Biocon has clocked another year of good performance, on the back of growth which it hopes to replicate in the 2017 fiscal.
The company aims to unlock value from some of its other businesses, similar to the way it did with Syngene.
Addressing reporters on a conference call, Kiran Mazumdar-Shaw, Chairperson and MD, Biocon, said: “We are restructuring our entities in a similar way to Syngene for unlocking value.” Biocon's biosimilars business will be consolidated under its fully owned subsidiary Biocon Biologics.
The company reported 79 per cent jump in consolidated net profit of ₹361 crore in the fourth quarter, compared with ₹201.5 crore a year earlier. Revenue in the quarter rose 17 per cent to ₹979 crore from ₹838 crore in the year-ago period.
The Bengaluru-based biotech company reported net profit of ₹896 crore for the 2016 financial year, a rise of 80 per cent against ₹497 crore in the previous financial year. When compared on a year-on-year basis, profits were up by 79 per cent at ₹361 crore.
Profits were aided partly by an increase in exceptional item, which rose 447 per cent or ₹576 crore, in 2016 against ₹105 crore in 2015.
Along with profits, Biocon continued to post healthy revenues for the year, which came in at ₹3,570 crore, a 14 per cent increase against ₹3,143 crore in the 2015 fiscal. When compared on a year-on-year basis, revenues were ₹1,004 crore, a 17 per cent increase.
She added that the fourth quarter was a 'landmark' quarter, crossing a milestone ₹1,000 crore in revenues for the first time, coupled with Syngene closing FY-16 by crossing a ₹1,000 crore of annual revenues.
Biocon shares closed at ₹571, up 1.23 per cent, when compared to the previous day's close.
The company increased its R&D spend from ₹169 crore to ₹275 crore, a jump of 63 per cent, which Shaw pointed out holds them in good stead going forward.