Biocon Q3 net dips 15 pc to Rs 84 cr; shares fall over 2pc

Biocon Q3 net dips 15 pc to Rs 84 cr; shares fall over 2pc

Biotechnology major Biocon today reported 15.78 per cent decline in consolidated net profit at Rs 84.85 crore for the quarter ended December 31, 2011.

For the quarter ended December 31, 2010, the consolidated net profit of the group stood at Rs 100.76 crore, the company said in a regulatory filing.

The total income of the group increased to Rs 532.18 crore for the quarter ended December 31, 2011, from Rs 518.44 crore a year ago, the company added.

Commenting on the results, Chairman and Managing Director Kiran Mazumdar-Shaw said : "Our performance in the first three quarters of FY12 has been good on the manufacturing and services fronts where profits were up nearly 29 per cent (excluding licensing income)."
Licensing income, however, was sharply down from the exceptional levels recorded last fiscal which resulted in flat earnings overall, she said.

On a standalone basis, the company posted a net profit of Rs 64.73 crore for the quarter ended December 31, 2011 as compared to Rs 211.59 crore in the year ago period.
Total Income of the company decreased from Rs 515.94 crore for the quarter ended December 31, 2010 to Rs 396.30 crore for the quarter ended December 31, 2011.

Reacting to the weak numbers, shares of the company slumped as much as 4.41 per cent in a strong market. It was quoted at Rs 267.90, down 2.60 per cent at 1129 hrs on BSE.
"We have seen exceptional growth in our Research Services business," Shaw said adding that "Our focus on Emerging Markets is also enabling us to realise a greater potential for our APIs and Insulins portfolios."

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