Biocon posts Rs86 crore net profit for quarter ended September
22 Oct 2011
Bangalore-based Biocon's net profit in the quarter ended September 2011, was down 4 per cent to Rs86 crore as against the corresponding period in 2010-11.
The pharma company's numbers for last year, include those of AxiCorp, Biocon's German subsidiary, which it sold earlier this year. Excluding AxiCorp, net profit was up 5 per cent.
The company's revenue in the quarter surged 23 per cent to Rs524 crore, as material, power and staff costs weighed down the net profit. Staff costs surged 38 per cent to Rs72 crore, and material and power costs increased 25 per cent to Rs237 crore.
According to analysts the company had seen a good performance in biopharmceuticals.
The biopharmaceuticals business registered a growth of 21 per cent to Rs415 crore, of which branded formulations, including the diabetology and cardiology divisions, accounted for Rs64 crore, a 30 per cent increase over the September quarter last year.
The contract research business that included its contract research arm Syngene and clinical trial arm Clinigene reported a 19 per cent growth to Rs93 crore.