Biocon posts Rs 660 Cr net profit in December quarter
The company had incurred a net loss of Rs 42 crore in the same period a year ago.
Biotech firmhas clocked a consolidated net profit of Rs 660 crore for the third quarter ended December 31, 2023, on the back of robust sales.
The company had reported a net loss of Rs 42 crore in the October-December period of the previous fiscal.
Total revenue rose to Rs 4,519 crore in the third quarter, as against Rs 3,020 crore in the year-ago period.
"A key milestone this quarter was the successful conclusion of the transition of the acquired business by Biocon Biologics and a pre-payment of $200 million towards the acquisition-related debt reduction," said Biocon Executive Chairperson, Kiran Mazumdar Shaw.
Steady market shares for key biosimilars in the United States and European Union were complemented by the performance of emerging markets, which saw a number of new product launches and tender wins, she added.
Edited by Swetha Kannan