Bangalore, Oct 18 (UNI) Reporting a 27 per cent growth in net profit, biotech major Biocon Limited today announced a revenue of Rs 553 crore and a net profit of Rs 107 crore for the first half of the current fiscal.
Consolidated Revenues grew by 19 per cent over the same period in the previous year. Research Services (Syngene) continued to deliver a robust Dollar denominated growth of 60 per cent and an impressive 43 per cent based on Rupee realisation. Profit was restrained by Rupee appreciation, the Company said in a release here.
Biopharmaceuticals and branded formulations showed strong performance. Insulin was a significant contributor. Technology and licensing revenues continued to contribute to H-1 financials.
The Company said its R and D expenditure increased to Rs 32 crore from Rs 19 crore in the previous year.
Biocon completed the divestment of its Enzymes division to Novozymes South Asia Private Limited, a wholly owned subsidiary of Novozymes A/S of Denmark, for a gross consideration of Rs 467 crore.
Commenting on the results, company Chairman and Managing Director Kiran Mazumdar-Shaw said divesting of the historic enzymes business to Novozymes provided the company with substantial financial resource to consider strategic acquisitions to move up the value chain.
''Our branded formulations are rapidly gaining both market share and market leadership. INSUGEN has already overtaken brand leaders both in some of the domestic market segments as well as a few international markets. BIOMAb EGFR has attained market leadership in its very first year of launch in India,'' she said.
''Biocon has also received marketing approval for ABRAXANE (A nanoparticle albumin bound paclitexel) from DCGI, which will add to the proprietary portfolio of the Oncotherapeutics division,'' she added.