Biocon Q2 PAT up 192 % at Rs 74 cr

Pharma major Biocon has posted a rise of 192 per cent in its profit after tax at Rs 74 crore for the quarter ended 30 September against Rs 25 crore in the corresponding period last year. The company's total revenues during the period grew 29 per cent to Rs 592 crore.

The operating margin stood at 21 per cent and the earning per share was Rs 3.84.

"We have posted one of the strongest quarters in our history," said Kiran Majumdar Shaw, chairman and managing directror of Biocon Group. "Things have begun to look up for Biocon. Mark-to-market (MTM) losses are behind us," she added.

Most of the growth has happened across the sectors, she said in a press meet today.

"Our investments are delivering good returns. The operations are strong and the investments made thus far assure good future profitability," she added.

In its outlook, the company said that it can sustain the current trend and is confident of delivering strong performance for the full year. "We forecast strong organic growth going forward but will also remain open to inorganic growth opportunities at the right price," said Shaw.

On the Bombay Stock Exchange, the company's share prices traded strong at Rs 283.80, up 4.76 per cent at IST 1130.

However, excluding the exceptional items, the net profit of the company grew by 47 per cent year on year basis. The exceptional items in the quarter ended September 30, 2009 was nil whereas during the corresponding quarter in 2008, the company has incurred a mark to market loss (provision) of Rs 25 crore with regard to the foreign exchange forward contracts.
 
EBITDA grew by 41 per cent this quarter to Rs 74 crore, over the same quarter previous fiscal.