Biocon group net up 51 percent in fiscal 2013

Bangalore, April 26 (IANS) India's biotechnology major Biocon Ltd posted consolidated net profit of Rs.509 crore for fiscal 2012-13, registering a whopping 51 percent year-on-year (YoY) growth over previous fiscal (2011-12) at Rs.338 crore.

In a regulatory filing to the Bombay Stock Exchange (BSE) Friday, the Bangalore-based firm said consolidated income for the fiscal (FY 2013) under review grew 18 percent YoY to Rs.2,538 crore from Rs.2,148 crore year ago.

On standalone basis, the parent company, however, reported a modest eight percent YoY net profit growth of Rs.276 crore from Rs.256 crore year ago and income of Rs.1,989 crore for last fiscal, which is 23 percent up YoY from Rs.1,622 crore year ago.

"Fiscal 2013 closed on a very strong note, with growth driven by research services, branded formulations and bisimilar services, led by generic insulins," Biocon chairperson Kiran Mazumdar Shaw told reporters.

Biopharama business grew 10 percent YoY to Rs.1,523 crore, while branded formulations 34 percent YoY to 347 crore and research services (Syngene & Clinigene) 36 percent YoY to Rs.557 crore.

"Our insulin franchise continues to garner market share across India and emerging markets and accounts for 10 percent of our sales," Shaw said.

The company extended partenership with the US-based specialty pharma firm Mylan by re-licensing its generic insulins and thereby reducing development costs involved in global commercialisation.

"Looking ahead, we intend to sustain the growth momentum by optimising small molecules portfolio, expanding insulin footprint in emerging markets and continuing to deliver robust growth in branded formulations and research services," Shaw asserted.

The company received $200 million (Rs.1,100 crore) from Mylan as an upfront for further development of generic insulins.

For fourth quarter (January-March), total revenue grew only four percent YoY to Rs.649 crore from Rs.622 crore year ago, but declined two percent sequentially from Rs.660 crore posted in October-December of fiscal under review.

Net profit for fourth quarter (Q4), however, shot up 170 percent sequentially to Rs.249 crore from Rs.92 crore in third quarter (Q3) and 154 percent YoY from Rs.98 crore in like quarter year ago.

Though operating margin or earnings before interest, depreciation and amortization (Ebitda) increased three percent YoY to Rs.596 crore from Rs.578 crore year ago, it declined sequentially 26 percent to Rs.124 crore in fourth quarter (Q4) from Rs.167 crore in third quarter (Q3) and 21 percent YoY from Rs.156 crore in same quarter year ago.

The company's board of directors recommended 100 percent dividend of Rs.5 per share and 50 percent special dividend of Rs.2.50 per share in pursuant to the re-licensing of its insulin analogs portfolio.