Biocon Profit Rises 39% in First Quarter Driven by Biologics Business
Biocon’s net sales grew by 28.4 percent to Rs 972 crore in its first quarter earnings.
Bio-technology company Biocon Ltd.’s net profit increased 39.4 percent to Rs 177 crore in the first quarter from Rs 127 on a year-on-year basis, according to a regulatory filing on the BSE.
Earnings before interest and tax increased to Rs 253 from Rs 152 crore in the same quarter last year. The EBIT margin also increased to 26 percent in the first quarter on a year-on-year basis.
Net sales grew 28.4 percent to Rs 972 crore in the April- June quarter of 2016-17, from Rs 757 crore in the corresponding quarter last year.
The company reported other income of Rs 40.9 crore for the quarter.
The profit growth was led by robust growth in segments like biologics and branded formulations, chairperson and managing director, Kiran Mazumdar Shaw said in a press release.
Our Biologics business delivered a growth of 53 percent driven by the sales of biosimilars in emerging markets. The submission of Pegfilgrastim, our first biosimilar filing in EU, is a critical milestone this quarter. Our Insulins business made a mark with the launch of Insulin Glargine in Japan.Kiran Mazumdar Shaw, Chairperson and Managing Director, Biocon