Biocon records 15 fall in net profit
India's leading biotechnology company, Biocon Ltd has reported a fall of 15 per cent in net profit in the quarter till December 2011 mainly due to lower licensing income.
Biocon, which is based in Bangalore, has said that its consolidated net profit fell to 848 million rupees in the third quarter till December 2011 compared to 1.01 billion rupees in the same period previous year.
The total revenue for the company increased 3 per cent in October-December quarter. The company's licensing fees and income fell to 292 million rupees from 768 million rupees in the previous year.
Managing Director Kiran Mazumdar-Shaw said, "Licensing income is a timing issue and subject to periodic variability. Moving forward, I think, you will see a greater contribution from licensing in the coming quarters."
The company's revenue from its domestic formulations business rose 49 percent in the quarter to 701 million rupees and revenues from contract research services increased 42 percent to 1.12 billion rupees.
The company's shares were trading at 267.25 rupees, down 2.66 percent on the Bombay Stock Exchange (BSE) this morning at the time of reporting.