Biocon April-June net profit up 17% to Rs 147 cr


Biocon has received regulatory approvals from the government of Malaysia for its facility. The company would be commercialising rh-insulin and Glargine during the second half of the current financial year for Malaysian market, she said.(Reuters)
Aided by a robust growth in biologics and branded formulations segments, bio-pharma major Biocon has reported a 17% year-on-year net profit growth at Rs 147 crore for the first quarter ended June 30, 2016. During the corresponding quarter last year, the company had reported a net profit of R126 crore. The topline of the company for the quarter rose 11% to Rs 952 crore as against Rs 857 crore a year ago. Its EBITDA during the quarter went up 15% to Rs 271 crore compared to Rs 236 crore with a margin of 28%.
All the figures are as per Indian GAAP standards. The company has switched over to reporting numbers under the Indian Accounting Standards from the first quarter. On a sequential bias, however, the company reported a 59.3% drop in net profit at Rs 147 crore compared to Rs 361 crore during the quarter ended March 2016. Its revenues showed a decline of 5.2% to Rs 952 crore as against Rs 1,004 crore in March 2016.Reflecting the strong performance during the first quarter, the company’s stock zoomed up on the markets to close at Rs 808.70 per share on BSE, showing a gain of 15.28% over the previous close.

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