India’s largest biotechnology company by revenue, Biocon, on Friday posted a 154% rise in its consolidated net profit to Rs.249 crore for the quarter ended March, from Rs.98 crore a year ago, helped by one-time exceptional income of Rs.202 crore.
“The key contributors to growth this fiscal have been research services, branded formulations and our growing biosimilar business, led by generic insulins,” said Kiran Mazumdar-Shaw, chairman and managing director, Biocon.
Consolidated net profit of the company rose to Rs.509 crore for year ended March 31, 2013 from Rs.338 crore for the corresponding period previous fiscal, showing a growth of 50%.
The company’s consolidated sales for the fourth quarter increased 7 % to Rs.630 crore from Rs.589 crore last year.
The company’s board has recommended a final dividend of Rs.5 per share and a special dividend of Rs.2.50 per share for the financial year 2012-13.
Shares closed at Rs.278.5 per scrip on BSE, down 3.73% on Friday.