Biocon net zooms 416 per cent for Q2

Bengaluru: Biotech major Biocon Ltd has reported Rs 355 crore consolidated net profit for the second quarter (Q2) of fiscal 2018-19, registering a record 416 per cent growth from Rs 69 crore in the like period year ago and 196 per cent sequential growth from Rs 120 crore quarter ago.

In a regulatory filing on late Thursday, the city-based pharma behemoth said consolidated revenue from operations for Q2 grew 36 per cent year-on-year (YoY) to Rs 1,321 crore from Rs 969 crore in the same period year ago and 18 per cent sequentially from Rs 1,124 crore quarter ago.

“Net profit excluding exceptional income at Rs 184 crore for Q2 is 167 per cent YoY,” said the filing.

Earnings before interest, tax, depreciation and amortisation (Ebitda) also shot up 69 per cent YoY to Rs 394 crore from Rs 233 crore a year ago and 28 per cent sequentially from Rs 367 crore quarter ago.

“We delivered a strong revenue growth of 35 per cent for the quarter, driven by robust performance across biologics, small molecules and research services segments,” said Biocon Chairperson Kiran Mazumdar-Shaw in a statement here later.

Net profit grew whopping on account of strong top line, including biosimilar Pegfilgrastim sales in the US and margin expansion.

“We are encouraged by the U.S. FDA’s acceptance of an IND (Investigational New Drug submitted by our partner Equillium Inc. for Itolizumab, a novel monoclonal antibody, for an orphan indication,” added Shaw.

The blue-chip scrip of Rs 5 face value, however, lost Rs 24.60 per share due to headwinds on the BSE ending at Rs 619.85 at the close of Thursday’s trading as against Wednesday’s closing price of Rs 644.45 and opening price of Rs 639 per share.