Bangalore-based Biocon Limited achieved a total income for the 9-month period, ended 31 December 2003 of Rs.398.7 crore, a 41 per cent growth compared to Rs.282.7 crore for the entire fiscal 2003. The company achieved a net profit of Rs.95.3 crore (nine months) compared to fiscal 2003’s profit of Rs.43.5 crore, a growth of 119 per cent.

Commenting on the results, Kiran Mazumdar–Shaw, chairman & managing director, Biocon Limited, said, “Statins continue to generate robust revenues and strong profitability. We are confident of maintaining this high growth profile through emerging opportunities from simvastatin and pravastatin in the US market as well as from insulin and other biologicals in the future.”

The company’s subsidiaries Syngene and Clinigene registered total income of Rs.26.18 crore and Rs.14 lakh.

Export income comprised 59 per cent of total sales compared to 48 per cent in fiscal 2003.

Interest and depreciation reduced from 7 per cent of total income to 3 per cent of total income on account of a higher asset turnover ratio and substantial decrease in interest costs.

Exports in the current nine-month period have shown a sharp increase over the previous full year, largely driven by exports of lovastatin and simvastatin to US and Europe.

The company has embarked on a Rs.650 crore capital expenditure programme to meet the demand for its products. This includes developing the newly acquired 68-acre site in Bangalore for quadrupling of fermentation capacity & expansion of capacity of Syngene International Pvt Ltd.

The new plant for the production of r-Human Insulin is on track for the market launch of this high quality product in the Indian market by March 2004. With this, Biocon will have the largest insulin production facility in the Asia-Pacific Region.