Bengaluru-based Biocon Ltd reported a net profit of ₹753.3 crore in the third quarter of FY24, against a loss of ₹20.7 crore recorded in the same quarter last year.
The revenue from operations increased 34.4 per cent to ₹3,953.7 crore (₹2,941 crore).
On a sequential basis, revenue from operations increased 14 per cent from ₹3,462.3 crore. While net profit increased significantly from ₹172.7 crore in Q2.
Kiran Mazumdar Shaw, Executive Chairperson, Biocon, and Biocon Biologics, said, “Consolidated EBITDA at ₹1,492 crore grew 106 per cent. A key milestone this quarter was the successful conclusion of the transition of the acquired business by Biocon Biologics and a pre-payment of $200 million towards the acquisition-related debt reduction. We continue to make steady progress towards strengthening the foundation for a sustainable growth across all three business segments.”
Expenses increase
The company’s expenses increased 36 per cent to ₹3,708 crore (₹2,718 crore). On a sequential basis, expenses increased 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 said in an exchange filing.