Biocon Q4 net profit up 2.5 times on exceptional gain

Business

oi-Sneha

By Sneha B K

Published: Friday, April 26, 2013, 9:56 [IST]

Biocon Ltd posted net profit higher by 2.5% in the fourth quarter due to the exceptional gain of Rs 202 crore to the company.

The company's revenues were higher by 4% at Rs 649 crore. The net profit grew 2.5 times year-on-year to Rs 249 crore against Rs 97 crore in the corresponding period of the previous year.

Commenting on the results, Chairman and Managing Director, Kiran Mazumdar-Shaw stated, "We are pleased to close fiscal 2013 on a very strong note. The key contributors to growth this fiscal have been Research Services, Branded Formulations and our growing biosimilar business, led by generic Insulins. Biocon's Insulin franchise continues to garner market share across India and emerging markets and now accounts for more than 10% of our sales.

The key contributors to growth this fiscal have been Research Services, Branded Formulations and our growing biosimilar business, led by generic Insulins. Biocon's Insulin franchise continues to garner market share across India and emerging markets and now accounts for more than 10% of our sales, added further.

The partnership with Mylan endorses the intrinsic value of this asset and significantly reduces our burden of development costs involved in global commercialization.

The shares of the company were seen trading at Rs 281 higher by 2.87% on BSR at 9.50 am IST. The stock touched an intra-day high of Rs 290.

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