Biocon Q3 net profit jumps 136% at Rs 217 crore

Biocon Q3 net profit jumps 136% at Rs 217 crore

Kiran Mazumdar Shaw. DH Photo

Biotechnology major Biocon on Thursday posted over two-fold jump in net profit to Rs 217 crore for the third quarter ended December 31, 2018, on account of strong performance of its biologics business.

The company had reported a net profit of Rs 92 core in the corresponding quarter of the last fiscal.

Biocon reported strong revenue growth of 43% at Rs 1,566 crore in their third quarter, led by robust growth across all business segments-biologics, small molecules, branded formulations and research services.

The company's Small Molecules business delivered revenue growth of 27% at Rs 469 crore, led by robust sales of its core APIs and continued growth in the US generic formulations business, the company said in a BSE filing.

Biocon's Chairperson and Managing Director Kiran Mazumdar-Shaw said, "We have delivered the highest ever Revenue and Profit growth in absolute terms in Q3FY19, driven by strong business performance. Our Biologics segment more than doubled in revenue and recorded an EBIT margin of 30% driven by increased penetration of our Pegfilgrastim in the US Small Molecules, Branded Formulations and Research Services also registered a
robust growth this quarter."

She added, "Our biosimilars strategy is beginning to pay off with the launch of our biosimilars in the US and EU and we are greatly encouraged by the recent regulatory approvals of our key biosimilars in advanced markets like EU, Australia and Canada."

The company's Branded Formulations business, which includes sales in India and UAE, reported quarterly revenue growth of 36% Y-o-Y at Rs 212 crore.

Shares of Biocon on Thursday closed at Rs 670.55 per scrip on the BSE, up 0.04% from the previous close.