Biocon net up 44 per cent to Rs 50 cr

BS 200 SCORECARD

Erosion in its European marketshare for anti-cholesterol statin molecules impacted the third-quarter revenues of Biocon Ltd.

While total income and net profit show positive growth compared with the similar period last year, sequential growth has been negative.

For the three months to December 2004, total income was Rs 183 crore, up 28 per cent year-on-year, and net profit was Rs 50 crore, up 44 per cent year-on-year.

Sequentially, total sales dipped 5.82 per cent on the July - September quarter's performance to Rs 178 crore and net profits dipped 10.7 per cent on the preceding quarter.

"There was pricing pressure in the European market, though not the US market, for exports of statins," said Kiram Mazumdar Shaw, chairman and managing director of the company.

"Obviously, we took steps to take on competition, otherwise it could have gone further below," she said.

Sales of biopharmaceuticals, the bulk of which was accounted for by sale of statins, brought in Rs 138 crore during the three months to December 2004, down 6.12 per cent sequentially.

Sale of industrial enzymes too dipped sequentially by 8.33 per cent to Rs 22 crore. Contract research revenues however increased 20 per cent quarter-on-quarter to Rs 18 crore.

Earnings per share for the quarter-ended December 2004 was Rs 5, up 30 per cent on the same period last year. Sequentially, EPS was down 10.71 per cent, compared to last quarter's Rs 5.6.