Biocon net zooms 86% in the first quarter

India’s leading biotech firm Biocon on Thursday reported Rs 206-crore consolidated net profit for the first quarter (Q1) of fiscal 2019-20, registering a whopping 86 percent annual growth from Rs 120 crore in the same period a year ago.

In a regulatory filing on the BSE, the city-based firm said consolidated revenue from operations grew 30 percent annually in the quarter under review (Q1) to Rs 1,466 crore from Rs 1,124 crore in the like period a year ago.

Earnings before interest, tax, depreciation, and amortization (Ebitda), also grew 51 percent annually to Rs 462 crore from Rs 307 crore a year ago.

“Robust performance by biologics and small molecules business segments fuelled the growth in the first quarter. Investments in biosimilars are delivering expected results,” said Biocon Chairperson Kiran Mazumdar-Shaw in a statement later here.

The global firm’s net profit was impacted due to an exceptional item on account of tax on group entities restructuring.

“We remain committed to develop quality bio-therapeutics and enable affordable access to patients in world markets,” Shaw said on the occasion.

The drug maker’s research services business continues to provide profitable growth.

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