Biocon net up 3-fold

Bangalore-based biotechnology major Biocon Ltd today reported a growth of 3.5 times in its consolidated net profit to Rs 57.6 crore for the first quarter ended June 30, compared to the corresponding quarter last year. The growth came as synergies from acquiring AxiCorp, a pharmaceutical distributor in Germany started to kick in.

Net sales for the quarter were up 87.9 per cent at Rs 495.8 crore compared to the year ago period. The company’s operating profit was up 96 per cent for the period to Rs 71.4 crore against the year ago period.

The company’s pharmaceuticals division sales nearly doubled at Rs 431.65 crore, while the revenues from contract research went up 49.5 per cent to Rs 67.25 crore compared to the corresponding quarter last year. Commenting on the performance, Biocon Chairperson Kiran Mazumdar Shaw said, “Biocon’s Q1 FY10 performance has delivered robust growth across all segments. This, we believe, is a trend that holds good prospects for the year ahead.”