Biotechnology major Biocon today reported a 15.78 per cent decline in consolidated net profit to Rs 84.85 crore for the third quarter ended December 31,2011,primarily due to lower licencing income.
For the quarter ended December 31,2010,the consolidated net profit of the group stood at Rs 100.76 crore,the company said in a regulatory filing.
Total income of the group increased to Rs 518.51 crore for the quarter ended December 31,2011,from Rs 511.38 crore a year ago,the company added.
Commenting on the results,Chairman and Managing Director Kiran Mazumdar-Shaw said: “… Licencing income,however,was sharply down from the exceptional levels recorded last fiscal,which resulted in flat earnings overall.”
The company’s licencing income for the quarter stood at Rs 29 crore,compared to Rs 77 crore for the corresponding period of the previous fiscal.
On a standalone basis,the company posted a net profit of Rs 64.73 crore for the quarter ended December 31,2011,compared to Rs 211.59 crore in the year-ago period.
Total income of the company decreased to Rs 386.12 crore for the quarter ended December 31,2011,from Rs 510.12 crore for the quarter ended December 31,2010.
“We have seen exceptional growth in our Research Services business,” Shaw said,adding,”Our focus on emerging markets is also enabling us to realise a greater potential for our APIs and insulins portfolios.”
The growth in the third quarter was driven by the company’s robust performance in the immunosuppressants and branded formulations segments,the company said.
“We believe that our strategy of investing in technology platforms to create a differentiated API portfolio has begun to yield results,as seen by the ramp-up in immunosuppressant sales,” Biocon Chief Operating Officer Arun Chandavarkar said.
The company said its commercialisation partner for Fidaxomicin — Optimer — received approval for the drug in the European Union in December,2011. Optimer plans to launch the tablets in the EU by the fourth quarter of FY’12.
The company also said it plans to list its subsidiary Syngene in the next 12 months.
Shares of Biocon settled at Rs 266.10 apiece on the BSE today,down 3.25 per cent from their previous close.