The stock hit a high of Rs 260 and is currently trading 2.5% higher at Rs 247.5 apiece on NSE.
The pharmaceutical major’s net profit rose 31% to Rs 313 crore on the back of a strong revenue growth. Consolidated revenue from operations increased 57% on year to Rs 3,774 crore.
Operating profit, calculated as earnings before interest, taxes, depreciation and amortization (EBITDA), surged 75% year-on-year (YoY) to Rs 1,152 crore, and margins expanded 200 basis points to 29%.
Gross spending on research and development (R&D) was 53% higher from the year-ago period at Rs 356 crore.
The generics business saw flat growth in revenue in the quarter and was at Rs 717 crore. For FY23, the business recorded a 13% growth in revenue.
“In the quarters ahead, we will continue to focus on operationalizing ongoing capex projects, advancing our product pipeline and expanding our commercial footprint,” said Siddharth Mittal, MD and CEO, Biocon.
The company is also planning to raise Rs 800 crore from Edelweiss Alternate Asset Advisors through the issuance of NCDs and CCDs.
The biosimilars business put up a stellar show in the quarter as revenue more than doubled on year to Rs 2,102 crore. Biosimilars continue to be the largest business segment for Biocon, exiting the financial year on a $1 billion revenue trajectory.
In Biocon Biologics business, the company will be integrating the acquired business in a phased manner.
Despite strong growth, Motilal Oswal said the company has missed estimates. The brokerage said after adjusting for licensing income, revenue grew 50% and taking into account the exceptional item related to fund raise by Bicara, the profit declined YoY due to higher interest and depreciation.