Biotechnology major Biocon on Thursday said its consolidated net profit stood at Rs. 74.19 crore in the second quarter, a nearly three-fold jump over the same period last year on robust results posted mainly by its clinical research organisations — Syngene and Clinigene.
Consolidated total income increased to Rs. 592.35 crore during the September quarter from Rs. 457.73 crore in the year-ago period, the company said in a filing to the Bombay Stock Exchange.
Biocon Group Chairman and Managing Director Kiran Mazumdar Shaw said : “MTM (mark-to-market) losses are behind us. We have delivered strong earnings in the first half and are confident of sustaining the performance for the remainder of the year.”
“Both Syngene and Clinigene have posted strong results and we believe that our investments are delivering good returns. The operations are strong and the investments made thus far assure good future profitability,” Ms. Shaw added.
On a standalone basis, the company posted a whopping 86 per cent jump in second quarter net profit at Rs. 62.36 crore.
The total income during the period increased to Rs. 312.44 crore from Rs. 268.27 crore a year ago.
Shares of the company surged 3.50 per cent in morning trade on the BSE after the company announced robust earnings. The scrip, later, was trading at Rs. 278.65, up 2.86 per cent on the BSE.