Biocon, India’s leading biotechnology company, has reported a 78% year-on-year rise in net profit for the fourth quarter of FY15, boosted by an exceptional income of Rs 105 crore through sale of shares at its research services subsidiary Syngene.
Net profit at the end of the fourth quarter stood at Rs 201 crore against Rs 113 crore in the comparable period of the previous year. Revenue during the quarter was Rs 854 crore against Rs 746 crore in the same period of the previous fiscal, showing a 15% rise.
Commenting on the results, Biocon CMD Kiran Mazumdar-Shaw said, “Biocon closed the year with a stronger performance in Q4 on the back of a record quarterly performance by our research services subsidiary, Syngene and an improved performance of our biopharma business. We also recognised exceptional income from the sale of shares of Syngene.”
For FY15, Biocon reported a net profit of Rs 497 crore, recording growth of 20% over FY14. Revenue rose 7% to Rs 3,143 crore. The Biocon scrip closed at Rs 452.90, showing a gain of 2.25%, on the Bombay Stock Exchange on Thursday.
On FY16 projections, Shaw said, “As we move into FY16, we are clearly seeing our biosimilar strategy playing out with greater clarity, credibility and traction visible across our portfolio of biologics as they advance in clinical development. We continue to make investments in R&D as a strong future value driver.”
The company has already filed the draft red herring prospectus (DRHP) for its subsidiary Syngene and expects to launch its IPO in July this year.
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