Biocon's Q3 consolidated net profit up 13.31% to Rs 103 crore

Biotechnology major Biocon has reported 13.31% rise in consolidated net profit of Rs 103 crore for the third quarter (Q3) ended December 31, 2015. The company had posted a net profit of Rs 90.9 crore for the October-December period of the 2014-15 fiscal, Biocon said in a statement.

Its consolidated total income from operations also rose to Rs 836.4 crore during the quarter, as against Rs 769.2 crore in the year-ago period.

Biocon Chairperson and MD Kiran Mazumdar-Shaw said, "Excluding profit contribution from Syngene, Biocon's net profit this quarter has increased by 28% year-on-year (y-o-y) despite a 45% jump in Research and Development (R&D) spends and a significant increase in tax."

#Biocon #Q3FY16 #Results: #NetProfit +13% at Rs 103 Cr, EBITDA +23% at Rs 209 Cr, #Revenues +10% at Rs 857 Cr #BioQ3 pic.twitter.com/MJL8qcYitu

— Biocon (@Bioconlimited) January 22, 2016

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This reflects a marked improvement in the quality of the company's earnings led by better  realisations  from biosimilars and immunosuppressants in emerging markets, Shaw added.

The company's research and development expenses at Rs 68 crore grew by 45% reflecting a progress of its biosimilars and novel programmes, Biocon said.

"Biocon's four most advanced biosimilar and generic insulin programs, Insulin Glargine, Trastuzumab, Pegfilgrastim and Adalimumab, continue to cross critical clinical milestones and are on track for regulatory filings in US and Europe in the calendar year 2016," Shaw said.

At 1408 hours, the shares of Biocon were trading up 0.18% or Rs 0.85 at Rs 483.80 per scrip intraday on the BSE.