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Bangalore-based biotech major Biocon witnessed a 9% increase in its net profit to Rs 92 crore from Rs 84 crore for the third quarter of FY13 ended on December 31, 2012 when compared to the same period last year.
The company attributed the growth to volume expansions, price increases and improved export realisations.
The total revenues of the company for the October-December period stood at Rs 642.91 crore, reporting an increase of around 24% as against the corresponding period last year.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the period stood at Rs 167 crore, registering a growth of around 25% when compared to the same period last year.
The net profit of Biocon for the nine months period ended December 31, 2012 stood at Rs 261.74 crore as against Rs 240.60 crore, registering a growth of around 8% as against the same period last year. The revenues of the company for the nine months period rose 23% to Rs 1,797.48 crore from Rs 1,460.32 crore when compared to the same period last year.
Chairman and Managing Director, Kiran Mazumdar-Shaw said, "Our 9M performance has seen a 23% y-o-y increase in revenues and an 11% EBITDA growth attributable to a combination of volume expansions, price increases and improved export realisations. We have performed well across all our business verticals. We continue to gain market share for Biosimilar Insulins in ROW markets, which now accounts for a significant part of our business."
The company also said that during the third quarter, the biopharma business witnessed a y-o-y growth of 22%, led by an improved product mix. Small Molecules sales to US and Europe remain robust and emerging markets delivered strong sales in Insulins and immunosuppressants.
"We have signed an option agreement with Bristol Myers Squibb (BMS) for the global clinical development of our oral Insulin program: IN-105. This alliance with BMS is a strategic partnership which will help us undertake targeted global trials under a US IND. BMS has the right to exercise an option for exclusive worldwide license post the completion of these trials," added Kiran Mazumdar-shaw.
The company's branded formulations business delivered a growth of 35% during the nine month period. Biocon also introduced several new products in the quarter across cardiology, immunology and comprehensive care.
"Our research services arm continues to grow robustly, delivering 34% y-o-y growth for the nine month period. We expect the recent partnership with GE to leverage novel platform technologies, thereby creating further value differentiators," the company said.
Going forward, the company aims to have higher contribution from biosimilars, research services and branded formulations to the overall revenue.
On BSE the shares of the company was trading at Rs 267.40, up 1.42%, in the early morning trade.