Biocon, a Rs.2,850 crore plus pharma company from Bengaluru, has received setback and its consolidated net profit for the fourth quarter ended March 2014 declined by 54.5 per cent to Rs.113 crore from Rs.249 crore in the corresponding period of last year basically due to exceptional items in respect of biosimilar insulin analogs and diminution in value of investments in Iatrica Inc. The company has provided Rs.201.16 crore in the quarter ended March 2013 as exceptional income. Excluding these adjustment, its net profit has taken a quantum jump of 142 per cent to Rs.113.08 crore from Rs.46.70 crore in the quarter ended March 2013. EBDITA moved up by 55.5 per cent to Rs.192.79 crore from Rs.123.96 crore.

The board of directors has declared equity dividend of 100 per cent for the year 2013-14. Biocon scrip moved up by Rs.15 in the morning session on Bombay Stock Exchange to Rs.482. The scrip touched to its 52-weeks highest level at Rs.513.65 on April 24, 2014. Meanwhile, Arun Chandavarkar has designated as CEO & joint managing director of the company and Ravi Limaye as president, marketing.

The company's consolidated net sales for the fourth quarter ended March 2014 increased by 14.7 per cent to Rs.723 crore from Rs.630 crore in the similar period of last year. Its pharma revenue increased by 14.6 per cent to Rs.537 crore from Rs.468 crore and that of contract research and manufacturing services (CRAMS) surged by 12.2 per cent to Rs.195 crore from Rs.174 crore.

For the full year ended March 2014, Biocon's consolidated net sales increased by 17.5 per cent to Rs.2,853 crore from Rs.2,428 crore in the previous year. Its pharma sales increased by 12.2 per cent to Rs.2,151 crore from Rs.1,918 crore and sales from CRAMS moved up by 26 per cent to Rs.741 crore from Rs.588 crore. However, its consolidated net profit declined by 18.7 per cent to Rs.414 crore from Rs.589 crore due to exceptional income of Rs 202 crore in the previous year. Its EBDITA moved up by 24.7 per cent to Rs.743 crore from Rs.596 crore. As against the equity capital of Rs.100 crore its reserves & surplus amounted to Rs.2,927 crore, a growth of 12.8 per cent. EPS worked out to Rs.21.08 as compared to Rs.25.99 in the previous year.

Kiran Mazumdar-Shaw, chairman and managing director, said, “Biocon ended fiscal 2014 on a strong note. We delivered 16 per cent revenue growth along with a healthy EBITDA margin of 25 per cent. This fiscal we recorded robust performance, an outcome of our efforts aimed at optimising our product mix, augmenting capacities and driving operational efficiencies.”

“We have delivered on our promise of affordable innovation through commercialization of Alzumab, an anti-CD6 novel biologic for Psoriasis; and CANMAb, the world's most affordable trastuzumab. We are pleased that a large number of patients benefit from these two products. We continue with our innovation led business strategy and look to deliver superior value to our stakeholders.” she added.

The company's Research and Development (R&D) investments reached at Rs.131 crore which worked out to 6 per cent of its biopharma segment sales. It has launched world's most affordable trastuzumab, CANMAb during 2013-14 and inaugurated Baxter's Global Research Centre at Syngene. The company witnessed good business traction in immunosuppressants and specialty products and expect it to sustain in FY15. Its generic insulins portfolio has delivered strong growth this fiscal through its expanding geographical footprint and increasing market penetration. Its generic rh-insulin is now approved in over 55 countries. Its project in Malaysia is moving ahead and likely to commissioned in FY15. The sales of branded formulations increased by 13 per cent to Rs.391 crore.