Biocon posts 52% rise in net profit in Q2

NEW DELHI: Bangalore-based biotech major Biocon today posted 52% rise in net profit over last year for the second quarter ended September 30, led by growth in its small molecules, biologics and research services. This is after excluding impact of exceptional items due to INDAS adjustment to the Q2 numbers in in the previous financial year.

Expansion of its biologics footprint in emerging markets and licensing agreements boosted the revenue further, according to the company’s managing director.

Biocon had posted a net profit of Rs97 crore during the same period in the last fiscal year.

The firm's total revenue rose 21% to Rs992 crore from Rs819 crore during the second quarter in the previous fiscal, Biocon announced on the Bombay Stock Exchange website today. EBITDA rose 45% to Rs277 crore, it added.

The company's small molecules business grew 15% to deliver revenue of Rs389 crore.

Its biologics vertical comprising novel biologics and biosimilars like rh-insulin, monoclonal antibodies and recombinant proteins, recorded 26% growth at Rs96 crore.

Biocon's research services business through Syngene reported 14% growth to Rs286 crore.

The company's generic formulations business marked a "key milestone" in the second quarter on the back of a tentative US FDA approval for its generic rosuvastatin calcium tablets—a first for Biocon, it stated. Commercial launch preparations for rosuvastatin calcium in US are underway, Biocon added.

Shares of Biocon on BSE dropped 2.04% to close at Rs980.25 on Thursday, while the benchmark sensex ended 0.52% higher.