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Rediff.com  » Business » Biocon Q1 net up 19% at Rs 93.50 crore

Biocon Q1 net up 19% at Rs 93.50 crore

Source: PTI
July 26, 2013 10:30 IST
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Biotechnology major Biocon on Friday reported a 18.65 per cent rise in consolidated net profit at Rs 93.50 crore (Rs 935 million) for the first quarter ended June 30, 2013 mainly on account of strong performance in the biopharma segment.

The company had posted a net profit of Rs 78.80 crore in the same quarter last fiscal, Biocon said in a statement.

Net is net profit after taxes, minority interest, it added.

Consolidated total income of the company also rose to Rs 700.69 crore (Rs 7 billion) for the April-June, 2013 quarter as against Rs 576.68 crore (Rs 5.76 billion)

for the year ago period.

Commenting on the results, Biocon Chairman and Managing Director Kiran Mazumdar-Shaw  said: "We are pleased to report a strong set of numbers for Q1 FY14. The new organisation structure has enabled us to deliver superior results with the core business performing strongly."

"The current fiscal will see the company consolidate its various initiatives whilst it continue investments in biosimilars and novel molecules, to deliver a sustainable growth platform," she added.

Reacting to the results, shares of the company were trading 4.39 per cent higher at Rs 312.70 on the BSE at 0923 hrs.

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