Biocon Q1 PAT up 10% at RS 102.91 Cr; scrip tumbles over 5%

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    Biocon Q1 PAT up 10% at RS 102.91 Cr; scrip tumbles over 5%
    Biopharmaceutical major Biocon on Friday reported a growth of 10 per cent in its consolidated net profit after taxes (PAT) at Rs 102.91 crore for the first quarter ended June 30, despite weak sales growth affected by ongoing geo-political conflicts in West Asia and North Africa.

    "The company had posted consolidated PAT of Rs 93.50 crore in the same period a year ago," Biocon said in a filing to Bombay Stock Exchange.

    In the April-June quarter, total income of the company increased moderately by 2.59 per cent to Rs 741.95 crore from Rs 723.17 crore in the same period a year ago.

    Commenting on Q1 performance, Biocon, Chairman and Managing Director, Kiran Mazumdar-Shaw said, "Our revenue growth this quarter has been muted. Our business performance reflects the challenges that we are temporarily facing in some of our key markets especially in the Middle East."

    "We are working towards diversifying our regional dependencies to diminish the impact of such externalities. However, we have sustained our operating margins and profits despite increase in costs. Our business profitability has remained intact indicating the benefits of portfolio optimization," she added.

    During the quarter, the company filed its first ANDAs, targeting the US generics market.

    The company has appointed Siddharth Mittal as Chief Financial Officer with effective from August 01, 2014, replacing Murali Krishnan, who retires after more than 30 years of distinguished service with the organization.

    Looking forward, the company expects progress in its development pipeline (across biosimilars and novel molecules) which will help some of its molecules to enter the clinic. The company will continue to make investments across infrastructure and people, to support growth and work steadfastly to deliver strong, sustained value growth to our stakeholders.

    "Our development pipeline across biosimilars and novel candidates continues to progress well. We remain committed towards improving our performance in the coming quarters," Shaw added.

    Weighed down by tepid sales growth, shares of company dipped 5.52 per cent to Rs 488.30 apiece on BSE at 10:52 hours.

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