Biocon net up 59 percent in first quarter

Friday, 24 July 2009, 02:02 Hrs
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Bangalore: Biotech major Biocon has posted a net profit of 47.6 crore for the first quarter this fiscal, registering a 59 percent year-on-year (YoY), the company said Thursday.

Total income for the quarter under review, however, grew only nine percent YoY to 259 crore from 237 crore in the like period a year ago, the company said in a regulatory filing.

As a group, the net profit soared 283 percent YoY to 57.6 crore for the first quarter from 15 crore.

Similarly, the group's total income increased 83 percent YoY to 505 crore from 277 crore.

Group companies include the recently acquired German subsidiary AxiCorp.

"We have delivered robust growth across all segments. This, we believe, is a trend that holds goods prospects for the year ahead," Biocon chairperson Kiran Mazumdar Shaw said in a statement.

Operating profit grew 45 percent to 101 crore, while operating margins excluding that of AxiCorp were sustained at 32 percent.

"We are making excellent progress on the research front with several programmes approaching a licensing potential. Our recently announced partnership deal with Mylan positions us amongst the front-runners to address the emerging global market opportunity for bio-generics," Shaw said.
Source: IANS
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