Biocon Group delivers 16 per cent growth in operating profits

Posted By: Staff
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Bangalore, Apr 28 (ANI/Business Wire India): Biocon Limited today announced its financial performance for the financial year ended March 31.Unpredictable rupee depreciation induced by the global economic crisis has adversely impacted consolidated FY '09 earnings, wherein losses of Rs. 147 crores on account of MTM were provided.

Sales revenue from Research Services grew 28 per cent to Rs. 225 crores from Rs. 176 crores, in FY '09.

Syngene and Clinigene's EBITDA grew 21 per cent to Rs. 70 crores, but MTM severely impacted profit earnings resulting in a loss of Rs. 18 crores for the year.

Consolidated FY '09 earnings have also been burdened with the impact of added depreciation of Rs. 16 crores reflecting capital investments incurred to support future growth.

Commenting on the results, Kiran Mazumdar-Shaw, Chairman and Managing Director, Biocon Limited, said: "Fiscal year '09 has been one of our most challenging years where foreign currency volatility made it difficult to manage a sharply depreciating Rupee resulting in large MTM losses. This has been a learning for us and our new hedging strategy enables us to address the years ahead with a sense of confidence and resilience. (ANI)

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