JOIN USBangalore based biopharmaceutical company Biocon on Friday reported 9 per cent increase in net profit to Rs 103 crore for the quarter ended June 30 from Rs 94 crore in the corresponding quarter last year on the back of increased licensing revenue.
The quarter saw 2 per cent increase in revenues to Rs 742 crore as compared to Rs 723 crore in the year ago period. The firm cited geo-political issues in the Middle East and North Africa as reason for marginal increase in revenue.
Speaking on the issue, Chairperson and Managing director, Kiran Mazumdar - Shaw said “The reason for muted revenue growth this quarter is increased credit risk in the Middle East and North Africa owing to turmoil. We were unable to avail of ECGC (Export Credit Guaruntee Corporation) cover in those areas, making payments an issue.”
Biopharmaceutical revenue for the quarter was at Rs 547 crore as compared to Rs 439 crore in June 2013 marking 25 per cent year on year rise. While revenue from the research services segment grew 12 per cent in the first quarter of the fiscal.