Biocon second quarter net up 52 percent

Thursday, 21 October 2004, 07:00 Hrs
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BANGALORE: Biocon Ltd, India's leading biotechnology firm, posted 560 million ($12 million) net profit for the second quarter (July-September) of 2004-05, up 52 percent over the same period of last fiscal.

On the income front, the Bangalore-based listed firm has registered an increase of 26 percent year-on-year (YoY), with a revenue of 1.89 billion ($41 million) for the second quarter against 1.51 billion ($33 million) in the corresponding quarter of the previous fiscal.

As a result, the company's earnings per share shot up to 5.63 against 4.13, an increase of 36 percent over the previous year.

Biocon's other income during the same quarter has jumped by 200 percent to 30 million from 10 million over the same period previous year, mainly on account of returns from deploying 3.5 billion ($76 million) it had raised from an initial public offering in March in liquid mutual funds pending expansion projects.

Disclosing the results for the second quarter and the first half (April-September), Biocon chairman Kiran Mazumdar-Shaw told reporters here Wednesday the first six months' performance reflected the company's robust growth on all key parameters.

"All segments of our business developed strongly during the first half, especially on the insulin and monoclonal antibody fronts. These are key drivers of our development plans as they offer huge potential for sustained long-term profitable growth," Shaw claimed.

For the first half, the company's net profit grew by 75 percent to 1.05 billion YoY from 600 million.

Similarly, the total income (revenue) rose by 42 percent YoY to 3.67 billion from 2.58 billion in the first six months of last fiscal.

"Revenue growth was spearheaded by strong performance in the US and European markets, resulting in exports going up by 48 percent YoY in the first half of this fiscal and contributing 65 percent to our overall revenues," Shaw said.

Revenues from custom and clinical research shot up by 71 percent YoY to 290 million from 170 million in first half of last fiscal.

Revenues from the bio-pharmaceuticals business went up by 38 percent YoY to 2.87 billion from 2.08 billion in first half of last fiscal, constituting 78 percent of total income in the first half of this fiscal.

The operating profit was higher by 40 percent at 1.22 billion against 870 million in the corresponding period of the last fiscal.

Sequentially, however, the company's net profit grew only by 15.4 percent and income by just 6.6 percent from first quarter to second quarter of this fiscal.

For the first quarter, Biocon posted a profit of 486 million and income of 1.78 billion.

"Sequential growth in the biotech sector should not be compared with that of the IT growth, as the sectors are as different as apples from oranges," Shaw remarked.

Source: IANS
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