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Biocon net up 112 percent in first quarter
Wednesday, 14 July 2004, 19:30 IST
BANGALORE: Biocon Ltd, India's largest integrated biotechnology enterprise, posted a net income of 
486 million ($10.56 million) during the first quarter of fiscal 2004-05, registering a record increase of 112 percent year-on-year.
Announcing the company's financial performance for the quarter here Wednesday, Biocon chairman Kiran Mazumdar-Shaw told reporters the consolidated income at 1.78 billion ($38.7 million) shot up by 65 percent over the corresponding quarter of the last fiscal.
Operating profit at 573 million ($12.45 million) was higher by 63 percent from 352 million ($7.65 million) in the first quarter of the last fiscal.
Earnings per share jumped by 91 percent to 4.86 from 2.54 a year ago.
"We began the first quarter of the current fiscal on a strong note, driven by our entry into the Pravasatin market in Europe following the expiration of product patents in key markets in the region," Mazumdar-Shaw said.
"Sales of Lovasatin to the US have also increased subsequent to obtaining the US FDA approval for our submerged fermentation facility. This has enabled us to meet the backlog of orders for Lovasatin."
Exports went up by 57 percent to 1.13 billion ($24.57 million) from 720 million ($15.65 million) a year ago, contributing 65 percent of the gross income.
Revenues from bio-pharmaceuticals business increased by 67 percent to 1.40 billion ($30.44 million), contributing 78 percent of the company's total income.
Incidentally, the listed company's other income zoomed by 1,750 percent during the first quarter to 37 million from 2 million a year ago owing to dividends it earned from investments made in mutual funds.
"We have invested the entire proceeds (3.15 billion) of the initial public offering we made in March this year in mutual funds. Pending our capital expenditure in existing and expanding projects, the proceeds will be parked in mutual funds," a company official said.
As a policy, the company has not given revenue guidance for the second quarter or the entire fiscal as its business growth depends on a number of internal and external factors.
"We are confident of continuing our robust growth in the next three quarters following a promising start in the first quarter," Mazumdar-Shaw claimed.
The company plans to hire about 500 biotech scientists in the next 18 months for one of its subsidiaries, Syngene International Ltd, which provides chemistry and molecular-based custom research services in early drug discovery and development.
Biocon currently has a total headcount of 1,600.
Source: IANS
486 million ($10.56 million) during the first quarter of fiscal 2004-05, registering a record increase of 112 percent year-on-year.
Announcing the company's financial performance for the quarter here Wednesday, Biocon chairman Kiran Mazumdar-Shaw told reporters the consolidated income at 1.78 billion ($38.7 million) shot up by 65 percent over the corresponding quarter of the last fiscal.
Operating profit at 573 million ($12.45 million) was higher by 63 percent from 352 million ($7.65 million) in the first quarter of the last fiscal.
Earnings per share jumped by 91 percent to 4.86 from 2.54 a year ago.
"We began the first quarter of the current fiscal on a strong note, driven by our entry into the Pravasatin market in Europe following the expiration of product patents in key markets in the region," Mazumdar-Shaw said.
"Sales of Lovasatin to the US have also increased subsequent to obtaining the US FDA approval for our submerged fermentation facility. This has enabled us to meet the backlog of orders for Lovasatin."
Exports went up by 57 percent to 1.13 billion ($24.57 million) from 720 million ($15.65 million) a year ago, contributing 65 percent of the gross income.
Revenues from bio-pharmaceuticals business increased by 67 percent to 1.40 billion ($30.44 million), contributing 78 percent of the company's total income.
Incidentally, the listed company's other income zoomed by 1,750 percent during the first quarter to 37 million from 2 million a year ago owing to dividends it earned from investments made in mutual funds.
"We have invested the entire proceeds (3.15 billion) of the initial public offering we made in March this year in mutual funds. Pending our capital expenditure in existing and expanding projects, the proceeds will be parked in mutual funds," a company official said.
As a policy, the company has not given revenue guidance for the second quarter or the entire fiscal as its business growth depends on a number of internal and external factors.
"We are confident of continuing our robust growth in the next three quarters following a promising start in the first quarter," Mazumdar-Shaw claimed.
The company plans to hire about 500 biotech scientists in the next 18 months for one of its subsidiaries, Syngene International Ltd, which provides chemistry and molecular-based custom research services in early drug discovery and development.
Biocon currently has a total headcount of 1,600.
Source: IANS