Biocon Q4 net dips 3 pc at Rs 97.8 crore

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Biotechnology major Biocon on Friday reported a dip of 2.98 per cent in its consolidated net profit at Rs 97.8 crore for the quarter ended March 31, 2012. This was mainly on account of rise in expenditure on research and development.

The company had posted a net profit of Rs 100.81 crore in the year-ago period, Biocon said in a statement.

Consolidated net sales of the company, however, increased to Rs 589.22 crore for the quarter ended March 31 as against Rs 466.45 crore in the same period of previous fiscal.

Directors of the company have also recommended a final dividend of 100 per cent (Rs 5 per share) on the share capital of the company, Biocon said.

During the period under review, the company's R&D expenses stood at Rs 72.6 crore, as against Rs 22.3 crore in the same quarter of previous fiscal, an increase of over three times.

For the 2011-12 financial year, the company reported a dip of 7.91 per cent in consolidated net profit at Rs 338.43 crore against Rs 367.52 crore in the previous fiscal.

Consolidated net sales of the company rose to Rs 2,049.03 crore for the year rpt year ended March 31, 2012 as against Rs 1,789.93 crore for the corresponding period of previous fiscal.

Commenting on the yearly results, Biocon Chairman and MD Kiran Mazumdar-Shaw said: "Our balance sheet remains robust and our cash position is strong. The global economic outlook remains uncertain. However, we are confident that we will make significant progress across all our businesses".

During the quarter, Pfizer and Biocon terminated the commercialisation and supply agreement of the Indian firm's biosimilar insulin portfolio. However, the company is continuing its development and clinical trial activities, Biocon said.

During FY 12, the company's branded formulations business, driven by chronic therapies, registered a growth of 39 per cent. Research services, on the other hand, grew by 29 per cent during the period as compared to the last fiscal, it added.

Phase III trials on its monoclonal antibody 'Itolizumab', to be developed for treatment of Psoriasis in Indian patients, were completed during the fiscal year, Biocon said.

Scrips of Biocon were trading at Rs 236 apiece in the afternoon trade on BSE, up 2.63 per cent from its previous close.