Biocon Q1 net profit up 72% to Rs 206.3 cr

Biotechnology major Biocon on Thursday reported a 72.34 per cent rise in consolidated net profit to Rs 206.3 crore for the quarter ended on June 30, 2019 mainly on account of robust growth of biologics and small molecules segments.

The company had posted a net profit of Rs 119.7 crore for the corresponding period of the previous fiscal, Biocon said in a filing to BSE.

Consolidated total income of the company stood at Rs 1,490 crore for the quarter under consideration as against Rs 1,192.6 crore for the same period year ago.

"Robust performance by our biologics and small molecules business segments fuelled the 25 per cent growth in Q1 FY20 revenue to Rs 1,490 crore," Biocon Chairperson & MD Kiran Mazumdar-Shaw said.

Company's long-term investments in biosimilars are delivering expected results as demonstrated by the 96 per cent growth in its biologics revenue at Rs 490 crore this quarter, led by the expansion of geographical footprint and increased penetration of products in key developed and emerging markets, she added.

"Molecules revenue at Rs 480 crore was driven by steady API sales and a multi-fold growth in generic formulations. Our research services business continues to provide profitable growth," Mazumdar-Shaw said.

In a separate filing the company said, its board has approved the appointment of Mayank Verma as the company secretary and compliance officer.

Shares of Biocon Ltd closed at Rs 238.55 per scrip on BSE, up 0.17 per cent from its previous close.