Biocon Q2 net profit jumps 3-fold at Rs 306 crore

New Delhi: Biotechnology major Biocon Tuesday reported an over two-fold jump in its consolidated net profit at Rs 306 crore for the second quarter ended September 30, 2015.

The company had posted a net profit of Rs 102 crore in the same period a year ago, Biocon said in filing to the BSE.

"It has been a landmark quarter for Biocon with the hugely successful listing of Syngene. We are extremely proud and excited to take Syngene to its next phase of growth. For second quarter of financial year 2016, Syngene reported a revenue growth of 30 percent," Biocon Chaiperson and Managing Director Kiran Mazumdar-Shaw said in a statement.

The consolidated revenue of Biocon was up by 11.38 percent at Rs 861 crore during the quarter compared to Rs 773 crore in the year-ago period.

"It has been a stable performance for Biocon this quarter with several growth triggers on the horizon focusing on Biosimilars in emerging markets," she said.

Shaw said the clinical advancement of five of Biocon's Biosimilars programmes has put the company on track for regulatory filings for some of these in the US and Europe in financial year 2017.

Further, inauguration of company's manufacturing facility for a new generation insulin delivery device and the launch of insulin glargine disposable pen, BASALOG One, in India, widened its insulins offering to diabetics in India.

"Our renewed focus on key brands has improved profitability of our Branded Formulations business. We expect the clinical progress in Biosimilars and Novels to augur well for the company, going forward," she said.

Shares of Biocon today closed at Rs 456.95 a piece, down by 0.14 percent compared to previous close at BSE.