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Biotechnology major Biocon on Tuesday said its consolidated net profit increased 31 per cent to Rs 313 crore for the March quarter on the back of robust sales.

The company had reported a net profit of Rs 239 crore in the January-March quarter.

Total revenue increased to Rs 3,929 crore in the fourth quarter of last year as against Rs 2,476 crore in the year-ago period, Biocon Ltd said in a statement.

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For the year ended March 31, 2023, the company reported a consolidated net profit of Rs 463 crore, down 29 per cent, from Rs 648 crore in 2021-22 fiscal.

Total revenue, however, increased to Rs 11,550 crore last fiscal as compared with Rs 8,397 crore in FY22.

“Biosimilars continue to be the largest business segment for Biocon, with revenues of Rs 2,102 crore, a growth of 114 per cent, exiting the year on a USD 1 billion revenue trajectory,” Biocon Executive Chairperson Kiran Mazumdar-Shaw said.

The company said it is raising Rs 800 crore from Edelweiss Alternate Asset Advisors Ltd (EAAA) through the issuance of NCDs.

The company’s board has recommended a final dividend of Rs 1.50 per share for the financial year ended March 31, 2023.