Biocon Q1 net profit up 47 pc to Rs 120 cr

Biotechnology major Biocon today reported a 47 per cent rise in its consolidated net profit to Rs 120 crore for the quarter ended June 2018 on account of robust performance across segments.

The company had posted a net profit of Rs 81 crore for the corresponding period of the previous fiscal, Biocon said in a filing to BSE.

Consolidated total revenue of the company stood at Rs 1,193 crore for the quarter under consideration. It was Rs 988 crore for the same period a year ago.

"We started the year with a robust Q1FY19 recording an overall revenue growth of 21 per cent at Rs 1,193 crore and a 47 per cent increase in net profit at Rs 120 crore, driven by a strong performance across our business segments," Biocon Chairperson and MD Kiran Mazumdar-Shaw said.

This performance was led by a 36 per cent growth in biologics business and a 39 per cent increase in research services revenues, she added.

"The approval and launch of our biosimilar Pegfilgrastim, Fulphila, in the US is a significant milestone for Biocon and sets the tone for the future success of our biosimilars business," Mazumdar-Shaw said.

Shares of Biocon Ltd today closed at Rs 559.10 per scrip on BSE, up 0.96 per cent from its previous close.