by sales of Glargine in the US, and key biosimilars in emerging markets. Initiation of global clinical trials for two monoclonal antibodies and advancement of our other pipeline assets led to a 120 per cent increase in our R&D investments this quarter," said Arun Chandavarkar, Managing Director, Biocon Biologics.