Biocon profit up 25% to Rs 55 cr

Corporate Scorecard

The Bangalore-based biotech major, Biocon, recorded a 25 per cent increase in net profit at Rs 55 crore for the third quarter ended December 31, 2006, as against Rs 44 crore in the corresponding period last year.

However, its performance in the last few quarters was affected by price pressures on bio-generics.

The company's revenues grew by 22.88 per cent to Rs 247 crore compared with Rs 201 crore during the same period.

The company's EBITDA was also up 26.22 per cent at Rs 77 crore in the December 2006 quarter as against Rs 61 crore in the December 2005 quarter. EPS went up to Rs 5.5 from Rs 4.4 during the period.

On a sequential basis, net profit of the company was up 22.22 per cent at Rs 55 crore in the December 2006 quarter as against Rs 45 crore in the September 2006 quarter. Revenues were marginally down 1.2 per cent at Rs 247 crore as against Rs 250 crore during the same period.

"Every segment of the company has begun to deliver and capacity constraints in the past have eased. We are confident that Biocon's research efforts will enable us to participate in addressing large global opportunities in oncology, rheumatoid arthritis and diabetes," said Kiran Mazumdar-Shaw, chairman and managing director, Biocon.

"Our recently launched cancer drug will undergo trials for label expansion, making a successful debut in the Indian market and is now set to enter the Pakistani market through a licensing arrangement. Biocon is now focused on building marketing and distribution capabilities for access to international markets. The proposed joint venture with the NMC group in Abu Dhabi is the first step in this direction," she added.