Biocon Ltd, a Bangalore based Rs 850 crore leading biotech company, has achieved impressive performance during the first quarter ended June 2007. The standalone net profit moved up by 62.7 per cent to Rs 44.86 crore from Rs 27.57 crore in the corresponding period of last year. The company's standalone net sales also increased by 23.8 per cent to Rs 227.40 crore from Rs 183.70 crore. With smart gain in profits, its EPS touched to Rs 4.64 as against Rs 2.86 in the previous period.
The company's pharmaceutical sales increased by 27.4 per cent to Rs 206.20 crore in the first quarter as against Rs 161.90 crore in the last period. However, sales enzymes declined by 7 per cent to Rs 22.46 crore from Rs 24.15 crore. The company has decided to sell off its enzymes business for a consideration of Rs 467 crore.
Kiran Mazumdar-Shaw, chairman and managing director, said, "All business segments delivered robust growth. Biopharma performed strongly in particular. Margins in services were restrained by currency appreciation. Branded products for nephrology, oncology and cardio-diabetes performed strongly."
The consolidated working reflects the financial results of its subsidiaries and joint venture companies namely Syngene, Clingene and Biocon Biopharmaceuticals. The consolidated net sales increased by 28 per cent to Rs 270.83 crore from Rs 211.51 crore in the corresponding period of last year. The consolidated net profit went up by 35.8 per cent to Rs 52.84 crore from Rs 38.91 crore.