Biocon Q1 up 12.49% at Rs 78.80 crore

Biotechnology major Biocon today said its consolidated net profit rose 12.49 per cent to Rs 78.80 crore for the first quarter ended June 30, 2012.

The company had posted net profit of Rs 70.05 crore for the April-June quarter of the 2011-12 fiscal, Biocon said in a statement.

Consolidated total income of the company rose to Rs 576.68 crore in Q1, from Rs 443.48 crore for the year-ago period.

The company's board of directors have approved the scheme of arrangement for merging the wholly-owned subsidiary Biocon Biopharmaceuticals Ltd with it, subject to the approval of the members and the High Court of Karnataka.

Biocon scrip was trading at Rs 246.45 on the BSE, down 1.85 per cent from its previous close.