INSUBCONTINENT EXCLUSIVE:
The blue-chip scrip of Rs 5 face value lost Rs 24.60 per share on BSE on Thursday.Biotech major Biocon Ltd has reported Rs 355 crore
consolidated net profit for the second quarter (Q2) of fiscal 2018-19, registering a record 416 per cent growth from Rs 69 crore in the like
period year ago and 196 per cent sequential growth from Rs 120 crore quarter ago.In a regulatory filing on late Thursday, the city-based
pharma behemoth said consolidated revenue from operations for Q2 grew 36 per cent year-on-year (YoY) to Rs 1,321 crore from Rs 969 crore in
the same period year ago and 18 per cent sequentially from Rs 1,124 crore quarter ago."Net profit excluding exceptional income at Rs 184
crore for Q2 is 167 per cent YoY," said the filing.Earnings before interest, tax, depreciation and amortisation (Ebitda) also shot up 69 per
cent YoY to Rs 394 crore from Rs 233 crore a year ago and 28 per cent sequentially from Rs 367 crore quarter ago."We delivered a strong
revenue growth of 35 per cent for the quarter, driven by robust performance across biologics, small molecules and research services
segments," said Biocon Chairperson Kiran Mazumdar-Shaw in a statement here later.Net profit grew whopping on account of strong top line,
including biosimilar Pegfilgrastim sales in the US and margin expansion."We are encouraged by the United States FDA's acceptance of an
IND (Investigational New Drug submitted by our partner Equillium Inc
for Itolizumab, a novel monoclonal antibody, for an orphan indication," added Shaw.The blue-chip scrip of Rs 5 face value, however, lost Rs
24.60 per share due to headwinds on the BSE ending at Rs 619.85 at the close of Thursday's trading as against Wednesday's closing price
of Rs 644.45 and opening price of Rs 639 per share.(Except for the headline, this story has not been edited by TheIndianSubcontinent staff
and is published from a syndicated feed.)
