Biopharmaceutical major Biocon saw a 111 per cent growth in net profit at ₹172.7 crore in the second quarter ending on September 30, 2023, compared to ₹81.8 crore in the same quarter last year. On a sequential basis, it grew 16 per cent.
Revenue from operations for the quarter stood at ₹3,462. 3 crore, marking a significant growth against ₹2,319.7 crore in second quarter of last year. The improvement in its PAT and revenue can be attributed to its acquisition of Viatris.
EBITDA increased to ₹741 crore from ₹471 crore in the same period last year. Meanwhile, the EBITDA margin was at 21.4 percent up from 20.3 percent in the same quarter last year.
Recently, its subsidiary Biocon Biologics also entered into a definitive agreement with Eris Lifesciences (Eris) for divesting its dermatology and nephrology branded formulations business units in India for ₹366 crore.