Biotechnology major Biocon today reported 79 per cent jump in consolidated net profit at Rs360.9 crore for the fourth quarter ended March 31, 2016, on the back of exceptional income and robust sales.
The company had posted a net profit of Rs 201.5 crore in the same period of previous fiscal, Biocon said in a filing to the BSE.
Consolidated net sales of the company rose to Rs 970.3 crore for the fourth quarter of 2015-16, up 16.84 per cent compared to Rs 830.4 crore for the same period a year ago.
The company targets the rh-insulin opportunity in the US by collaborating with Lab PiSA.
“Pursuant to this, Biocon has recorded an exceptional income of Rs 268 crore on account of the changes in the nature of Biocon’s future obligations on the rh-insulin programme products with its Mexican partner, Lab PiSA,” the company said.
Excluding exceptional income of Rs 268 crore, the net profit for the last quarter of 2015-16 stood at Rs 105 crore.
Commenting on the results, Biocon Chairperson and Managing Director Kiran Mazumdar-Shaw said: “Biocon has closed the year with a landmark quarter, crossing a milestone of Rs 1,000 crore for the first time. Syngene also closed FY16 on a strong note by crossing a Rs 1,000 crore annual revenue mark.”
The company’s R&D expenses at Rs 152 crore this quarter were the highest till date reflecting the advancement of its innovation led drug pipeline comprising novels, biosimilars and ANDAs, she added.
Consolidated net profit of the company also rose to Rs 896.1 crore for the year ended March 31, 2016, as against Rs 497.4 crore for the year ago period.
Consolidated net sales in 2015-16 rose to Rs 3,405.9 crore from Rs 3,060 crore in the previous fiscal year.
“We expect to file a number of regulatory submissions in the US and Europe for many of these programmes in FY17,” Mazumdar-Shaw said.
The key development for the quarter were Japanese regulatory approval of the company’s insulin glargine heralding entry of its biosimilars in the key regulated markets, Biocon said.
Another important development was European approval for Rosuvastatin Calcium tablets which marks the entry of the company’s generic formulations foray in developed markets, it added.
In a separate filing, Biocon announced appointment of Damodaran as additional independent director of the company.
Shares of Biocon were trading at Rs 569.45 per scrip in afternoon trade on BSE, up 0.91 per cent from previous close.