Biocon rallies as Q1 net jumps 23% to Rs 126 crore

NEW DELHI: Shares of Biocon Ltd rallied 4.24 per cent in intraday trade on Friday after the company reported a 23 per cent jump in Q1 net profit.

The Bangalore-based biopharmaceutical company posted a 15% growth in revenues to Rs 857 crore in the quarter to June, from Rs 742 crore in the yearago period. Its net profit increased 23% to Rs 126 crore from Rs 103 crore.

“Our biosimilars strategy is playing out well with five programmes in phase 3 clinical development,” Biocon chairman and managing director Kiran Mazumdar-Shaw said in a press statement. “During the quarter we successfully licensed biosimilar Trastuzumab in key emerging markets. Our insulins business was boosted with the launch of insulin Glargine in Mexico and Colombia. Our focus on key brands in branded formulations has begun to translate into a better quality of earnings.”

Biocon is in the process of listing its clinical research arm Syngene, by divesting 11% from the company. It expects to raise close to Rs 550 crore from the IPO. Syngene’s valuation, at Rs 5,000 crore, stands at about half of Biocon’s current market capitalisation of Rs 9,171 crore.

(With inputs from Bureau)