Biocon Ltd. posted a net profit of Rs.86.74 crore for the quarter ended March 31, 2014, showing a 126.5 per cent increase over the net profit of Rs.38.29 crore for the same quarter last fiscal. Total income increased 20 per cent to Rs.582.5 crore.
However, its consolidated or group net profit of Rs.113 crore for the quarter was 54.5 per cent lower than a year back.
The group profit for the entire year was Rs. 413.7 crore, which was 18.7 per cent lower than the Rs. 508.8 crore it registered in 2013-14. The company explained that it should be read without an exceptional one-time income of Rs. 185 crore that it showed last year as research advance from former partner Pfizer.
Quarterly income was up 15 per cent at Rs.649 crore over last year's.
Consolidated total income touched Rs.2,933 crore, a growth of 16 per cent over Rs.2,538 crore. Chief Operating Officer Arun Chandavarkar has been elevated as Chief Executive Officer and Joint Managing Director.
He has also been inducted to the board as additional director. Ravi Limaye, formerly with Novartis, is its new President, Marketing.
Final dividendThe board on Thursday recommended a final dividend of Rs.5 per share (or 100 per cent) for 2013-14.
Chairman and Managing Director Kiran Mazumdar-Shaw said, “Biocon ended fiscal 2014 on a strong note. We delivered 16 per cent revenue growth” by focussing on optimising the mix of products and increasing capacities.
She said, “We expect FY15 [fiscal 2014-15] to reflect continued business momentum with biosimilars, branded formulations and research services driving growth. The progress in our development pipeline (across biosimilars and novel molecules) will see some of our molecules enter the clinic. We continue to make investments in infrastructure and people.”
The planned listing of research arm Syngene was being assessed and would be taken up after the new government was in place.
Biocon’s IN105 insulin pill project was being clinically moved ahead by its U.S. partner Bristol Myers Squibb.
