Biocon net profit rises 71% to Rs 144 crore in June quarter

Biotechnology major Biocon on Wednesday reported a 71 per cent increase in consolidated net profit at Rs 144 crore for the June quarter on the back of robust growth across business verticals.

The company had posted a net profit of Rs 84 crore in the April-June quarter of the previous fiscal.

Total revenue rose to Rs 2,217 crore in the first quarter as compared with Rs 1,808 crore in the year-ago period, Biocon said in a regulatory filing.

Biocon Executive Chairperson Kiran Mazumdar-Shaw said revenues grew as a result of robust growth in both biosimilar and generics verticals.

"Our financial performance this quarter includes the impact of annual increments in personnel costs as well as increased input and freight costs, pursuant to pandemic and geopolitical disruptions of global supply chains," she added.

All the company businesses are poised for the next phase of sustainable growth which has been challenged during the two years of the Covid pandemic, Mazumdar-Shaw said.