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Biocon Q1 net at Rs. 15 crore

BANGALORE: Biocon on Thursday reported ‘a difficult quarter with impact of currency loss combined with operational delays,’ resulting in a Rs. 6-crore decline in the operating profit. Absence of licensing income also affected profit, the company said. This had earned Rs. 17 crore in the first quarter last year.

Revenues for the quarter was Rs. 277 crore, earnings before income-tax and depreciation Rs. 70 crore and profit after tax Rs 15 crore. However, income from biopharmaceuticals income (excluding licensing) showed a 40 per cent increase in PAT to reach Rs. 39 crore. Branded formulations related to cardio-diabetes, nephrology and cancer drugs showed growth.

During the quarter, Biocon filed 23 new patents and progressed will in clinical development of oral insulin and anti-bodies. The company will launch Abraxene (for treatment of breast cancer), a forumaltion approved for marketing in 35 countries including the U.S. and Europe, on Friday.

Commenting on the results, Chairman and Managing Director Kiran Mazumdar-Shaw said, “The rupee exchange volatility impacted our performance though we made a conservative mark-to-market provision of Rs 26 crore. But, business fundamentals are robust as demonstrated by a strong profit growth in that segment.”

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