Biocon’s net profit jumps to Rs 146.7 cr in 2nd quarter of FY 2016-17

With consolidated net profit of Rs 146.7 crore, the biotechnology giant, Biocon has shown good performance for the second quarter of financial year 2016-17


Bengaluru: Biotechnology major Biocon has reported a consolidated net profit of Rs 146.7 crore for the second quarter ended September 30, 2016. The company had posted a net loss of Rs 10.6 crore for the corresponding period of the previous fiscal, Biocon said in a filing to BSE.

Consolidated total income from operations rose to Rs 954.1 crore for the quarter under consideration from Rs 796.2 crore in the same period a year ago.

Commenting on the development, Biocon Chairperson and MD Kiran Mazumdar-Shaw said: “Our performance in Q2 FY17, was led by strong growth across Small Molecules, Biologics and Research Services.”

Expansion of the company’s biologics footprint in emerging markets and licensing agreements boosted the revenue further, she added. “The acceptance of our proposed biosimilar Trastuzumab filing for review by EMA was a critical milestone this quarter. This is our second filing in EU. The tentative USFDA approval for Rosuvastatin calcium tablets heralds our entry into the US generics market,” Mazumdar-Shaw said.

The company’s long-term investments in R&D, manufacturing facility in Malaysia and clinical advancement of its programmes will enable it to unlock greater value, going forward, she added. During the quarter, Biocon’s facilities in India successfully completed regulatory audits by international agencies like USFDA and MCC South Africa, the company said. Suresh Subramanian was appointed as Senior Vice President & Head of Branded Formulations- India business during the quarter, it added.