By Jay Shankar/Bloomberg
Biocon Ltd., India’s biggest biotechnology company, said consolidated net profit rose 27% in the fourth quarter while its net profit for the fiscal fourth quarter to March 31 rose 46% to Rs472.9 million.
Net income rose to Rs607 million from Rs478.3 million for the three months ended 31 March, the Bangalore- based company said in a release on 19 April. Sales rose 30% to Rs2.78 billion.Its net sales were Rs2.34 billion, up 29% from 1.82 billion a year earlier.
Consolidated net profit, which includes subsidiaries of the Bangalore-based group, rose 27% to Rs607 million. For the full year, net profit for the group was Rs1.58 billion, up 19%. Net sales gained 24% to Rs8.51 billion.
Biocon shares fell Rs1.9, or 0.4%,to Rs521.7 at 10:38 a.m. local time on the Bombay Stock Exchange on 19 April. The shares have gained 40% so far this year.
Biocon said revenue from the biopharmaceuticals and enzymes business grew 20% during the fiscal year, contributing 83% to operating revenues. Revenue from research services and licensing rose 63%, making up 17% of revenue.
“We will continue to make significant investments (in) our innovation pipeline and leverage the strategic initiatives to enter new business segments like oncology and nephrology,” said chief operating officer Arun Chandavarkar.