Biocon shares rise 2% after turning profitable in Q3

Shares of Biocon Limited advanced 2.5 percent to Rs 291 in early trade on February 9 after the company swung back into the black and reported a profit in the October-December quarter. The biotechnology company reported a net profit of Rs 660 crore for the third quarter that ended on December 31, 2023. In the corresponding quarter last year, Biocon had posted a net loss of Rs 41.8 crore.

In the last three months, the stock has gained over 25 percent.

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The company’s revenue from operations increased by 34.4 percent to Rs 3,953.7 crore while the company’s EBITDA surged by 43.8 percent to Rs 926 crore in the third quarter. The EBITDA margin stood at 23.4 percent in the reporting quarter, up from 21.9 percent in the corresponding period of the previous fiscal.

The profit before tax and exceptional items stood at Rs 787 crore. Additionally, Nicholas Robert Haggar has been appointed as an Independent Director on the Board of Biocon Biologics for a three-year term starting from February 6, 2024.

Nitin Prabhakar Shenoy has also been appointed as the Head of IT and Digital Transformation at Biocon.

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