Biocon Q1 net profit gallops 72 pc to Rs 206 crore

Biopharmaceutical major Biocon has reported 72 per cent jump in its consolidated net profit at Rs 206 crore during the quarter ended June 30 as opposed to Rs 120 crore during the corresponding quarter last fiscal.

The company's revenue from operations increased by over 30 per cent to Rs 1,466 crore from Rs 1,124 crore in the same period. The total revenue was Rs 1,490 crore as against Rs 1,193 crore.

Total income on a consolidated basis grew 25 per cent to Rs 1,490 crore during the quarter from Rs 1,193 crore a year ago, backed by the performance in biologics and small molecules business.

Net profit excluding exceptional item stood at Rs 223 crore, marking a growth of 86 per cent. It was impacted due to an exceptional item on account of tax on group entities restructuring, Biocon said in a statement.

The small molecules business reported revenue growth of 20 per cent for the quarter at Rs 480 crore, led by sales of its key active pharmaceutical ingredients and a multi-fold of its generic formulations business.

Revenue from the research services business this quarter stood at Rs 421 crore, driven by discovery services and dedicated R & D centre businesses. Syngene, the research services company, is setting up a new research centre in Hyderabad to support its long-term growth strategy.

"We remain committed to develop high-quality bio-therapeutics and enable affordable access to patients across world markets," said Kiran Mazumdar-Shaw, Chairperson and Managing Director of Biocon Ltd.

"We aspire to be a global leader in biologics, making a difference to patients, people, partners and business through affordable and innovative healthcare solutions, going beyond the product. We believe we have the science, scale, scope and technology to gain market share by addressing the growing patient needs worldwide," she said.

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