Biocon Posts Rs 25 Crore Profit in Q3 FY25

New Delhi, Jan 30 (PTI) Biotech firm Biocon on Thursday reported a net profit of Rs 25 crore for the October-December quarter of 2024-25.

The Bengaluru-based firm had reported a net profit of Rs 660 crore in the October-December period of the previous fiscal year, largely driven exceptional gains of Rs 425.4 crore related to its investment in Bicara Therapeutics.

The company stated that results were not comparable due to exceptional items.

Total income of the company was Rs 3,821 crore in the third quarter against Rs 3,954 crore in the year-ago period, Biocon Ltd said in a regulatory filing.

"The Biocon Group reported Q3FY25 operating revenue of Rs 3,821 crore, with performance driven by a sustained double-digit growth of 14 per cent on a like-for-like basis in biosimilars and a return to growth in research services, which grew by 11 per cent," Biocon Group Chairperson Kiran Mazumdar-Shaw said.

The growth trajectory is clearly visible with sequential growth across all the three business segments this quarter, she added.

EBITDA at Rs 787 crore, reported a growth of 16 per cent while profit before tax and exceptional items at Rs 138 crore, improved significantly from a marginal loss last year, on a like-for-like basis, Mazumdar-Shaw stated.

"Syngene's return to growth, combined with global approvals for bUstekinumab and European approval for gLiraglutide, will pave the way for launches and drive growth in Q4 and beyond. These developments will strategically position the Biocon Group for enhanced long-term growth," she added.

The company in the filing explained that during the quarter ended December 31, 2023 and year ended March 31, 2024, pursuant to fund raise by Bicara
Therapeutics Inc, (Bicara), the Group's interest in Bicara was diluted thereby resulting in loss of significant influence over the investee.

Consequently, the Group fair valued its investment resulting in a gain of Rs 12.3 crore and Rs 425.4 crore in the standalone and consolidated financial results, respectively, and was disclosed under 'Other income'.

Prior to the Series C financing, the Group accounted for its investments in Bicara using the equity method as it had significant influence.

Consequently, the Group recorded dilution gain of Rs 105.3 crore for the year ended March 31, 2024, disclosed under 'Other income' in the consolidated financial results.

During the quarter and nine months ended December 31, 2024, the Group has recorded a fair value loss of Rs 352.4 crore and fair value gain of Rs 236.4 crore , respectively, within "Other Comprehensive Income" in the consolidated financial results, the filing said.

Biocon shares on Thursday ended 0.44 per cent up at Rs 357.15 apiece on BSE.