Biocon Q1 PAT zooms 261% to Rs 54 crore

Bangalore based biotech major Biocon registered an 83% jump in consolidated revenues including its German subsidiary AxiCorp for the first quarter ended June 30, rising to Rs 505 crore from Rs 277 crore in the corresponding quarter of the previous fiscal. Excluding AxiCorp, the company's revenue increased 14% YoY to Rs 316 crore while operating profits grew 45% to Rs 101 crore. Profit after tax (PAT) surged 261% to Rs 54 crore for the quarter, while operating margins were sustained at 32%.

While AxiCorp registered an operating profit of Rs 11 crore and a PAT of Rs 4 crore for the company, Biocon said that the relevance of the segment would commence upon the EU market authorization for Insulin, which was expected to come through in the next 18-24 months.

The company's custom research and development arm Syngene and clinical research organization Clinigene delivered 50% growth in revenues with PAT rising 133%YoY to Rs 7 crores.

Kiran Mazumdar Shaw, chairman and managing director of Biocon, said, "Biocon's Q1 '10 performance has delivered robust growth across all segments. Syngene has had a particularly strong quarter demonstrating good returns on the investments made over the last two years."

She added that the company expected to make progress on the research front with "several programs approaching a licensing potential." "We expect the quarters ahead to remain robust and we hope to end the year on a note of strong growth both in revenues and profitability," said Mazumdar Shaw.