With advancement in Injection timing most of the heat gets released before the completion of compression stroke causes higher heat losses and thus increases Exhaust gas temperature, as higher EGT is the indication of higher Heat loss.
I think, injection timing is advanced, EGT decreases. Because, combustion process will finish shortly after TDC (maybe just before TDC). After combustion process, burned gases will cool more in expansion stroke.
Advancing injection timing is recommended for fuels which need longer period for the atomization process. In case of biodiesel, it is oxygenated fuel and there is no concern of complete combustion. Therefore as Mert Gülüm mentioned advancing injection timing for biodiesel will decrease the EGT completion of the combustion process early during the expansion stroke.
Besides impacting exhaust gas temperature, advancing injection timing would increase engine-out NOx emissions and may (depending on combustion phasing prior to the timing change) improve BSFC.