Biocon on Friday reported a 54.51 per cent decline in its consolidated net profit at Rs 113.08 crore for the fourth quarter of the last financial year.
The company had posted a net profit of Rs 248.61 crore in the same period of 2012-13, which the company attributed to one-time exceptional income. “The 55 per cent down is only when we look at it in terms of exceptional income; exceptional income is the one-time exceptional income that we booked last year....,” Biocon Chairman and Managing Director Kiran Mazumdar-Shaw said “There was Rs 202 crore of exceptional one-time income booked last year....We had actually booked before expenditure from a deal which we made with Pfizer a long time ago, and when we actually licensed the same asset with Mylan we then took some of that into profit.
So, it should not be viewed in that way that's an exceptional income and has nothing to do with operating income.”The company said that its PAT (adjusted for the exceptional income) for the period under review is up by 75 per cent.Net sales rose to Rs 722.59 crore for the fourth quarter as against Rs 630.12 crore for the same period a year ago.For the year ended March 31, 2014, the company's net profit declined by 18.69 per cent to Rs 413.72 crore from Rs 508.82 crore in the 2012-13 fiscal.
However, PAT (adjusted for the exceptional income) for the year ended on March 31 is up by 28 per cent.The company's net sales for the just-concluded fiscal rose to Rs 2,852.72 crore, as against Rs 2,427.60 crore in the previous year.The company's board also recommended a 100 per cent dividend of Rs 5 per share.Announcing the appointment of Arun Chandavarkar as theChief Executive Officer and Joint Managing Director and his induction on board, Mazumdar-Shaw said: “I continue to remain as the Chairman and Managing Director.”
“Given that we have now restructured Biocon into strategic business verticals or units, with every head now having P&l responsibilities, the board felt that it was important for us to share the responsibilities as the business expands and as the scope of our global foray expands.”Stating that this appointment addresses new company law requirement of separating CEO and Chairman's role, she said “it is also in a way succession plan in process”.
Biocon today also announced the appointment of Ravi limaye, as President, Marketing.On the outlook, she said: “We expect FY 2015 to reflect continued business momentum with biosimilars, branded formulations and research services driving growth. The progress in our development pipeline (across biosimilars and novel molecules) will see some of our molecules enter the clinic.”