Bangalore-based pharmaceutical company Biocon on Thursday reported its result for the first quarter of the financial year 2016-17. The firm's net profit rose 35 percent to Rs. 166.6 crore as compared to Rs. 123.9 crore during the same quarter in the last financial year, the company said in its regulatory filing to the Bombay Stock Exchange.
Biocon's consolidated net revenues for the June quarter rose 21 percent to Rs. 982 crore as compared to Rs. 813.9 crore during the same time in the previous fiscal.
"Our strong performance this quarter has been driven by an all-round growth of our business across small molecules, biologics, branded formulations and research services," Kiran Mazumdar-Shaw, the Chairperson and Managing Director of Biocon, said.
Biocon's Biologics business delivered a growth of 53 percent, which was driven by the sales of Biosimilars in emerging markets. The company's insulin business also got a boost with the launch of its Insulin Glargine in Japan.
Biocon has received regulatory approvals from the ministry of health, Malaysia, for rh-Insulin and Glargine, which would enable commercialisation of these products.
"We are on track for filing some of our Biosimilars and Generic Formulations in the developed market later this year," Shaw added.
The company's net sales for the quarter that ended on June 30 was recorded at Rs. 972 crore as against Rs. 757 crore during the corresponding quarter in the previous fiscal.
The Biocon Limited stock was trading at Rs. 745.10 at around 10:18 a.m. on Friday, up 6.22 percent from its previous close on the BSE.