Bengaluru-based Biocon Ltd reported a net profit of ₹753.3 crore in the third quarter of FY24, compared to a loss of ₹20.7 crore recorded in the same quarter last year.
Operating revenue rose 34.4 per cent to ₹3,953.7 crore (₹2,941 crore).
On a sequential basis, operating revenue grew 14 per cent from ₹3,462.3 crore. While the net profit increased significantly from ₹172.7 crore in the second quarter.
Kiran Mazumdar Shaw, Executive Chairman, Biocon and Biocon Biologics, said, “Consolidated EBITDA at ₹1,492 crore grew by 106 per cent. A key milestone in this quarter was the successful completion of the transition of the acquired business from Biocon Biologics and an advance payment of $200 million for acquisition-related debt reduction. We continue to make steady progress toward strengthening the foundations for sustainable growth in all three business segments. »
Expenses increase
The company’s expenses rose 36 per cent to ₹3,708 crore (₹2,718 crore). On a sequential basis, expenses increased by 10 per cent from ₹3,357.7 crore.
Nehal Vora, global head of commercial APIs, and Indranil Sen, chief financial officer, have resigned from Biocon Ltd, the company announced in an exchange filing.
