Shares of biotechnology major Biocon slumped over 5 percent on Thursday after the company reported an earnings miss on all fronts-profit, revenue, EBITDA and margin. Biocon's results were declared after the close of market hours on Wednesday.

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At 11:27 IST, shares of the company were trading 3.9 percent lower at Rs 310.2 on the BSE.

On Wednesday, it reported a 71.1 percent year-on-year (YoY) jump in net profit at Rs 144.4 crore for the first quarter ended June 30, 2022. In the corresponding quarter last year, the company posted a net profit of Rs 84.4 crore. CNBC-TV18 Polls had predicted a profit of Rs 206.9 crore for the quarter under review.

Revenue from operations stood at Rs 2,1395 crore during the period under review, up 21.5 percent against Rs 1,760.6 crore in the corresponding period of the preceding fiscal.

Here's a look at the revenue segments for Biocon during the quarter:

(Source: Exchange data)

At the operating level, EBITDA jumped 2.6 percent to Rs 399.4 crore in the first quarter of FY23 over Rs 389.3 crore in the first quarter of FY22. EBITDA margin stood at 18.7 percent in the first quarter of FY23 as compared to 22.1 percent in the first quarter of FY22. EBITDA is earnings before interest, tax, depreciation and amortisation.

Kiran Mazumdar-Shaw, executive chairperson, Biocon and Biocon Biologics, said, "We have had a strong start to the year. At a consolidated level, YoY revenues grew 23 percent backed by robust growth in both Biosimilars (29 percent) and generics (19 percent). Core EBITDA grew 25 percent and margin improved to 31 percent compared to 30 percent in the first quarter of FY22."

"Our financial performance this quarter includes the impact of annual increments in personnel costs and increased input and freight costs, pursuant to the pandemic and geopolitical disruptions of global supply chains. R&D investments increased significantly by Rs 87 crore this quarter, reflecting pipeline progression to deliver future growth," she added.

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First Published:Jul 27, 2022 8:28 PM IST