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Biocon Ltd on Wednesday reported a 200 per cent increase in net profit to ₹306 crore for the second quarter lifted by exceptional income of ₹203 crore from sale of 11 per cent stake in its subsidiary Syngene which got listed recently.
Total revenues grew 12 per cent to ₹861 crore with biopharma contributing ₹459 crore though it grew a mere 4 per cent.
The company’s research services contributed ₹250 crore which grew 30 per cent compared with the same period last year.
“It has been a stable performance for Biocon this quarter with several growth triggers on the horizon focusing on biosimilars in the emerging markets. The clinical advancement of five of our biosimilars programs has put us on track for regulatory filings for some of these in the US and Europe in FY17,” Chairman & Managing Director Kiran Mazumdar-Shaw said in a statement.
The Bengaluru-based company also said during the second quarter, the R & D spend was ₹57 crore, which represented a growth of 64 per cent year-on-year.
The biopharmaceutical segment grew 4 per cent YoY in Q2 FY-16, delivering sales of ₹578 crore. Within the segment, Biopharma grew 4 per cent delivering ₹459 crore, while branded formulations grew 3 per cent to ₹119 crore.
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