BENGALURU: Biocon’s net profit rose 79% to Rs 361 crore compared to Rs 201.5 crore in the corresponding period of the previous year’s March quarter.
The performance was led by an exceptional item, improved sales at its contract research arm Syngene International and a moderate growth at its bio-pharmaceutical division. The company posted revenue 17% higher during the quarter to Rs 979 crore from Rs 838 crore in the year-ago period. Biocon saw an exceptional income of Rs 268 crore during the quarter.
Excluding that amount, the net profit for the March quarter was Rs 105 crore. Biocon said the exceptional item was on account of the previously deferred amounts of Rs 268 crore relating to clinical trial and development activities of insulin products with its Mexican partner, Lab PiSA. For the year to March, its net profit rose 80% to Rs 896 crore, while sales rose 13% to Rs 3,451 crore.
The firm’s contract research arm Syngene had contributed about a third to Biocon revenues. Meanwhile,Biocon has appointed former Sebi chief M Damodaran as additional independent director.