Biocon Q1 net up 19% at Rs 93.50 cr
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Biocon Q1 net up 19% at Rs 93.50 cr

Last Updated: Friday, July 26, 2013, 14:17
 
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Biocon Q1 net up 19% at Rs 93.50 cr
New Delhi: Biotechnology major Biocon on Friday reported 18.65 percent rise in consolidated net profit at Rs 93.50 crore for the first quarter ended June 30, 2013 buoyed by robust performance in all verticals led by the biopharma segment.

The company had posted a net profit of Rs 78.80 crore in the same quarter last fiscal, Biocon said in a statement.

Net is net profit after taxes, minority interest, it added.

Commenting on the results, Biocon Chairman and Managing Director Kiran Mazumdar-Shaw told the agency "The results are due to good product mix, focused approach on business and high growth vertical delivering well."

Earnings Before interest, taxes, depreciation, and amortisation (EBITDA) have grown and the EBITDA margin has surged, she added.

Consolidated total income of the company also rose to Rs 700.69 crore for the April-June, 2013 quarter as against Rs 576.68 crore for the year ago period.

"The new organisation structure has enabled us to deliver superior results with the core business performing strongly. Biocon's insulins business continues to do well, riding on the back of an increased geographical footprint in the emerging markets," Mazumdar-Shaw said.

The India-focused branded formulations vertical as well as research services continue to grow at a steady pace, she added.

Biopharma business of the company registered a 21 percent growth on a year-on-year (YoY) basis to Rs 439 crore. The Branded Formulations registered a growth of 17 percent YoY to Rs 101 crore, Biocon said.

Research services (Syngene and Clinigene) also registered a growth of 26 percent YoY to Rs 155 crore, it added.

The company is also planning to launch its second novel biologic Alzumab to be used for the treatment of chronic plaque psoriasis in the country in the current quarter.

"I am very excited about the upcoming launch of Alzumab, our second novel biologic. We look forward to bringing this first-in-class molecule for the treatment of psoriasis to the Indian market," Mazumdar-Shaw said.

Alzumab will be manufactured at the company's Biopharma manufacturing facility at Biocon Park in Bangalore.

The company will continue to focus to further its progress in the biosimilars, research services and the branded formulations space, Biocon said.

"The R&D and Capex investments in our biosimilars programs continue as planned with R&D costs expected to increase during the year," it added.

Cheered by the results shares of Biocon were today trading at Rs 312.00 apiece in the afternoon trade on BSE, up 4.16 percent from their previous close.

PTI




First Published: Friday, July 26, 2013, 10:14


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