Biocon net up 59 per cent in first quarter | business | Hindustan Times
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Biocon net up 59 per cent in first quarter

business Updated: Jul 23, 2009 20:12 IST

Biotech major Biocon has posted a net profit of Rs 47.6 crore for the first quarter this fiscal, registering a 59 percent year-on-year (YoY), the company said on Thursday.

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

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

Similarly, the group's total income increased 83 per cent YoY to Rs 505 crore from Rs 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 per cent to Rs 101 crore, while operating margins excluding that of AxiCorp were sustained at 32 per cent.

"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.