Date:15/07/2004 URL: http://www.thehindu.com/2004/07/15/stories/2004071505281400.htm

Business

Biocon net zooms

By Our Staff Reporter

The Chairperson, Biocon, Kiran Mazumdar Shaw (left), and the Vice Chairman, International Business Development, arriving to address a press conference at the electronic city, Bangalore, on Wednesday. - Photo: G. R. N. Somashekar

BANGALORE, JULY 14. Biocon Limited, manufacturer of industrial enzymes and bulk drugs, has reported a strong growth in the first quarter ended June 30, 2004.

Total income for the quarter rose by 65 per cent year on year to Rs. 177.90 crores and the net profit by 112 per cent to Rs. 48.60 crores. The EPS (earnings per share) was Rs. 4.86 for the quarter.

Sales of statins, a group of molecules used to combat cholesterol, continued to be the mainstay of the company's exports, which grew 57 per cent during the quarter, compared to the same quarter last year. Revenue from exports contributed 65 per cent of total revenues.

Kiran Mazumdar Shaw, Biocon's Chairperson and Managing Director, said, "The first quarter was driven by our successful entry into the Pravastatin market in Europe following the expiration of product patents in key markets in the region. Sales of Lovastatin to the U.S. also increased after the Federal Drug Administration approved our fermentation facility."

Revenue from biopharmaceuticals increased by 67 per cent year on year to Rs. 139.70 crores during the quarter. Exports of statins realised Rs. 95.70 crores.

Proprietary manufacturing technology and strong regulatory compliance helped the company access key growth areas, Ms. Shaw said.