The stock price of Biocon hit a new 52-week high today at Rs.581.20 and this was thanks to its blockbuster performance for Q4FY16. The company posted a healthy 79% (YoY) jump in net profit at Rs.361 crore on a 17% rise in net sales at Rs.970 crore. The jump in net profit despite a very modest rise in topline was thanks to the extraordinary income of Rs.268 crore. If we remove this exceptional income, net profit was at Rs.105 crore. This exceptional item was on account of recognizing previously deferred amounts of Rs.268 crore related to clinical trial and development activities of insulin products with its Mexican partner, Lab PiSA. Excluding the exceptional income, net profit for the March quarter stood at Rs.105 crore.

The company ended FY16 with a 80% rise in net profit at Rs.896 crore on a 13% increase in net sales at Rs.3451 crore. The company’s contract research arm Syngene contributed about a third to Biocon’s revenues, followed by biopharma – showed a 12% growth while branded formulations grew 3%.

The market was more happy with the Delhi High Court judgement – it allowed the company to continue making and marketing its breast cancer drug. Additionally, Biocon announced the appointment of M Damodaran as additional independent director of the company.