Biocon gains 5% on
strong Q3 numbers; wins Rs 460 crore contract
The company's Q3 (Oct-Dec) consolidated net profit jumped 64.6 percent
to Rs 171.3 crore from Rs 104.1 crore, in the same quarter last fiscal.
Shares of Biocon gained 5 percent intraday Wednesday post strong December quarter
numbers. The company's Q3 (Oct-Dec) consolidated net profit jumped 64.6
percent to Rs 171.3 crore from Rs 104.1 crore, in the same quarter last fiscal.
Total income of the company was up 29.4 percent at Rs 1,044.4 crore and
other income rose 119 percent at Rs 47.4 crore
The company's EBITDA was up 49.4 percent at Rs 276.10 crore and EBITDA
margin was up 350 bps at 26.4 percent.
Meanwhile, it has also won a contract worth approximately Rs 460 crore.
The Ministry of Health, Malaysia, has awarded a contract worth MYR 300
million (approximately Rs 460 crore), to Biocon subsidiary, Biocon SDN.
BHD., Malaysia for supplying recombinant human insulin formulations manufactured at its large scale biopharmaceuticals facility in Johor,
Malaysia.
The company's rh-Insulin is Malaysia's first locally manufactured
biosimilar biologic product approved by the National Pharmaceutical
Regulatory Authority (NPRA), Malaysia, for commercial sales in the
country, which makes the commercialisation milestone of company's first
overseas facility in Malaysia.
The company will distribute insulins and insulin delivery devices
through leading local pharmaceutical player CCM Pharmaceuticals.
The contract to be serviced over a period of three years and extendable
for additional two years is subject to approval by the government of
Malaysia.
Kiran Mazumdar-Shaw, CMD of Biocon said, "It is a matter of pride that
this is a 'Made in Malaysia' insulin product manufactured by Biocon Sdn.
Bhd. at the BioXcell Biotech Part in Nusajaya, Johor."
"We expect our Malaysian facility to cater to the growing needs for
affordable insulins across the globe," she added
