Biocon Limited posted a net profit of Rs225 crore for the financial year ended March 2008, an increase of 13% over the previous corresponding period.
Operating margins at 31% for the year showed an improvement of 2% over the previous fiscal. The Earnings Per Share (EPS) stands at Rs22.5 for the year.
The Board has recommended a dividend of 60% (Rs3 per share) and a special dividend of 40% (Rs2 per share) pursuant to the divestment of the Enzymes business besides recommending a 1:1 bonus.
“We have delivered a 13% increase in PAT despite Rs27 crore increase in depreciation,” said Kiran Mazumdar-Shaw, Chairman and Managing Director, Biocon Limited.
During the period under review, revenues from research services grew 29% to Rs176 crore from Rs136 crore, contributing 16 % to consolidated revenues in FY 2008. However, currency appreciation and capacity expansion for future demand kept operating margins flat.
“The recent AxiCorp acquisition is a significant move that provides us key access to the European market. We wish to make similar inroads into other markets to expand our global footprint,” the CMD added.