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Biocon's PAT dips 12 pc

Written by: Staff

Bangalore, Apr 20 (UNI) Premier biotechnology firm Biocon Limited today announced that its profit after tax has declined 12 per cent to Rs 174 crore, despite a nine per cent increase in total income at Rs 793 crore for the fiscal ending March 31, 2006.

Announcing its results here, the company said the fourth quarter ending March 2006 showed a 20 per cent top line growth at Rs 215 crore as against Rs 178 crore in the corresponding quarter in the previous year. The quarter registered 13 per cent PAT growth at Rs 48 crore, compared to Rs 42 crore in the same period last year.

The operating profits declined marginally by two per cent to Rs 234 crore and the operating margins were at 30 per cent for the year, the company said.

The Board of Directors had recommended a dividend increase from 40 to 50 per cent (Rs 2.50 per share). Earnings per share for the year was put at Rs 17.40.

Commenting on the results, company Chairperson and Managing Director Kiran Mazumdar-Shaw said ''I am pleased that we have sustained a healthy 30 per cent operating margin for the financial year 2005-06 despite a fiercely competitive environment. This enables us to invest in our discovery-led research programmes. The recent acquisition of the Nobex portfolio has significantly enhanced our IP assets both in terms of patents as well as proprietary technologies, which will play a key role in our innovation strategy for the future. The year ahead is also expected to see us entering the Oncology market with our novel antibody product, BIOMAB-EGFR, for the treatment of head and neck cancers.'' She said Biocon was rapidly transforming itself from a generics API manufacturer into an innovator company developing a robust pipeline of new molecules. ''We believe that this strategy will deliver strong and sustainable growth in the future.'' More UNI MV GD SB1206

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