Biocon Q3 net profit up 9% at Rs 93 crore
The Bangalore-headquartered firm had posted a net profit of Rs 84.85 crore during the same period of previous fiscal.
Net sales of the company rose to Rs 634.22 crore for the third quarter, as against Rs 516.59 crore during the same period of 2011-12 fiscal.
Commenting on the results, Biocon Chairman and Managing Director Kiran Mazumdar-Shaw said the company's revenues grew on back of volume expansions, price increases and improved export realisations.
"We have performed well across all our business verticals. We continue to gain market share for Biosimilar Insulins in rest of world (ROW) markets which now accounts for a significant part of our business," Shaw added.
During the quarter, the company said its biopharma business grew by 22 per cent over the same period of previous fiscal, on back of improved product mix.
"Our formulations business in the Middle East, through our joint venture NeoBiocon, has begun to gain critical mass recording sales of USD 5 million," Biocon said in a statement.
For the nine months ended December 31, 2012, the company posted a net profit of Rs 261.74 crore, while its net sales stood at Rs 1,797.48 crore.
The company said it has initiated patient enrolment for the global phase III clinical trials for biosimilar trastuzumab (for treating certain types
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