Biopharma major Biocon Ltd said on Thursday its profits increased 13% to Rs 103 crore in the third quarter compared to the same period a year ago.
The company's revenue rose 10% to Rs 828 crore in the October-December quarter, helped by an increase in business growth from its contract research arm Syngene International. Syngene posted a 31.25% increase in net profit to Rs 58.8 crore for the December quarter.
"Excluding profit contribution from Syngene, Biocon's net profit this quarter has increased by 28% y-o-y despite a 45% jump in R&D spends and a significant increase in tax. This reflects a marked improvement in the quality of our earnings led by better realisations from biosimilars and immunosuppressants in emerging markets," Biocon chairperson and managing director Kiran Mazumdar-Shaw said in a statement.
"Syngene, our research services company, has delivered yet another strong quarter both in terms of revenues and profits," she said.
The company spent Rs 68 crore on research and development as the prospects for biosimilars and new drug development improved. It also earned licensing income of Rs 32 crore from monetising its biosimilars portfolio in emerging markets.
Bangalore-based Biocon had earned a profit of Rs 91 crore and revenue of Rs 761 crore in the October-December quarter in 2014.
Biocon said it had received positive clinical data from key studies for Insulin Tregopil in the US.
"Biocon's four most advanced biosimilar and generic insulin programmes, Insulin Glargine, Trastuzumab, Pegfilgrastim and Adalimumab, continue to cross critical clinical milestones and are on track for regulatory filings in US & Europe in CY2016," the company's chairperson said.
Biocon shares traded almost flat at Rs 483.80 on the Bombay Stock Exchange on Friday.