Biocon net zooms 136% in Q3

India's biotech major Biocon on Thursday reported Rs 217-crore consolidated net profit for the third quarter of fiscal 2018-19, registering a 136 per cent annual growth from Rs 92-crore in the same period a year ago.

In a regulatory filing on the BSE, the city-based company said its consolidated revenue from operations for the quarter under review (Q3) grew 46 per cent year-on-year (YoY) to Rs 1,541-crore from Rs 1,058-crore in the like period a year ago.

Sequentially, however, net profit declined 39 per cent from Rs 355-crore but revenue up 17 per cent from Rs 1,321 crore a quarter ago.

The company's earnings before interest, depreciation, tax and amortisation (Ebidta) grew 59 per cent YoY to Rs 406-crore in Q3 from Rs 256-crore a year ago and up 3 per cent sequentially from Rs 394-crore a quarter ago, despite a loss of Rs 28-crore due to forex volatility.

"We have delivered the highest revenue and profit growth in third quarter, driven by strong performance. Our biologics segment doubled in revenue and posted 30 per cent Ebit margin," said Biocon chairperson Kiran Mazumdar-Shaw in a statement here.

The company's strategy is paying off with the launch of biosimilars in the US and the European Union (EU).

"We are encouraged by the recent regulatory approvals of our key biosimilars in advanced markets like Australia, Canada and EU," added Shaw.

During the quarter, the company launched Atorvastatin calcium tablets in the US.

"Our new oral solid dosage forms manufacturing facility in Bengaluru completed a pre-approval inspection by the US Food and Drugs Administration (FDA)," the company said.

The company's Active Pharmaceutical Ingredients (API) manufacturing facility in Telangana completed a good manufacturing practices (GMP) audit by the US FDA.

The blue-chip scrip of the company ended at Rs 670.55 per share of Rs 5 face value at the end of Thursday's trading on the BSE, as against Wednesday's closing price of Rs 670.30 and opening rate of Rs 673.80.

--IANS

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