Biotechnology major Biocon reported an 11 per cent increase in its net profit, before exceptional items, to Rs 188 crore for the July-September quarter Q 2 compared to Rs 169 crore reported in the same period last year.
The company's consolidated revenue jumped 10 per cent to Rs 1,945 crore in Q 2 FY 22 on a year-on-year YoY basis, against Rs 1,765 crore in the corresponding quarter in the previous fiscal, Biocon said a regulatory filing.
This was primarily driven by good performance of the research services and biosimilars business segments, which reported a growth of 17 per cent and 10 per cent, respectively.
The company's EBITDA stood at Rs 551 crore, up by 35 per cent and PBT before exceptional items was at Rs 276 crore, a jump of 27 per cent.
The optional item relates to modification of the optionally convertible debentures of a private equity investment in Biocon Biologics and reversal of SEIS claims relating to a prior period.
Biocon Biologics made strategic moves this quarter which will drive future growth of our biosimilars business and deliver long term value for our shareholders, said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon.
The US FDA's approval of Semglee as the first interchangeable biosimilar product, under the 351 k regulatory pathway, is a milestone for both Biocon and Viatris, and will enable us to expand patient access to our Insulin Glargine, she added.
The quarter also marked Biocon Biologics' strategic entry into vaccines and the infectious diseases segment through key partnerships with Serum Institute Life Sciences and Adagio Therapeutics, Mazumdar noted.
Biocon Biologics ad Serum Institute Life Sciences SILS have signed a strategic agreement that provides the former as asset light and accelerated entry into the vaccines division.