Biotechnology major Biocon net profit declines 11 percent to Rs 168 crore in Q2
Mazumdar-Shaw said the consolidation of Viatris' global biosimilars business and the strategic vaccines alliance with Serum Institute will add to the growth of the biosimilars business in the second half of the current fiscal.;
New Delhi: Biotechnology major Biocon on Monday said its consolidated net profit declined by 11 percent to Rs 168 crore in the second quarter ended September 30, 2022, on account of rise in overall expenses.
The Bengaluru-based firm had reported a net profit of Rs 188 crore (before exceptional items) in the July-September quarter of the previous fiscal.
Revenue from operations rose to Rs 2,320 crore in the period under review as compared with Rs 1,840 crore in the September quarter, Biocon Ltd said in a statement. Total expenses rose to Rs 2,110 crore in the second quarter, up 30 percent, as against Rs 1,619 crore in the July-September period of last fiscal.
The company said its board has approved the issuance of redeemable, non-convertible debentures aggregating ''up to INR equivalent of USD 250 million on private placement basis and issue of Commercial Paper up to INR equivalent of USD 275 million on private placement basis''.
Biocon Executive Chairperson Kiran Mazumdar-Shaw said the company reported a strong consolidated revenue growth on the back of 34 percent growth in biosimilars, 26 percent in research services, and 18 percent in the generics business.
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