The company had posted a consolidated net profit of Rs 91.76 crore in the same quarter last fiscal.
Consolidated net sales during the quarter under review stood at Rs 701.16 crore as against Rs 634.22 crore in the year-ago period.
Commenting on the quarterly performance, Biocon Chairman and Managing Director Kiran Mazumdar-Shaw said: "Q3 FY14 has been a very eventful quarter for us, with several research milestones across our novel molecules and biosimilars portfolio.
"The key highlight was the DCGI approval for our biosimilar Trastuzumab, which paved the way for its commercial launch in India as CANMAb."
The growth for this quarter has been led by the company's flagship drug brands - Basalog, Insupen, BioMab EGFR and Abraxane.
"In addition, we have seen very enthusiastic uptake of Cytosorb, a novel therapy in sepsis management that we had launched last quarter," she added.
The company has also strengthened its R&D pipeline with two new alliances giving it access to novel technology platforms.
"The performance of the Biopharmaceuticals segment has been steady as we continue our efforts to optimise the product basket. We have witnessed sustained business momentum in research services, and a return to growth for our Branded Formulations vertical," Mazumdar-Shaw said.
Biocon have also signed a licensing and co-development agreement with Advaxis Inc for ADXS-HPV, a novel cancer immunotherapy to treat Human Papilloma Virus (HPV)-associated cervical cancer in India and key emerging markets.
Shares of Biocon Ltd were trading at Rs 455.95
per scrip in the afternoon trade, down 4.84 per cent from the previous close on the BSE.
The company said it has commenced global trials for its oral insulin (IN 105) programme in the US. It has also entered into a strategic collaboration with Quark Pharmaceuticals this quarter, to develop a range of new medicines, including a drug candidate for ophthalmic conditions.
On the outlook, she said: "The outlook for FY14 remains positive while we strive to balance our revenue growth and R&D spend. Our portfolio and cost optimisation initiatives continue, helping us manage our margins more effectively."
She said Biocon's Malaysia facility is on track for commissioning in FY15.
"We expect to close this financial year with a strong performance across business verticals," Mazumdar-Shaw said.