Biocon Q3 Results: Profit Plummets 96%; Misses Estimates
Biocon Ltd.'s disappointing Q3FY25 performance was largely due to exceptional items, with adjusted net profit standing at Rs 13 crore, and revenue growth of 7% on a like-for-like basis.
Biocon Ltd.'s consolidated net profit fell 96% in the third quarter of fiscal 2025, missing analysts' estimates.
The drugmaker's profit declined to Rs 25 crore in the December quarter, as compared to Rs 660 crore in the year-ago period, according to an exchange filing on Thursday. That compares with the Rs 125-crore consensus estimate of analysts tracked by Bloomberg.
Biocon Q3 FY25 Results Highlights (Consolidated, YoY)
Revenue down 3.4% at Rs 3,821 crore versus Rs 3,954 crore (Bloomberg Estimate: Rs 3,938 crore).
Ebitda down 18.9% at Rs 752 crore versus Rs 927 crore (Bloomberg Estimate: Rs 840 crore).
Margin at 19.7% versus 23.4% (Bloomberg Estimate: 21.3%).
Profit down 96.2% at Rs 25.1 crore versus Rs 660 crore (Bloomberg Estimate: Rs 125 crore).
Consolidated revenue rose 7% on a like-for-like basis, after adjusting for Branded Formulations India (BFI) revenues and income from BFI part divestment in the third quarter as well as gain from Biocon’s stake dilution in Bicara Therapeutics, which are not a part of revenue. Adjusted Ebitda is up 16% YoY.
The bottomline came at Rs 25 crore, though adjusting for exceptional items, net profit stands at Rs 13 crore. Biocon benefitted from the income accruing from BFI part divestment and Bicara gain. Stripping off these benefits, there was a marginal loss in the December quarter.
In comparison, Biocon reported Rs 138 crore in profit before tax and exceptional items.
RESEARCH SERVICES: Syngene
Syngene reported 11% year-on-year growth in its third-quarter revenue from operations, driven by improved performance in research services, as well as the CDMO business, with increased traction in biologics.
Reported Ebitda at Rs 302 crore was up 16% YoY with a healthy margin of 31%.
GENERICS: APIs & Generic Formulations
Third quarter revenue from operations at Rs 686 crore, down 2% year-on-year; and up 10% quarter on quarter while Ebitda was Rs 39 crore.
BIOSIMILARS: Biocon Biologics
Biocon Biologics’ third quarter revenue from operations at Rs 2,289 crore reported a YoY growth of 14% on a like-for-like basis after adjusting the year-ago period revenue for the Branded Formulations, India (BFI) revenue and income from part divestment of BFI business by the Company.
Shares of Biocon closed 0.59% higher at Rs 357.8 apiece on the NSE, compared to a 0.37% advance in the benchmark Nifty 50.
