Biocon posts robust earnings; net jumps three-fold to Rs 74 cr

Consolidated total income increased to Rs 592.35 crore during the September quarter from Rs 457.73 crore in the year-ago period, the company said in a filing to the Bombay Stock Exchange.

Biocon Group Chairman and Managing Director Kiran Mazumdar Shaw said : "MTM (mark-to-market) losses are behind us. We have delivered strong earnings in the first half and are confident of sustaining the performance for the remainder of the year."

"Both Syngene and Clinigene have posted strong results and we believe that our investments are delivering good returns. The operations are strong and the investments made thus far assure good future profitability," Shaw added.

On a standalone basis, the company posted a whopping 86 per cent jump in second quarter net profit at Rs 62.36 crore. The total income during the period increased to Rs 312.44 crore from Rs 268.27 crore a year ago.
Shares of the company surged 3.50 per cent in morning trade on BSE after the company announced robust earnings. The scrip, later, was trading at Rs 278.65, up 2.86 per cent on BSE.

"We firmly believe we will deliver sustainable growth for us. We forecast strong organic growth going forward but will also remain open to inorganic growth opportunities when they present themselves at the right price," Shaw said.
For the half-year ended September 30, Biocon group, including German subsidiary AxiCorp, reported a profit after tax of Rs 132 crore, an over two-fold jump from the year-ago period. The total income during the period rose by 50 per cent to Rs 1,098 crore.
On its German subsidiary AxiCorp's performance, Shaw said, "AxiCorp is a profitable, revenue driven business that is largely accretive to our top line as of now. Biocon and AxiCorp are on track with the regulatory process for the registration of Recombinant Human Insulin with EMEA."
Referring to the company's business operations, Shaw said Biocon acquired Hyderabad-based IDL Specialty Chemicals, which enabled the company to address certain API opportunities in a timely manner.
Besides, Biocon also entered into an exclusive co-development and marketing pact with California based Amylin Pharmaceuticals for peptide therapeutics.