Biocon Q3 profit rises 13pc
MUMBAI: Biocon Ltd's net profit rose 13% in the quarter ended 31 December on improved sales at its contract research arm Syngene International Ltd, which countered sluggish growth at its bio-pharmaceutical division. The Bengaluru-based company posted a net profit of Rs.103 crore in the fiscal third quarter, compared with Rs.91crore a year earlier. Revenue rose 9% to Rs.836.4 crore from Rs.769.2 crore in the year-ago period. Sales of bio-pharmaceuticals, which consist of small molecules, active pharmaceutical ingredients (API), generic formulations, biosimilars and branded formulations, grew 3% to Rs.558 crore in the third quarter.
"The overall bio-pharma business continues to report a steady growth, with an increasing contribution from immunosuppressants and generic insulins in the emerging markets," Biocon said in a statement. Syngene International's net profit rose 31.25% to Rs.58.8 crore in the quarter from Rs.44.8 crore in the year-ago period. Syngene's revenue rose to Rs.280.4 crore from Rs.227.6 crore. Research and development expenses rose 45% to Rs.67.9 crore in the quarter. "Excluding profit contribution from Syngene, Biocon's net profit this quarter has increased by 28% y-o-y despite a 45% jump in R&D spends and a significant increase in tax," said Kiran MazumdarShaw, chairman and managing director of Biocon.