Biotechnology giant Biocon on Friday announced robust two-fold increase in consolidated net profit at Rs 249 crore for the quarter ended March 31, 2013, in comparison with Rs 98 crore during the same period last year, representing a rise of 154 per cent.
The total revenue of the company during the quarter under review was Rs 649 crore, compared to Rs 622 crore recorded during Q4 FY ’12, translating into a rise of 4 per cent.
While consolidated net sales of the company rose by 7 per cent at Rs 630 crore for the quarter ended March 31, 2013, as against Rs 589 crore during the same period last year, other income dipped by 43 per cent at Rs 19 crore, in comparison to Rs 33 crore during the same period last year.
Addressing reporters, Biocon Chairman and Managing Director Kiran Mazumdar Shaw said, “The key contributors to growth this fiscal have been research services, branded formulations and our growing biosimilar business, led by generic insulin,” adding that the company’s insulin franchise continues to garner market share across India and emerging markets and now accounts for more than 10 per cent of its sales.
For the quarter under review (Q4), its biopharma business declined 7 per cent to Rs 380 crore, while the branded formulations business grew 30 per cent YoY to Rs 84 crore and the research services (Syngene and Clinigene) business grew 41 per cent YoY to Rs 166 crore.
The company’s January-March EBITDA (earnings before interest, taxes, depreciation and amortisation) was down 21 per cent year-on-year to Rs 124 crore.
This quarter, however, was skewed by staff costs in the form of payment of performance bonuses to the senior executive team.
The company also lost certain tax incentives, which made its taxes rise to Rs 28 crore during Q4 FY ’12, as against Rs 12 crore during the same period last year.
Mylan partnership
Meanwhile, Mazumdar Shaw said, “This quarter saw us enhance our partnership with Mylan through the relicencing of our portfolio of generic insulin analogs,” adding that the company received $20 million as an upfront for further development.
Going forward, the emphasis in FY ’14 will be on the execution of development plans for the generic biologics portfolio with a firm leash on costs and portfolio margins.
The company expects its R&D costs to increase in line with the progress being made by its generics biologics and novel molecules.
Biocon announced its aim to become a billion-dollar company by 2018, on the revenue front. At the end of day’s trade, Biocon shares stood at 278.50 on BSE, a decline 3.73 per cent.
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