Biotech major Biocon has increased its gross Research and Development (R&D) expenditure by nearly 15 per cent. The company, which has R&D as a key focus, saw its gross R&D spends at Rs 54 crore, which is about 10 per cent of the company’s biopharma revenues and was Rs 7 crore over and above its gross R&D spend during the corresponding quarter of the previous year. Of the gross R&D spend of Rs 54 crore, the company’s net R&D spend was Rs 31 crore. Moreover, the company capitalised around Rs 16 crore of the development costs and Rs 7 crore came from the deferred revenues from the annulled deal with Pfizer.
The company has reported 10.06% rise in its consolidated net profit after taxes & Minority interest at Rs 102.91 crore for the quarter as compared to Rs 93.50 crore for the same quarter in the previous year. Total income has increased by 2.59% at Rs 741.95 crore for quarter under review as compared to Rs 723.17crore for the quarter ended June 30, 2013.
