Kiran Mazumdar Shaw-owned Biocon, country's top-listed biotechnology company, today posted a drop of 16% in the consolidated net profit for the third quarter ended December, 2011 at Rs 85 crore as compared to Rs 101 crore in the corresponding quarter last fiscal.
Net revenues during the quarter under review rose marginally (3%) up to Rs 532 crore as the company was hit by lack of licensing income, which was attributed to periodic variability.
The company said, licensing fees and income dropped to 29.2 crore in October-December from Rs 76.8 crore in the same quarter a year earlier.
This aspect took the sheen out of an otherwise decent performance of the company, which reported healthy growth in other verticals. While its branded formulations business grew by a healthy 49%, contract research moved up by 42%.
The revenues stood at Rs 519 crore in the same quarter last year.
These parameters, however, could not salvage the operating parameters as it dropped by 17% to Rs 142 crore.
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Kiran Mazumdar Shaw, chairperson & MD, Biocon said that licensing income was sharply down from exceptional levels recorded during last fiscal which resulted in flat earnings overall . "As I have frequently stated, licensing income is a timing issue and subject to periodic variability," she added.
At 1016 hours, the shares of the firm were trading down by 3.27% at Rs 266.05 per share on the Bombay Stock Exchange.