Biocon Q3 net profit up 13% at Rs 103 cr

Biocon Q3 net profit up 13% at Rs 103 cr

 Biotechnology major Biocon has reported 13.31 per cent rise in consolidated net profit of Rs 103 crore for the third quarter ended December 31, 2015-16, backed by improved sales at its contract research arm Syngene International.

The Bengaluru-based company had posted a net profit of Rs 90.9 crore for the October-December period of the 2014-15 fiscal, Biocon said in a statement.

Its consolidated total income from operations also rose to Rs 836.4 crore during the quarter, as against Rs 769.2 crore in the year-ago period.

Biocon CMD Kiran Mazumdar-Shaw said, “Excluding profit contribution from Syngene, Biocon’s net profit this quarter has increased by 28 per cent y-o-y, despite a 45 per cent jump in R&D spends and a significant increase in tax.”

The company’s sales of bio-pharmaceuticals, which consist of small molecules,  generic formulations, active pharmaceutical ingredients (API), biosimilars and branded formulations, grew 3 per cent to Rs 558 crore in the third quarter. The company’s research and development spends at Rs 68 crore grew by 45 per cent, reflecting progress of its biosimilars and novel programmes, Biocon said.