Biocon net trebles to Rs 81 crore
Biocon, India's second largest biotechnology company, backed by good volume growth in emerging and developed markets, has posted a robust trebling of growth in its net profit to
Rs 81 crore for the third quarter of the ongoing financial year, as compared to the corresponding quarter of last year. The top line has surged by 45 per cent, to Rs 637 crore.
The company's growth has been backed by efficient operations, resulting in operating profits moving up by 19 per cent to Rs 133 crore, as the complete impact of its acquisition of a large distributor in Germany is kicking in. Coupled with good growth of its active pharmaceutical ingredients (API) business in developed markets, Biocon's insulin portfolio pitched in nicely in India and emerging markets, besides a 37 per cent growth in branded formulations. Research services grew 32 per cent, year on year.
Biocon's Chairman and Managing Director Kiran Mazumdar-Shaw, detailing the performance, said: "Total R&D spend as a proportion of our standalone revenue now stands at 8 per cent. This is reflective of our increased investment in pipeline expansion and advancing our novel programmes to Phase II/III human clinical trials." Biocon is also furthering its own research for oral insulin and has filed a US IND application.
The company would increasingly focus on expanding sales in emerging markets, which already contribute to 40 per cent of its revenues.