Biocon net rises 42%

Bangalore, April 20 | Updated: Apr 21 2005, 05:30am hrs
Biocon Ltd has registered a growth of 42% in its net profit at Rs 198 crore for the fiscal 2004-05 compared with Rs 139 crore posted during the fiscal ended March 31, 2004.

The company has registered a 34% increase in its total revenue at Rs 728 crore (Rs 542 crore in the previous year) for the fiscal year 2005.

Addressing the media, Biocon CMD Kiran Mazumdar Shaw said that all the key businesses such as biopharmaceutical enzymes and research services had demonstrated positive growth during the year.

The numbers reported have exceeded our internal profit targets. Given the increased capacity coming on stream in FY 2005-06, we are confident of achieving healthy sales growth, despite the pricing pressures on our statins business, she said.

During the year, over 60% of the companys revenues at Rs 442 crore came from exports. Domestic business accounted for Rs 271 crore, including Rs 557 crore from biopharmaceuticals business, Rs 90 crore from enzymes business, and contract research services brought in Rs 66 crore. Other income accounted for Rs 15 crore of the total revenues, Ms Shaw said.

She said that the scaling up of the companys research activities and facility high research revenues, increased supply of enzymes in European and North American markets and the surge of statin sales in Europe contributed to the overall revenue growth.

During the past year, the company launched its recombinant human insulin Insugen in the domestic market. Biocon is aiming to achieve 10% market share in the Rs 175-crore Indian insulin market with this product, Ms Shaw said.

She said that the company was half-way through the phase II clinical trials of the monoclonal anti bodies for the head and neck cancer.