Biocon Q4 net profit up 25%

Biocon Q4 net profit up 25%

The total income grew 7 per cent to Rs 702 crore in the fourth quarter, compared to Rs 657 crore in the same period last year.

For year ended March 31, 2011, the company had posted a net profit of Rs 368 crore, up 25 per cent form Rs 293 crore in the previous year. Its total income at Rs 2814 crore was up 17 per cent from Rs 2405 crore in the previous year.

Biocon Chairperson & Managing Director Kiran Majumdar-Shaw said “the year-ended March 2011 delivered strong multi-sectoral growth. Emerging markets have realised significant and sustained growth for our active pharmaceutical ingredients (APIs), whilst our branded formulations have scripted business success in India.”

Licensing income from Pfizer and others has contributed materially to profit generations this fiscal, she said. The Biocon group’s research services businesses supported by Syngene and Clinigene have signaled a turnaround, she said.

“We are confident this will drive robust profitability next fiscal. To support our expanding business operations, we expect to increase our employee strength by around 1,000 in the year ending March 2012” she said.

The company announced it will divest its 70 per cent stake in its German arm — Axicorp GmbH, to its existing group of promoter shareholders following its global alliance with Pfizer for commercialisation of biosimilar insulin and insulin analogs.

The company has also said that it will spend Rs 200 crore in capital expenditure for research and development in the current financila year.