Biocon profit down 13% to Rs 44 crore

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Biotechnology major Biocon has reported a 13 per cent decline in net profit to Rs 44 crore for third quarter (Q3) ended December 31, 2005 against Rs 50 crore reported in the corresponding Q3 of 2004-05, on a consolidated basis.

Revenues grew marginally by 10 per cent to Rs 201 crore for Q3 of FY 2005-06 from Rs 183 clocked in Q3 FY 2004-05. Revenues through biopharmaceuticals grew 11 per cent to Rs 154 crore (Rs 138 crore), enzymes revenue fell by 14 per cent to Rs 18 crore (Rs 22 crore) and contract research (Syngene) revenues grew 49 per cent to Rs 27 crore (Rs 18 crore). Other income was lower at Rs 2 crore (Rs 5 crore).

EPS went down to Rs 4.4 in Q3 FY 2005-06 as against Rs 5 registered Q3 FY 2004-05.

On a sequential quarter, performance has been stagnant.

While net profit has remained at the same level of Rs 44 crore, top line has dipped by Rs 1 crore to close to Rs 201 crore.

"The company faced severe pricing pressure in the European statins market. However, the US market for generic statins will offer respite in 2006-07," said Kiran Mazumdar-Shaw, chairman and managing director.