Biotechnology firm Biocon on Tuesday posted a consolidated net profit of Rs 24.88 crore for the quarter ended March 31, 2009, nearly a 62 per cent decline over the same period a year ago, largely due to losses on account of aligning asset prices to market value.
Commenting on the results, Biocon Chairman and Managing Director Kiran Mazumdar Shaw said, "(The) Fiscal year '09 has been one of our most challenging years wherein foreign currency volatility made it difficult to manage a sharply depreciating rupee resulting in large MTM losses."
The company had a net profit of Rs 65.30 crore in the quarter ended March 31, 2008.
The consolidated total income of Biocon increased to Rs 486.56 crore for the fourth quarter ended March 31, 2009, from Rs 279.22 crore a year ago, Biocon said in a filing to the Bombay Stock Exchange.
"Consolidated FY'09 earnings have also been burdened with the impact of added depreciation of Rs 16 crore reflecting capital investments incurred to support future growth," the company said.
Biocon added that the "unpredictable rupee depreciation induced by the global economic crisis has adversely impacted consolidated FY'09 earnings, wherein losses of Rs 147 crore on account of MTM were provided."