Biocon Q1 consolidated net profit up 34% to Rs 1,666 million

India's biotech company Biocon on Thursday reported over 34% rise in the consolidated net profit for the first quarter (Q1) ended on June 30, 2016. 

The company's net profit during the April-June quarter of the fiscal year 2016-17 (FY17) jumped by 34.46% to Rs 1,666 million as against Rs 1,239 million in the April-June quarter of the fiscal year 2015-16 (FY16), Biotech said in a filing to the Bombay Stock Exchange (BSE). 

The Bengaluru-based firm's total net income from operations during the quarter under review surged by 20.70% to Rs 9,824 million as compared to Rs 8,139 million in the same quarter of the previous fiscal.

Its total expenses during the period rose by 18.18% to Rs 7,854 million as against Rs 6,646 million in the corresponding period of last 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," Biocon's chairperson and managing director Kiran Mazumdar-Shaw said in a statement. 

The company's biologics business delivered a growth of 53% driven by the sales of biosimilars in emerging markets, she added. 

"The submission of Pegfilgrastim, our first biosimilar filing in EU, is a critical milestone this quarter. Our insulins business made a mark with the launch of Insulin Glargine in Japan," Mazumdar-Shaw said. 

Moreover, the company is on track for filing some of its biosimilars and generic formulations in the developed markets later this year, she noted. 

The stock of Biocon on Thursday closed down 1.21% or Rs 8.60 at Rs 701.50 on the BSE.