Biocon Q3 net up 65% to Rs 171 crore

Biotechnology major Biocon today reported a 64.55 per cent rise in its consolidated net profit to Rs 171.3 crore for the third quarter ended December 31, led by robust growth of biologics business.

The company had posted a net profit after taxes, minority interest and share of profit from associates of Rs 104.1 crore for the corresponding period of the previous fiscal, Biocon said in a filing to BSE.

Consolidated total income from operations also rose to Rs 1,044.4 crore for the quarter under consideration as against Rs 807.1 crore for the same period year ago.

Biocon Chairperson and MD Kiran Mazumdar-Shaw said, "Our strong performance in Q3 FY17 was led by robust growth of our biologics business with both insulins and biosimilar MAbs gaining traction in Japan and key emerging markets".

The commercialisation of the company's Malaysian facility was a key milestone this quarter, she added.

"Other major milestones this quarter were the acceptance of our first biologics license application (BLA) for the proposed biosimilar Trastuzumab by USFDA and marketing authorisation application (MAA) for insulin Glargine by EMA," Mazumdar-Shaw said. 

The company's small molecules and research services business also reported strong growth this quarter, she added.