Biocon Q1 net up 19 per cent at Rs 93.50 cr

Biotechnology major Biocon has reported a 18.65 per cent rise in consolidated net profit at Rs 93.50 for the first quarter ended June 30, mainly on account of strong performance in the biopharma segment.

The company had posted a net profit of Rs 78.80 crore in the same quarter last financial year.

It said 'net' is net profit after taxes, minority interest.

Biocon's consolidated total income during the April-June quarter also rose to Rs 700.69 crore, against Rs 576.68 crore for the year-ago period.

"We are pleased to report a strong set of numbers for Q1 FY14. The new organisation structure has enabled us to deliver superior results with the core business performing strongly," Biocon Chairman and Managing Director Kiran Mazumdar-Shaw said.

"The current fiscal will see the company consolidate its various initiatives whilst it continue investments in biosimilars and novel molecules, to deliver a sustainable growth platform," she added.

Reacting to the results, shares of the company were trading 4.39 per cent higher at Rs 312.70 on the Bombay Stock Exchange in morning trade.

With inputs from PTI