Biocon posts 15% rise in revenue, names new CEO

BANGALORE: Biocon, the country's largest biotech company, reported a 15% rise in fourth-quarter revenue to 746 crore, helped by a 17% rise in sales at its branded formulation division. The Bangalore-based company's net profit for the fourth quarter was 113 crore against 249 crore a year ago when the company booked a one-off gain of 202 crore.

"This fiscal, we recorded robust performance, an outcome of our efforts aimed at optimising our product mix, augmenting capacities and driving operational efficiencies," said Kiran Mazumdar-Shaw, chairman and managing director of Biocon.

The company as a part of the succession planning made Arun Chandavarkar as the new chief executive officer and joint managing director. Chandavarkar was also inducted on to the board of Biocon, the company said.

"I will continue to be the CMD for a few years but this exercise is a part of the succession planning," Shaw told ET, adding that the company is on track on achieve $1 billion ( Rs 6,000 crore) in revenue by 2018.

The company also named Ravi Limaye as president of marketing, a post lying vacant for more than four months after Rakesh Bamzai left the company earlier this year to join generic maker Mylan.

Shaw said the healthcare sector, including pharmaceutical and biotech industries, is on a consolidation wave and this is helping companies like Syngene, a subsidiary of Biocon, as more companies outsource their research and development.

The company maintains a positive outlook for fiscal 2015.