Biocon net flat at Rs 102 cr; revenue up 3%
Biotechnology firm Biocon on Wednesday reported a flat growth in its consolidated net profit to Rs. 102.05 crore for the second quarter ended September against Rs. 102.15 crore last year.
Revenue rose 3% to Rs. 773 crore during the quarter.
“The growth of our core biopharma business this quarter has been muted largely due to capacity constraints and geo-political challenges in West Asia,” said Kiran Mazumdar-Shaw, CMD, Biocon.
“Whilst we continue to invest in research and development and capacity-building for our insulins and antibodies portfolio, we expect branded formulations and research services businesses to drive growth in the interim,” said Shaw. “However, clinical progress in our key global programmes for generic Insulin Glargine and Trastuzumab is indicative of the value accretion that is realisable in the foreseeable future,” she added.
Biocon’s stock fell 1% to end at Rs. 475.05 on the BSE on Wednesday after the results announcement.
It also said it would commission its insulin facility in Malaysia in the second-half of the 2014-15.