Biocon on Wednesday reported a flat growth in its net profit at Rs.102 crore against the same period last year.
Total revenue of the Bangalore-based company for the July-September period was Rs 773 crore an increase of 3% when compared to the corresponding period last year.
The company’s performance was affected by the muted performance of the biopharma segment. This sector, which accounts for the major portion of the business, witnessed a negative growth of one per cent. Commenting on the company’s performance, Chairman and Managing Director Kiran Mazumdar-Shaw said, “The growth of our core biopharma business this quarter has been muted largely due to capacity constraints and geo-political challenges in the Middle East. However, clinical progress in our key global programs for generic Insulin Glargine and Trastuzumab is indicative of the value accretion that is realisable in the foreseeable future.”
The biopharma business continues to be impacted by various factors such as geo-political challenges in terms of credit risk in the MENA region, reduced offtake of specialty API, and capacity constraints, affecting the growth of this business. The outlook for the biopharma business remains challenging for the remaining part of this fiscal, the company said in a statement.
