Biocon Q2 results: Net loss of Rs 16 cr on high tax, revenue at Rs 3,590 cr

Biocon Ltd on Wednesday reported a consolidated net loss of Rs 16 crore for the second quarter ended September 30, 2024 on account of higher tax, based on geographical split of profits.

The company had posted a net profit of Rs 126 crore for the July-September period last fiscal.

Revenue from operations stood at Rs 3,590 crore in the September quarter as compared with Rs 3,462 crore in the year-ago period, Biocon Ltd said in a statement.

"Biocon Group's overall Q2FY25 financial and operational performance provides a foundation for improved performance as we move into the second half of the fiscal," Biocon Group Chairperson Kiran Mazumdar-Shaw said.

The group had a robust performance in the biosimilars business driven by strong market share gains in US Oncology and Insulin franchises, she noted.

Syngene has returned to sequential growth and has good visibility of a pickup in momentum in the coming quarters led by its discovery services and biomanufacturing CMO business, she said.

"Generics has continued to face price and demand pressures that have suppressed performance, but key new formulation launches in Q3 and Q4 provide the basis of a turnaround before the year end," she stated.

All three businesses are tracking towards a better performance in the second half of the year, on the back of product approvals and unfolding market opportunities, Mazumdar-Shaw said.

"Reported net loss for the quarter was Rs 16 crore on account of higher tax, based on geographical split of profits and minority interest," Biocon Group CEO Peter Bains said.