Biocon reports flat growth in Q2, net at Rs 102 crore

Biocon has reported a flat growth in its consolidated net profit at Rs 102.05 crore for the quarter ended September 30, 2014.

The company had posted a net profit after tax and minority interest at Rs 102.15 crore for the corresponding period of the previous financial year, Biocon said in a statement.

Consolidated total income of the company, however, rose to Rs 757.59 crore for the quarter under consideration against Rs 740.81 crore for the same period a year ago.

Commenting on the quarterly performance, Biocon 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 programmes for generic Insulin Glargine and Trastuzumab is indicative of the value accretion that is realisable in the foreseeable future, she added.

Shares of Biocon were on Wednesday trading at Rs 474.50 per scrip in the afternoon trade on the BSE, down 1.09 per cent from its previous close.