Biotechnology major Biocon reported a 54.51% decline in net profit at Rs 113.08 crore in the fourth quarter (Q4) of FY14. The company had posted a `248.61 crore net profit in the same period FY13.
While net sales were up to Rs 722.59 crore in Q4 when compared to Rs 630.12 crore in Q4 Fy13, the company saw its net profit for FY14 down 18.69% to Rs 413.72 crore from Rs 508.82 crore.
“We continue our efforts to rebalance our product portfolio in the biopharma segment to ensure higher margin accretion despite the underlying current of commoditisation in some of our key product portfolios,” Kiran Mazumdar Shaw, Chairperson and Managing Director of the Bangalore-based company said in a statement.
Meanwhile, Arun Chandavarkar has been appointed as the CEO and Joint MD of Biocon. The company’s board also recommended a final dividend of Rs 5 per share (100 per cent) for the FY 2013-14.