Biotech major Biocon Ltd. reported higher net profits and incomes, both on consolidated and stand-alone basis, for the third-quarter.
Consolidated Results
On an Indian GAAP basis, the Bangalore-based company posted a third-quarter consolidated net profit, including AxiCorp, of Rs.91.76 crore or Rs.4.65 per share, higher by eight percent than the Rs.84.85 crore or Rs.4.29 per share reported in the third-quarter of last year.
Its quarterly net income grew by 23 percent to Rs. 634.22 crore from the Rs.516.59 crore in the year-ago quarter, while other operating income was Rs.8.69 crore, compared with the Rs.3.40 crore in the previous year quarter.
During the quarter under review, income from the ‘Pharma’ segment rose by 23 percent to Rs.501.32 crore from the Rs.405.99 crore in the prior-year quarter, while that of ‘Contract Research Services’ was Rs.146.26 crore, compared with Rs.120.34 crore in the year-ago quarter, an increase of 22 percent.
For the nine months, the company posted a consolidated net profit of Rs.262.01 crore, up by nine percent from the Rs.240.60 crore in the corresponding period last year.
Total income, including other operating income, during the nine months was Rs.1,848.22 crore, compared with Rs.1,476.97 crore in the corresponding period last year, reflecting a 25 percent growth.
Stand-alone Results
On a stand-alone basis, Biocon’s third-quarter net profit stood at Rs.86.21 crore, compared with Rs.64.73 crore, reflecting a 33 percent growth.
Total income, including other operating income, increased by 31 percent to Rs.506.70 crore from the Rs.385.92 crore in the corresponding quarter last year.
For the nine-month period, the company’s stand-alone net profit grew by 23 percent to Rs.237.41 crore, from the Rs.193.20 crore in the corresponding period of the previous year.
Total income, including other operating income, stood at Rs.1,462.21 crore, higher by 30 percent than the Rs.1,123.20 crore in the corresponding period a year ago.
Outlook
business outlook remains positive as the company fully geared to accelerate growth of all its business verticals. Going forward, the company aims to have higher contribution from Biosimilars, Research Services and Branded Formulations to the overall revenue. The company will continue discussions with potential partners for taking its insulins and novel portfolio to the global markets.
Biocon Chairman & Managing Director Kiran Mazumdar-Shaw and founder said, “The growth attributable to a combination of volume expansions, price increases and improved export realizations. We have performed well across all our business verticals. We continue to gain market share for Biosimilar Insulins in ROW markets which now accounts for a significant part of our business. I am also pleased to announce that we have received approval from the DCGI for our novel Monoclonal antibody, Itolizumab indicated for psoriasis. This is a significant milestone that enhances the value of this late stage asset.”
The company said the U.S.-based US Pharmacopeial Convention (USP) had named Kiran Mazumdar-Shaw to its Board of Trustees. A biotechnology entrepreneur and executive with global standing, Shaw will help guide USP’s policies, finances and strategic direction as a member of the Board. In addition to her role on USP’s Board of Trustees, she will serve as a member of the USP Biologics Advisory Group.
Shaw is the second non-U.S. member of the USP board of trustees, the first being Judith Oulton, who served on the USP board of trustees in the 2005-2010 cycle.
At the BSE, Biocon is currently trading at Rs.264.50 up Re.0.85 or 0.32 percent on a volume of around 68,000 shares.
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by RTT Staff Writer
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