Biocon Q1 net at Rs 39 cr

Biocon today reported  a net profit of Rs Rs 39 crore for the quarter ended June 30, 2006. Total income increased 21.02% to Rs 213 crore as against Rs 176 crore in Q1FY06, according to a release issued by the company to the BSE today.

"Our financial performance for Q1FY07 has generated good profitability despite challenges. This underpins our confidence in pursuing discovery-led research programs. We believe that our innovation-led business initiatives have the potential to realise exponencial growth in the long-term and deliver superior shareholder value in the future," Kiran Mazumdar-Shaw, chairman and managing director of Biocon, said.

"The year ahead will continue to be challenging due to market conditions and the impact of depreciation at our new facilities at Biocon Park. The new growth drivers - insulin, immuno-suppresants, branded formulations and monoclonal antibodies - are building the bio-pharmacueticals business in a more robust manner and reducing the dependance on statins," she added.