Biocon posts 25% rise in profit for 3rd quarter

Bangalore, Jan 21: Karnataka-based Biocon Limited has posted 25 percent rise in its profit to 100.75 crore in the quarter ended Dec 31.

The compnay's sales were up by 15 percent to Rs 738 crore and its operating income grew 34 per cent to Rs 178 crore pushing up margins up to 24 per cent from 20 percent during the same period last year.

Chairman and Managing Director of the company, Kiran Mazumdar Shaw said, “Biocon has delivered the highest ever profit after tax (PAT) this quarter and has crossed the 100 crore mark. The operating margin has also increased to 24 percent this quarter reflecting the improved quality of earnings. This marks an important growth milestone which will enable us to invest in advancing our research programs and expand our manufacturing and marketing partnerships, which we believe, are catalysts of growth for the future."

She said that Biocon"s research wing Syngene has brought a profit of Rs 100 million. The total revenue for the nine month period was up by 21 per cent at Rs 2,097 crore. PAT was up by 25 per cent at Rs 267 crore. Driven by immuno-suppressants, statins and branded formulations the company's key segment, bio-pharmaceutical business has grown up by 22 percent.

The insulin portfolio of the company grew by 40 per cent. The company said that its newly launched Insugen pen (injectible recombinant was positive and will give a boost to its insulin portfolio.

Biocon's oral insulin product IN105 had failed the phase three clinical trials in India, but did well on several other tests including safety. Hence the company would continue the development.

Biocon's German arm AxiCorp's revenue was pressured as the Gernman government had asked the drug companies to set aside a 16 per cent rebate over the next three years, the company said in statement.

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