Biocon Ltd, the Bangalore-based biotechnology company, today reported a consolidated net profit of Rs 76.74 crore showing a growth of 33.3 per cent for the first quarter ended June 30, 2010 compared to the same period a year ago. Its total income for the first quarter went up by 32.9 per cent to Rs 671.77 crore as against the same quarter last fiscal.
The earnings before interest, tax, depreciation and amortization is up by 27 per cent year on year at Rs 141 crore. The operating margin was 21 per cent during the quarter.
Commenting on the results, Chairman and Managing Director Kiran Mazumdar Shaw said, "Biocon has started this financial year on a very strong note. Our group profits have grown by 33 per cent year on year to Rs 77 crore, whilst our revenues have also delivered an impressive 33 per cent YoY growth. We have identified Biosimilars, Immunosuppressants, Research services and the emerging markets as key growth drivers for the near term. We believe these will deliver sustainable shareholder value over the coming years."
The biopharma business posted a 37 per cent YoY increase in revenues in the fist quarter of this fiscal demonstrating excellent growth in its core business that include insulins, immunosuppressants, statins and branded formulations.
Biocon has made significant progress in developing biosimilars for several ROW markets. Its insulin biosimilar drug has received approval to initiate phase-II clinical trials in Europe and the company expects to start recruiting patients in Q2 FY11.
Its research services units, Syngene and Clinigene, have shown a combined sales of Rs 72 crore in the first quarter. Operating profits were, however, impacted by higher costs associated with integrated drug development programmes that are expected to yield results in the coming quarters.