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Biocon Q1 net dips 72% on rupee fluctuation

Biocon Q1 net dips 72% on rupee fluctuation
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First Published: Thu, Jul 17 2008. 12 24 PM IST
Updated: Thu, Jul 17 2008. 12 24 PM IST
PTI
Mumbai: Biotechnology company Biocon on 17 July announced a consolidated net profit of Rs15.02 crore for the quarter ended 30 June 2008, down 71.66% over the year-ago period, on account of rupee fluctuation.
The company has a consolidated net profit of Rs53 crore in the first quarter last fiscal year, Biocon said in filing to the Bombay Stock Exchange.
“Biocon’s Q1 FY 09 performance has been unfortunately impacted by rupee volatility which has seen us make a mark-to-market provision of Rs26 crore. The absence of licensing income this quarter has had a disproportionate impact on profitability,” Biocon chairperson and MD Kiran Mazumdar Shaw said.
The consolidated total income however, rose to Rs276.53 crore in the latest quarter, from Rs272.21 crore a year ago.
This fiscal, the company expects the licensing income to be significant. “We are making excellent progress on the research front with several programmes approaching a licensing phase over the next two years, expected to provide attractive return on investment (ROI),” Mazumdar Shaw said.
Company’s total income rose to Rs237.46 crore in the latest quarter, from Rs231.59 crore in the year-ago period.
Shares of Biocon were trading at Rs 370.80, down 1.44% on the BSE in early trade.
Meanwhile, the company has figured among the top 25 global biotechnology companies, according to a report released by Med Ad News.
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First Published: Thu, Jul 17 2008. 12 24 PM IST