New Delhi: Biotechnology major Biocon on Friday reported an over two-fold jump in its consolidated net profit to Rs 248.61 crore for the quarter ended March 31, 2013 mainly on account of exceptional income.
The company had posted a net profit after tax and minority interest of Rs 97.80 crore in the corresponding quarter in the 2011-12, Biocon said in a statement.
Consolidated net sales of the company, however, rose to Rs 630.12 crore for quarter ended March 31, 2013 from Rs 589.22 crore for the same period a year ago.
The company has now determined that it does not have continuing obligations for clinical trials and development activities in respect of biosimilar insulin analogs, Biocon said.
Accordingly, based on an allocation in proportion of estimated future development spends on these programmes Rs 215.04 crore allocated to them has been recognised as an exceptional income in the consolidated statement, it added.
Consolidated net profit of the company rose to Rs 508.82 crore for year ended March 31, 2013 from Rs 338.40 crore for the corresponding period previous fiscal.
Consolidated net sales of the company stood at Rs 2,427.60 crore for the fiscal year ended March 31, 2013 as against Rs 2,049.03 crore for the year ago period.
In another statement the company said its board has recommended a final dividend of Rs 5 per share and a special dividend of Rs 2.50 per share for the financial year 2012-13 following the re-licencing of insulin analogs portfolio.
Commenting on the results, Biocon Chairman and Managing Director Kiran Mazumdar-Shaw said: "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 & emerging markets and now accounts for more than 10 percent of company's sales, she added.
"This quarter saw us enhance our partnership with Mylan through the re-licencing of our portfolio of generic insulin analogs. The partnership with Mylan endorses the intrinsic value of this asset and significantly reduces our burden of development costs involved in global commercialisation," Mazumdar-Shaw said.
Mylan has expanded the scope of partnership to incorporate generic insulin analogs and Biocon has received USD 20 million as an upfront, for further development, company said.
Shares of Biocon were today trading at Rs 275.65 per scrip on BSE, down 4.72 percent from its previous close.
First Published: Friday, April 26, 2013, 13:28