Biopharmaceuticals company, Biocon saw its net profits decline by 66 per cent to ₹47 crore in Q2 FY23, compared to ₹138 crore in the same quarter last year.
PAT decreased as a result of Biocon’s recent decision to adopt a new tax system and an increase in R&D spending of 65 per cent to ₹242, said the company.
It reported revenues of ₹2,320 crore in Q2, a 26 per cent increase compared to ₹1,840 crore in Q2 FY22. The EBITA for this quarter was marginally down by 3 per cent to ₹535 crore compared to ₹551 crore in Q2 FY22.
“With all segments delivering revenue growth, we expect to consolidate this performance in H2 FY23. Enhanced capacities and new launches will drive growth for our API and Generic Formulations business, while continued business momentum should help Syngene achieve its guidance for the full year,” said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, and Biocon Biologics
Earnings per share for this quarter was ₹0.4 compared to ₹1.2 in Q2 FY22.
According to Shaw, 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 H2 FY23. “We have secured necessary financing and obtained relevant approvals for the Viatris transaction, which is expected to close shortly,” added Shaw.