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Biocon net up 19% at R94 cr on robust performance

Biopharma company Biocon on Friday posted a year-on-year increase of 19% in consolidated net profit on growth across its businesses, beating Street estimates.

Biopharma company Biocon on Friday posted a year-on-year increase of 19% in consolidated net profit on growth across its businesses, beating Street estimates. The company reported a profit of R94 crore against R80 crore in the corresponding quarter a year ago.

Biocon?s total revenue grew 22% year-on-year to R723 crore, led by its core biopharmaceuticals business which contributed R439 crore to revenue. The company?s share price gained 7.34% to close at R321.55 at the Bombay Stock Exchange on Friday.

The biopharmaceuticals business grew 21% over the previous year, while its India-focussed branded formulations and contract research posted a growth of 17% and 26%, respectively.

Sequentially, the company?s profit was lower owing to an exceptional income of R202 crore during the January-March quarter. Total revenue, meanwhile, grew 11% over the preceding quarter.

The company?s earnings before interest, taxes, depreciation and amortisation (Ebitda) were at R175 crore, reflecting a 60 basis point expansion over the previous year which it attributed to various initiatives targeting the product mix and operational efficiencies.

?The new organisation structure has enabled us to deliver superior results with the core business performing strongly. Biocon?s Insulin business continues to do well, riding on the back of an increased geographical footprint in the emerging markets,? Biocon chairman and managing director Kiran Mazumdar-Shaw said.

?Our research programmes are making good progress. I am very excited about the upcoming launch of Alzumab, our second novel biologic. The current fiscal will see us consolidate our various initiatives whilst we continue our investments in our biosimilars and novel molecules, to deliver a sustainable growth platform.?

The company, which reported a net forex gain of R8 crore for the quarter, expects its research services business to recover from an ongoing forex impact in the third quarter by when a forward exchange contract undertaken in 2007 for the research contract with Bristol Myers Squibb will come to an end.

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First published on: 27-07-2013 at 00:08 IST
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