Bio­con Q3 profit rises 13pc

The Pak Banker - - COMPANIES/BOSS -

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.

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