Biocon Q4 net profit surges 78% to Rs202 cr

Biocon Ltd, Asia's top biopharmaceutical company, has reported a 78.22 per cent jump in consolidated net profit at Rs201.54 crore for fiscal fourth quarter ended 31 March helped by a Rs105.06 crore gain from sale of shares in research services subsidiary Syngene.

The company had posted a net profit of Rs113.08 crore in January-March 2013-14.

Biocon reported net sales of Rs830.38 crore for the quarter ended 31 March 2015, up 14.91 per cent from Rs722.59 crore in the same quarter a year ago.

The company saw its biopharmaceuticals segment grew 11 per cent in Q4 of FY15 with revenues of Rs592 crore.

For the full year revenues grew 5 per cent year-on-year to Rs2,237 crore. The biopharma business also comprises small molecule API, generic formulations and biosimilars as well as the branded formulations business.

The biopharma business delivered Rs493 crore in Q4 of FY15, growing 12 per cent YoY. Full year revenues were Rs1,807 crore, growing 3 per cent YoY.

''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,'' Biocon chairman and managing director Kiran Mazumdar-Shaw said.

For the year ended 31 March 2015, the company's net profit increased by 20.23 per cent to Rs497.43 crore, compared with Rs413.72 crore in the previous fiscal.

Biocon's net sales for the year rose 7.26 per cent to Rs3,059.97 crore, from Rs2,852.72 crore in the previous year.

''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,'' Shaw said.

Biocon said its research arm Syngene posted its strongest quarterly performance to date, recording sales of Rs238 crore and delivering 27 per cent growth YoY in fiscal fourth quarter.

Full year sales rose 15 per cent to Rs823 crore on the back of a 23 per cent increase in second half sales.

Syngene International Limited has filed a draft red herring prospectus with the Securities and Exchange Board of India (Sebi) fort a share sale and, subject to receipt of requisite approvals, market conditions and other considerations, will make an initial public offer of its equity shares.