The Hindu Business Line : Biocon 9-month net up 119%

BIOCON Ltd, which has planned its IPO for the first quarter of 2004, has reported total income of Rs 398.70 crore for the nine months ended December 2003. The figure is 41 per cent higher than the full-year income of Rs 282.7 crore for 2002-03.

Operating profit was Rs 130.5 crore or 76 per cent higher than the full-year operating profit of Rs 74.1 crore. Net profit was Rs 95.3 crore, 119 per cent higher than Rs 43.5 crore of 2002-03.

Ms Kiran Mazumdar-Shaw, CMD, said, "Statins continue to generate robust revenues and strong profitability."

Biocon said the manufacturing, research and other expenses at 67 per cent of the total income reflected a seven basis points improvement over fiscal 2003 largely on account of improved profitability from exports; exports accounted for 59 per cent of total sales compared to 48 per cent during in fiscal 2003.

Interest and depreciation reduced from 7 per cent to 3 per cent of the total income on account of a higher asset turnover ratio and substantial decrease in interest costs.

During the nine months, exports showed a sharp rise over the entire year last fiscal, largely driven by Lovastatin and Simvastatin to the US and Europe.

The book value per equity share (face value Rs 5) was Rs 14.89 as on March 31, 2003 and Rs 25.59 on December 31, 2003, as per consolidated statements under Indian GAAP. EPS of Rs 5 each was Rs 5.18 as on March 31, 2003 and Rs 11.37 as on December 31, 2003.

The networth of Biocon was Rs 134.03 crore as on March 31, 2003, and Rs 230.28 crore as on December 31, 2003.

Among the group companies, Biocon alone posted nine-month earnings of Rs 372.38 crore (compared to Rs 255.41 crore for entire 2002-03 fiscal). Of the two subsidiaries, Syngene reported total income of Rs 26.18 crore and Clinigene Rs 14 lakh.