Biocon, a Rs.2,350 crore plus India's largest biotechnology company, has posted satisfactory growth in top line and bottom line during the third quarter ended December 2010. Its net profit has taken a quantum jumps of 24.6 per cent to Rs.100.75 crore from Rs.80.89 crore in the corresponding period of last year. Its consolidated net sales also increased by 14.6 per cent to Rs.728.05 crore from Rs.635.12 crore. Its pharma sales increased by 14.8 per cent to Rs.649.16 crore and that from CRAMS moved up by 12.1 per cent to Rs.86.81 crore. With improvement in profits, its earnings per share improved to Rs.5.15 from Rs.4.17 in the last period.
Kiran Mazumdar-Shaw, chairman and managing director, said, “Biocon has delivered the highest ever PAT this quarter and has crossed the Rs.100 crore mark. The operating margins has also increased to 24 per cent this quarter reflecting the improved quality of earnings. This marks an important growth milestone which will enable us to invest in advancing our research programmes and expand our manufacturing and marketing partnerships, which we believe, are catalysts of growth for the future.”
For the first nine months ended December 2010, Biocon's consolidated net sales increased by 20.9 per cent to Rs.2069 crore from Rs.1711 crore in the similar period of last year. Its net profit also moved up by 25.4 per cent to Rs.266.71 crore from Rs.212.63 crore.
The biopharma business posted a 22 per cent growth in revenues in the nine months of this fiscal on the back of strong growth in the sales of immunosuppressants, statins and the branded formulations segment. There has been a significant increase in the sales of both MMF and Tacrolimus to the US and European markets.
Domestic branded formulations business achieved growth of 32 per cent. In diabetology, the response of diabetes specialists to the launch of Insugen 100 i.u. in India has been very encouraging. This launch will help the division increase its market share in the human insulin vials space. Overall, the insulin portfolio has grown by 40 per cent over the last year.