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Biocon Q2 net dips 54% on rupee volatility

Biocon Q2 net dips 54% on rupee volatility
PTI
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First Published: Thu, Oct 16 2008. 11 56 AM IST
Updated: Thu, Oct 16 2008. 11 56 AM IST
Mumbai: Biotechnology firm Biocon today announced a consolidated net profit of Rs25.02 crore for the second quarter ended 30 September, a 53.64% decline from the year-ago period, largely due to rupee volatility.
The company had a net profit of Rs53.97 crore in the second quarter of FY’08, Biocon informed the Bombay Stock Exchange and added that its net sales rose to Rs439.30 crore for the quarter under review, from Rs263.66 crore last year.
On a standalone basis, Biocon posted a net profit of Rs33.53 crore for the quarter ended 30 September, compared with Rs44.01 crore for the same period last year. Total Income of the company increased to Rs268.27 crore for the second quarter this fiscal from Rs241.32 crore a year ago.
“Biocon’s H1’09 performance has shown resilience despite being impacted by rupee volatility, which has seen us make mark-to-market provision of Rs60 crore,” Biocon chairman and managing director Kiran Mazumdar Shaw said.
For the six month ended 30 September, Biocon has posted a net profit of Rs40.06 crore, a 62.49% decline from the net profit of Rs106.80 crore in the corresponding period previous fiscal.
The net sales of the company stood at Rs703.23 crore for the six month ended on 30 September, from Rs517.66 crore in the corresponding period.
“At a time when global businesses are challenged with an economic downturn, we believe that our strong financial base gives us a significant advantage,” Shaw added.
The company, for the quarter ended 30 September, has paid dividend of Rs5 per share amounting to Rs50 crore for the year 2007-08 representing 100% (including a special dividend 40%).
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First Published: Thu, Oct 16 2008. 11 56 AM IST