Biocon, a leading biotechnology company, said its consolidated third-quarter profit rose 14.42%. It earned consolidated profit of Rs 1,049.9 million for the quarter ended Dec. 31, 2013, compared with Rs 917.60 million, a year ago.
 
Quarterly total income rose to Rs 7.19 billion, an increase of 9.10% over Rs 6.59 billion in the same period a year ago.

''The outlook for FY14 remains positive while we strive to balance our revenue growth and R&D spend. Our portfolio and cost optimization initiatives continue, helping us manage our margins more effectively. We continue to invest in our R&D pipeline, and the several milestones achieved over the course of this year are indicative of the growth opportunities ahead of us. Our Malaysia facility is on track for commissioning in FY15,'' the company said.

Commenting on the quarterly performance and highlights, chairman and MD, Kiran Mazumdar-Shaw stated, ''Q3 FY14 has been a very eventful quarter for us, with several research milestones across our novel molecules and biosimilars portfolio. The key highlight was the DCGI approval for our biosimilar Trastuzumab, which paved the way for its commercial launch in India as CANMAb™. CANMAb™ is not only the world's first biosimilar Trastuzumab, but is also the most affordable worldwide. We have also strengthened our R&D pipeline with 2 new alliances giving us access to novel technology platforms.

The performance of the Biopharmaceuticals segment has been steady as we continue our efforts to optimise the product basket. We have witnessed sustained business momentum in Research Services, and a return to growth for our Branded Formulations vertical. Our investment efforts in Malaysia continue and we are on track to commission our insulin facility in FY15. We expect to close this financial year with a strong performance across business verticals.''

Shares of the company declined Rs 3.15, or 0.65%, to settle at Rs 479.15. The total volume of shares traded was 531,805 at the BSE (Wednesday).