Biotechnology drugs company Biocon announced a 50 per cent jump in its net profit at Rs. 509 crore for 2012-13, largely due to an exceptional income of Rs. 202 crore from the U.S. major Mylan for insulin analogues, company Chairman and Managing Director Kiran Mazumdar-Shaw said. Without the exceptional income, the consolidated net profit of Rs. 308 crore is nine per cent lower year-on-year.
The group’s revenue was up 19 per cent at Rs. 2,485 crore. The insulin analogs re-licensing or co-development model with Mylan significantly reduced the expenditure burden on Biocon.
The company shared the benefit with a 50 per cent special dividend (Rs. 2.50 per share) in addition to 100 per cent (Rs. 5 per share) dividend. Research services arm Syngene and its subsidiary Clinigene, which together clocked an income of Rs. 557 crore, were the star performers.
“We are on track to being a $ 1-billion company in fiscal 2018 and touch $ 700 million by fiscal 2015,” Ms Shaw said.
