Financial Daily from THE HINDU group of publications
Thursday, Oct 20, 2005
Financial Daily from THE HINDU group of publications Thursday, Oct 20, 2005 |
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Corporate Results
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Pharmaceuticals Biocon Q2 net down 29 pc — Tax outgo, European statins market hit profits Our Bureau
Bangalore , Oct. 19 BIOCON Ltd's second quarter profit dipped 29 per cent year-on-year to Rs 35.36 crore. While revenues grew 2.6 per cent during the quarter to Rs 178.63 crore, the profit was nipped by a highly competitive European statins market landscape and a higher tax outgo, the Chairperson and Managing Director, Ms Kiran Mazumdar-Shaw, told a news conference. The year was expected to be flat, with good opportunities set to emerge next fiscal. "Given the challenges in the European statins market, I am satisfied with our results," Ms Mazumdar-Shaw said. "We have many excellent growth drivers which are beginning to bear fruit. We are confident that we will deliver healthy operating margins for the full year." Compared to the first quarter this year, the revenue was up 14 per cent from Rs 156.90 crore and the post-tax profit grew nearly 8 per cent from Rs 32.89 crore. During the six months of this fiscal, growth was led mainly by contract research business, enzymes, insulin and pharmaceuticals, while the revenue from traditional driver, the statins, came down from 60 per cent to 50 per cent. The consolidated half-yearly PAT of Rs 68.25 crore was also 27 per cent lower than the Rs 93.43 crore it made during the first half of 2004-05. Total H1 sales were at Rs 335.53 crore, up 1 per cent from Rs 330.80 crore year-on-year. Income from contract research revenues for the half-year grew 45 per cent from Rs 29 crore last fiscal to Rs 42 crore this year. Syngene has added several new clients and the clinical research subsidiary Clinigene International is also beginning to build business, and the recent tie-up with leading international CRO Scirex would play an important role in this, she said. "Last year's numbers really reflected a market with very little competition. This year's volume growth has come at the cost of profitability that these products enjoyed in the previous years," she said. Biocon ended fiscal 2005 with a revenue of Rs 672 crore. The diabetes and oncology fronts showed good progress. The cancer-fighting EGFR antibody, Biomab-EGF that is under development with Cuban research institute CIMAB, would complete phase 2B clinical trials by this year-end. The IND (investigative new drug) application for the revolutionary oral insulin would be filed before April 2006.
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