Biocon Q1 net up 17% at Rs 147 crore

The company's shares ended at Rs 701.50 apiece on the BSE

Biotechnology major Biocon on Thursday posted 17% rise in net profit at Rs 147 crore for the first quarter ended June 30 on the back of robust growth in segments like biologics and branded formulations.

The Bangalore-based firm had posted a net profit of Rs 126 crore during the same period of previous financial year.

Total revenue of the company rose to Rs 952 crore for the first quarter, as compared to Rs 857 crore during the same period of corresponding financial year, Biocon said in a statement.

"Our strong performance this quarter has been driven by an all- round growth of our business across small molecules, biologics, branded formulations and research services," Biocon Chairperson and Managing Director Kiran Mazumdar-Shaw said.

The company's biologics business delivered a growth of 53% driven by the sales of biosimilars in emerging markets, she added.

"The submission of Pegfilgrastim, our first biosimilar filing in EU, is a critical milestone this quarter. Our insulins business made a mark with the launch of Insulin Glargine in Japan," Mazumdar-Shaw said.

Besides, the company is on track for filing some of its biosimilars and generic formulations in the developed markets later this year, she added.

Biocon shares ended at Rs 701.50 apiece on the BSE, down 1.21% from previous close.