Biocon Limited, India's largest biotechnology firm in the private sector, has reported marginal slip in net profit to Rs 28 crore for the third quarter ended December 31, 2008, as against a net of Rs 29 crore for the corresponding quarter of last year.
Revenues are up 84 per cent at Rs 436 crore led by strong sales in pharma segment line. The net profit slip on such high sales was the result of a Rs 46 crore mark-to-market loss of foreign exchange forward contract.
Operating profit has doubled to Rs 70 crore. Revenues from pharma sales were up 94 per cent to Rs 375 crore.
The sales of this segment was helped by an acquisition which Biocon carried out during last year. Biocon during last year acquired 71 per cent in Axicorp, a Germany-based pharma distribution firm which has a strong network for generic drugs in the European Union.