Mumbai: India’s biggest biotechnology firm, Biocon Ltd, posted a threefold increase in consolidated net profit to Rs80.62 crore in the quarter ended March, compared with Rs24.88 crore a year earlier.
Consolidated net sales rose to Rs656.84 crore during the January-March period, from Rs466.26 crore in the same quarter a year earlier, Biocon said in a filing to the National Stock Exchange.
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The Bangalore-based company declared a dividend of Rs3.50 per share.
Going strong: Biocon’s Kiran Mazumdar-Shaw says the biotech firm intends to unlock some of its value with a few licensing deals this year. Hemant Mishra/Mint
“I am pleased that all segments of our business have demonstrated robust growth. We are confident of sustaining good growth momentum in the years ahead, given our increasingly differentiated profile enhanced by key global partnerships,” said chairman and managing director Kiran Mazumdar-Shaw.
For the fiscal ended March, Biocon reported a consolidated net profit of Rs293.25 crore, up from Rs93.12 crore in the previous fiscal. Consolidated net sales rose to Rs2,367.82 crore, from Rs1,608.67 crore.
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of its fully owned subsidiary Syngene International Ltd, a contract research services firm, later in this financial year. Syngene International contributed 90% of Biocon’s contract research earning of Rs281 crore in the financial year ended March.
The company, which increased its research and development investment from Rs80 crore to Rs125 crore in the fiscal, intends to unlock some of its value with a few licensing deals later this year, said Mazumdar-Shaw.
Biocon had earlier signed a memorandum of understanding with Malaysian Biotechnology Corporation Sdn Bhd and is now in talks with the company to manufacture biopharmaceutical products and formulations within the Malaysian biotech park, Bio-XCell Ecosystem.
A staff writer contributed to this story.