Biotechnology major Biocon Thursday reported over twofold jump in consolidated net profit to Rs 217.2 crore for the third quarter ended December 2018, mainly on account of strong performance of its biologics business.
The company had posted a net profit of Rs 91.9 crore for the corresponding period 2017-18, Biocon said in a BSE filing.
Its consolidated revenue from operations stood at Rs 1,540.8 crore, compared with Rs 1,057.9 crore a year ago, it added.
The company has delivered the highest-ever revenue and profit growth in absolute terms in the third quarter, Biocon Chairperson and Managing Director Kiran Mazumdar-Shaw said.
"Our biologics segment more than doubled in revenue and recorded an Ebit (Earnings before interests and taxes) margin of 30 per cent driven by increased penetration of our Pegfilgrastim in the US. Small molecules, branded formulations and research services also registered a robust growth this quarter," she added.
Mazumdar-Shaw said the company's biosimilars strategy is beginning to pay off with its (biosimilars) launch in the US and EU.
"We are greatly encouraged by the recent regulatory approvals of our key biosimilars in advanced markets like EU, Australia and Canada. We are committed to playing a significant role in enhancing access to our high quality, affordable biologics for patients across the world," she added.
Shares of Biocon Ltd closed at Rs 670.55 per scrip on the BSE, up 0.04 per cent from the previous close.
Disclaimer: No Business Standard Journalist was involved in creation of this content
