Biocon quarterly net profit declines 29 percent

New Delhi, April 27: Biopharma company Biocon Friday reported a 29 percent decline in net profit at Rs.62.34 crore for the quarter ended March 31 against Rs.88 crore during the like period of the previous financial year.

The total income stood at Rs.443 crore, up 11.7 percent, during the quarter under review against Rs.396.6 crore in the like period of 2010-11, the company said in a regulatory filing.

It posted a 44 percent decline in net profit at Rs.255.5 crore during the year ended March 31, 2012 against Rs.459.3 crore in year ended March 31, 2011.

The total income at the year end stood at Rs.1,622.4 crore against Rs.1,618.4 crore an year ago.

Commenting on the results, Chairman and Managing Director Kiran Mazumdar-Shaw said, “I am pleased with the overall performance that we have delivered in FY12… We have delivered particularly strong growth in our research services and branded formulations business verticals.

“The global economic outlook remains uncertain. However, we are confident that we will make significant progress across all our businesses.”

The firm has recommended a final dividend of Rs.5 per share.

At the Bombay Stock Exchange, shares of the company closed 4 percent up at Rs.239.15.