Biotechnology firm Biocon Announced Q1FY23 Result :
- Biocon Q1FY23 Revenue at Rs 2,217 Cr, Up 23%;
- Net Profit at Rs 144 Cr, Up 71%;
- Core EBITDA at Rs 660 Cr Up 25%
- Biosimilars Up 29%; Generics Up 19%; Research Services Up 8%
“We have had a strong start to the year. At a consolidated level, YoY revenues grew 23% backed by robust growth in both Biosimilars (29%) and Generics (19%). Core EBITDA grew 25% and margin improved to 31% compared to 30% in Q1FY22. and Net Profit grew 71% to Rs 144 Crore. Our financial performance this quarter includes the impact of annual increments in personnel costs as well as increased input and freight costs, pursuant to pandemic and geopolitical disruptions of global supply chains. R&D investments increased significantly by Rs 87 Crore this quarter reflecting pipeline progression to deliver future growth. All our three businesses are poised for the next phase of strong and sustainable growth which has been challenged during the two years of the COVID-19 pandemic.” -- Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics.