New Delhi, Apr 26 (PTI) Biotechnology major Biocon today posted 2 per cent increase in its consolidated net profit at Rs 130 crore for the fourth quarter ended March of 2017-18.
The company had reported a net profit of Rs 127 crore for the corresponding period of the previous year.
Total revenue of the company rose to Rs 1,237 crore, up 27 per cent, from Rs 974 crore in the same period of the previous year, Biocon Ltd said in a statement.
For the 2017-18 fiscal, the company posted a net profit of Rs 372 crore, down 39 per cent, from Rs 612 crore in 2016-17 fiscal.
Total revenue, however, rose by 6 per cent to Rs 4,336 crore during the fiscal ended March 31, 2018, as compared with Rs 4,079 crore in 2016-17.
“The muted FY18 performance was on account of continued pricing challenges in the generics business coupled with a planned plant shut down for requalification and lower licensing income in the biologics business,” Biocon chairperson and managing director Kiran Mazumdar-Shaw said.
In addition, operational expenses related to our Malaysia facility impacted the bottom line, she further said.
“However, a positive fourth quarter is indicative of a normalised business trend. Recent approvals of our biosimilars along with the strong performance of Syngene are expected to positively impact overall performance in FY19,” Mazumdar-Shaw said.
The company’s board, which met today, also recommended a final dividend of Re 1 per equity share.
Biocon stock today ended 1.45 per cent up at Rs 663.25 apiece on the BSE.
This is published unedited from the PTI feed.