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Biocon, the Indian biotechnology major, has posted a net profit of Rs.47.6 crore for the first quarter this fiscal, registering a 59% YoY. Total income for the quarter under review has grown only 9% YoY to Rs.259 crore from Rs.237 crore in the like period a year ago.
As a group, the net profit soared 283% YoY to Rs.57.6 crore for the first quarter from Rs.15 crore. Similarly, the group's total income increased 83% YoY to Rs.505 crore from Rs.277 crore. Group companies include the recently acquired German subsidiary AxiCorp.
"We have delivered robust growth across all segments. This, we believe, is a trend that holds goods prospects for the year ahead," Biocon chairperson Kiran Mazumdar Shaw said in a statement.
Operating profit grew 45% to Rs.101 crore, while operating margins excluding that of AxiCorp were sustained at 32%.
"We are making excellent progress on the research front with several programmes approaching a licensing potential. Our recently announced partnership deal with Mylan positions us amongst the front-runners to address the emerging global market opportunity for bio-generics," Shaw said.
