Biocon Q1 net profit rises 19% to Rs 94 crore

 Biotechnology company Biocon on Friday reported a 19 per cent year-on-year (YoY) rise in consolidated net profit at Rs 94 crore for the first quarter (Q1) ended June 30, 2013, on the backing of strong traction in the biopharma segment, the company said in a statement.

The company's net profit was Rs 80 crore in the year-ago period. Consolidated revenues stood at Rs 723 crore in Q1, an increase of 22 per cent YoY.

Biocon Chairman and Managing Director Kiran Mazumdar-Shaw said: “Biocon’s Insulins business continues to do well, riding on the back of an increased geographical footprint in the emerging markets. The India-focused branded formulations vertical as well as our research services continue to grow at a steady pace. Our research programs are making good progress. 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. ”