Biocon on Thursday announced that it posted 52 percent rise in its net profit in the second quarter that ended in September 2016. The Bengaluru-based pharmaceutical company recorded net profit of Rs 147 crore as against Rs 97 crore for the corresponding quarter in the previous fiscal.
The increase in profit can be attributed to the company's growth in small molecules, biologics and research services, Biocon said in a regulatory filing to the Bombay Stock Exchange.
Biocon's total revenues rose 21 percent to Rs 992 crore for the September quarter as against Rs 819 crore during the same quarter in the FY2016.
"Our performance in Q2 FY17 was led by strong growth across Small Molecules, Biologics and Research Services. Expansion of our biologics footprint in emerging markets and licensing agreements boosted the revenue further. Our long term investments in R&D, manufacturing facility in Malaysia and clinical advancement of our programs will enable us to unlock greater value, going forward," Kiran Mazumdar-Shaw, chairperson and managing director of Biocon, said in a statement.
Biocon's Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) rose 45 percent to Rs 277 crore for the quarter, as compared to Rs 192 crore during the year-ago period.
The company's ready-to-use Insulin Glargine pen launched in Japan has been well received, which augurs well for its business. "The tentative USFDA approval for Rosuvastatin calcium tablets heralds our entry into the US generics market," Biocon added.
The pharma company recorded total sales worth Rs 940 crore, up 20 percent from 786 crore in the same quarter during the last fiscal.
Biocon's stock was trading at Rs 998.05 at around 09:19 am on Friday, up 1.82 percent from its previous close on the BSE.
