Biocon’s Net Profit Rises For The First Time In Five Quarters
Revenues during the March quarter grew 25.6 percent to Rs 1,169.5 crore.
Biocon Ltd.’s net profit rose for the first time in five quarters led by strong growth in its biologics and research services businesses.
The Bengaluru-based biopharmaceutical company's net profit increased 2.27 percent year-on-year to Rs 130.4 crore for the quarter ended March, it said in a stock exchange filing. The bottom line was aided by the biologics and research services businesses grew 47 percent and 45 percent, respectively. Revenue grew 25.6 percent to Rs 1,169.5 crore.
The traditional small molecules and branded formulations businesses also turned in a positive performance this quarter, Biocon Chairperson and Managing Director Kiran Mazumdar-Shaw said in the press release accompanying the earnings filing.
When it comes to small molecules, generics continue to face pricing pressure, Shaw told BloombergQuint. “But we are still confident that we should be able to deliver modest single-digit growth in FY19,” she added.
Other Highlights
- Earnings before interest, tax, depreciation and amortisation rose 24 percent to Rs 232.5 crore
- Operating margins contracted to 19.9 percent from 20.3 in the same quarter last year.
- Finance costs rose threefold to Rs 17 crore.
- Gross R&D expenses for the quarter stood at Rs 98 crore
- Net R&D expenses for the quarter stood at at Rs 51 crore