Biocon net flat at Rs 45 crore

BS 200 Scorecard

The Bangalore-based biotech major Biocon has reported a marginal 4.13 per cent increase in net profit at Rs 45.34 crore for the second quarter ended September 30 over the net profit during the same period last year.

The company's revenues grew by 24.15 per cent to Rs 249 crore for the quarter, with EBITDA also up 11.24 per cent at Rs 66.79 crore. The EPS went up to Rs 4.61 from Rs 4.50 on a year-on-year basis.

While all business segments recorded growth, research services (Syngene and Clinigene) performed strongly. In the second quarter, the company was also able to earn significant technology and licensing revenues at Rs 8 crore from nil last year.

In the half year ended September 30, the company's sales grew by 23.09 per cent at Rs 461.01 crore and profits were marginally up by 2.43 per cent at Rs 84.25 crore over the same period last year.

Commenting on the performance of the company, Kiran Mazumdar Shaw, chairman and managing director, Biocon, said, "We are encouraged by the progress being made on the research and development front. Technology and licensing revenues have contributed significantly to our profitability and are an indication of the success of our innovation-led initiatives. This will be an integral part of our business going forward as we build high-value intellectual property."

She added, "We believe we are creating powerful innovation platforms for our future. The company continues to build domain knowledge in oncology, diabetes and inflammatory disease. We are confident that we will deliver current levels of profitability in the quarters ahead in spite of increased R&D investment and fixed costs at Biocon Park."