Consolidated EBITDA grew 25% to Rs 537 crore in Q3 FY22 as compared to Rs 428 crore in Q3 FY21. EBITDA margin improved to 24% in Q3 FY22 as against 23% in Q3 FY21. Core EBITDA margins rose to 33% in Q3 December 2021 from 31% in Q3 December 2020.

Consolidated profit before tax (PBT) rose 14.18% to Rs 268.90 crore in Q3 December 2021 over Rs 235.50 crore in Q3 December 2021. Net profit margins stood at 8% in Q3 FY22 as compared to 9% in Q3 FY21. R&D expenses fell 19% to Rs 138 crore in Q3 FY22 as against Rs 171 crore in Q3 FY21.

During the quarter, Biocon's Environment, Sustainability & Governance (ESG) efforts and initiatives were recognized and inducted into the Dow Jones Sustainability Index (DJSI) for Emerging Markets with a 93-percentile for the industry sector, placing us amongst the top 15 companies to feature in the 2021 listing. The company also secured an improved Carbon Disclosure Project (CDP) rating of ‘B' from ‘C' earlier as per the 2021 CDP report.

Meanwhile, Biocon has been selected to participate in the Production Linked Incentive (PLI) scheme announced by the Government of India, which will provide financial incentives linked to investments in manufacturing infrastructure and corresponding revenue growth. Biocon is amongst one of 55 companies selected for the scheme.

Commenting on the Q3 results, Kiran Mazumdar-Shaw, the executive chairperson of Biocon, said, "Biocon's consolidated Q3 FY22 revenues grew by 18% Y-o-Y to Rs 2,223 crore, driven by a strong performance across all business segments. Biosimilars grew by 28% to Rs 981 crore, Research Services was up 10% at Rs 641 crore and Generics delivered a 7% growth at Rs 607 crore."

"EBITDA at Rs 537 crore grew by 25%, which was impacted by mark-to-market loss attributed to Biocon Biologics' equity investment in Adagio. Core EBITDA stood at Rs 715 crore with a healthy margin of 33%. PBT for the quarter stood at Rs 269 crore. Adjusted for Adagio related loss, PBT was higher at Rs 346 Crore, indicating a healthy operating profitability."

"Biocon Biologics achieved a key milestone with the commercialization of the world's first interchangeable biosimilar, our Insulin Glargine, in the U.S. approvals for several of our generics and biosimilars in global markets, and renewal of key long-term research service agreements at Syngene, position us for a strong close to this fiscal," she added.

On the segmental front, revenue from Generics (APIs & Generic Formulations) was Rs 607 crore (up 7% Y-o-Y), revenue from Biosimilars (Biocon Biologics) was Rs 981 crore (up 28% Y-o-Y) and revenue from research services (Syngene) was Rs 641 crore (up 10% Y-o-Y) in the third quarter.

Shares of Biocon rose 0.99% to Rs 367.50 on BSE. Biocon is an innovation-led global biopharmaceuticals company committed to enhance affordable access to complex therapies for chronic conditions like diabetes, cancer and autoimmune.