Biocon shows 18.65% growth in first-quarter net profit

India's top biotechnology firm Biocon  on Friday reported a rise of 18.65 per cent in consolidated net profit at Rs93.50 crore for the first quarter of this financial year, mainly on account of strong performance in the biopharma segment.

The company had posted a net profit of Rs78.80 crore in the same quarter last fiscal, Biocon said in a statement.

Consolidated total income of the company also rose to Rs700.69 crore for the April-June 2013 quarter as against Rs576.68 crore for the year-ago period.

 Commenting on the results, Biocon chairman and managing director Kiran Mazumdar-Shaw said, "We are pleased to report a strong set of numbers for Q1 FY14. The new organisation structure has enabled us to deliver superior results with the core business performing strongly.

"The current fiscal will see the company consolidate its various initiatives whilst it continues investments in biosimilars and novel molecules, to deliver a sustainable growth platform," she added.

In an interview with Financial Express, Mazumdar-Shaw further said, ''I think the reason why the industry growth has been muted or declining is because of the regulatory uncertainties and control confusion that the government has caused.

''Now, with everything more or less kind of addressed, hopefully the industry will recover.''

Shares of the company were trading 4.39 per cent higher at Rs312.70 in morning trade on the Bombay Stock Exchange.