Biocon balance sheet is weak and might have solvency issues

Yes, The debt of Biocon is increasing.
Latest debt of Biocon is ₹14,055 Crs as of Sep-24.
This is greater than Mar-24 when it was ₹11,212 Crs.

Yes, profit is increasing.
The profit of Biocon is ₹1,196 Crs for TTM, ₹1,022 Crs for Mar 2024 and ₹463 Crs for Mar 2023.

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
Biocon latest dividend payout ratio is 5.87% and 3yr average dividend payout ratio is 18.02%

Companies resources are allocated to majorly unproductive assets like Accounts Receivable