Biocon net up 48% in Q1

India's leading biotechnology firm Biocon Ltd on Thursday reported Rs 120 crore consolidated net profit for the first quarter of 2018-19, registering 48 per cent growth annually from Rs 81 crore in the same period year ago.

Sequentially, however, net profit declined 8.3 per cent from Rs 130 crore in last quarter.

"Consolidated revenue from operations grew 20 per cent annually to Rs 1,124 crore for the quarter (Q1) under review from Rs 934 crore in the like period year ago but declined 3.9 per cent sequentially from Rs 1,170 crore quarter ago," said the city-based pharma firm in a regulatory filing on the BSE.

On standalone basis, net income zoomed 318 per cent year-on-year (YoY) to Rs 230 crore in Q1 from Rs 55 crore in the same period year ago and 219 per cent sequentially from Rs 72 crore quarter ago.

Similarly, standalone revenue from operations grew 15.6 per cent YoY to Rs 672 crore for Q1 from Rs 581 crore in the same period last year and 3.7 per cent sequentially from Rs 648 crore last quarter.

Earnings before interest, tax, depreciation and amortisation (Ebitda) grew 25 per cent YoY to Rs 307 crore from Rs 246 crore year ago and 2 per cent sequentially from Rs 300 crore quarter ago.

"We started the year with a robust quarter, recording 20 per cent revenue growth and 48 per cent increase in net profit on strong performance across business segments, led by 36 per cent growth in Biologics business and 39 per cent increase in research services," said Biocon Chairperson Kiran Mazumdar-Shaw in a statement later.

The US FDA regulatory approval and launch of the company's drugs Pegfilgrastim and Fulphila in the US during the quarter under review have set the tone for the success of its biosimilar business.

"The cGMP (current Good Manufacturing Practice) approvals for our drug products manufacturing facility in Bengaluru by the FDA and EMA (European Medicines Agency) demonstrates our commitment to provide high-quality products to address the growing needs of patients for affordable biosimilars in these markets," she said.

Fulphila, co-developed by Biocon and Mylan, becomes the first biosimilar Pegfilgrastim to be approved and launched in the US. Biocon is also the first Indian firm to have two biosimilars approved by the FDA.

The company's blue-chip scrip of Rs 5 face value gained Rs 5.30 per share to close at Rs 559.10 at the end of Thursday's trading on the BSE as against Wednesday's closing rate of 553.80 and opening price of Rs 552.

--IANS

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