Biocon net marginally down in fiscal 2012

Bangalore, April 27 (IANS) India's biotech major Biocon Ltd posted Rs.338 crore net profit for fiscal 2011-12, registering a marginal 0.5 decline year-on-year (YoY) over the previous fiscal (2010-11) at Rs.340 crore.

Consolidated revenue, however, grew 16 percent YoY Rs.2,148 crore during the year under review (FY 2012) from Rs.1,858 crore year ago (FY 2011), the company said in a statement here Friday.

For fourth quarter (Jan-March) of fiscal 2012, net profit grew four percent YoY to Rs.98 crore from Rs.94 crore year ago and 15 percent sequentially from third quarter (Oct-Dec) at Rs.85 crore.

"Consolidated revenue, however, shot up 25 percent YoY to Rs.612 crore during the quarter under review (Q4) of fiscal 2012 from Rs.488 crore year ago (FY 2011) and 14 percent sequentially from Rs.536 crore in third quarter (Q3).

Earnings before interest, taxes, depreciation and amortization (Ebitda) margin at Rs.579 crore were also marginally up one percent YoY from Rs.573 crore year ago, while profit before tax (PBT) declined two percent YoY to Rs.393 crore from Rs.399 crore year ago.

"Group sales have risen 16 percent and net profit was sustained at previous year levels despite lower net licensing income. We have delivered strong growth in our research services and branded formulations business verticals," Biocon chairperson Kiran Mazumdar Shaw said in the statement.

Asserting that the balance sheet remained robust and cash position strong, Shaw said she was confident that the company would make significant progress across its business in the new fiscal (2012-13) despite global economic outlook remaining uncertain.

Revenue from branded formulations grew 39 percent YoY, driven by chronic therapies and research services 29 percent YoY owing to new contracts and expansion in existing contracts.

"We have commenced phase three trials of biosimilar trastuzumab (herceptin, mylan alliance) in India and unveiled an integrated research and development (R&D) centre in Bangalore during fiscal 2012," Shaw noted.

Irish former deputy prime minister Mary Harney joined the company's board as a director.