BENGALURU: Biopharmaceutical company Biocon’s net profit rose 11% to Rs 187 crore in the third quarter ended December 31, 2021. Its net profit in the same quarter of the last year was Rs 169 crore.The company’s third quarter revenues grew 18% Y-o-Y to Rs 2,223 crore, driven by a strong performance across all business segments.
Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, said, “Biosimilars grew by 28% to Rs 981 crore, research services was up 10% at Rs 641 crore and generics delivered a 7% growth at Rs 607 crore.”“Approvals for several of our generics and biosimilars in global markets, and renewal of key long-term research service agreements at Syngene, position us for a strong close to this fiscal,” she said.
The company said that its strategic alliance with Serum Institute Life Sciences (SILS), which involves a merger of Covishield Technologies Private Ltd into Biocon Biologics, is on track.Biocon said due to the demand for its insulins globally, it has initiated investments for the expansion of its insulin making facility in Malaysia. Shares of the company on Friday closed at Rs 376.60, up 3.49% from its previous close on BSE.