Biocon Q1 result: Net profit falls 11% to Rs 148.9 crore

Biocon Ltd on Thursday reported an 11 per cent decline in consolidated net profit at Rs 148.9 crore in the first quarter ended June 30, 2023.

The company had posted a consolidated net profit of Rs 167.4 crore in the same quarter last fiscal, Biocon Ltd said in a regulatory filing.

Consolidated revenue from operations during the quarter under review stood at Rs 3,422.6 crore as compared to Rs 2,139.5 crore in the corresponding period a year ago, it added. Total expenses were higher at Rs 3,299.2 crore in the first quarter as against Rs 1,977.5 crore in the year-ago period, the company said.

On a standalone basis, Biocon said its net profit was at Rs 46.6 crore, up from Rs 14.9 crore in the same quarter previous fiscal. Standalone revenue from operations stood at Rs 513.2 crore as compared to Rs 441.7 crore in the year-ago quarter, the filing said.

The company said its board approved the appointment of Nicholas Robert Haggar as an Additional Non-Executive, Independent Director subject to registration of his name in the

Independent Director's databank maintained by the Indian Institute of Corporate Affairs (IICA) and accordingly, his appointment on the board will be effective from such date.

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