Biocon Q3 net profit up 45 pc at Rs 47.51crore

New Delhi, Jan 18: Drug maker Biocon Ltd today reported a net profit of Rs 47.51 crore in third quarter ended December 31 versus Rs 32.79 crore in the same period a year ago, recording an increase of 44.89 per cent.

The net sales during the three months between October-December 2006 stood at Rs 214.08 crore as against Rs 172.40 crore in the corresponding period last year.

During April-December 2006, the company's revenues grew by 23 per cent to stand at Rs 710 crore while the profit after tax (PAT) was Rs 140 crore rising by 11 per cent over the same period in the previous year, the company said in a statement.

Dr Kiran Mazumdar-Shaw, Chairman and Managing Director, Biocon said, ''We are pleased that our investments in R&D and Biocon Park are beginning to deliver healthy and sustainable profits. We are confident that Biocon's research efforts will enable us to participate in large global opportunities in Oncology, Rheumatoid Arthritis and Diabetes.'' The company's recently launched BIOMAb-EGFRTM will undergo trials for label expansion, while T1h (Anti-CD6 antibody) and IN105 (Oral Insulin) are expected to enter Phase II Clinical Trials this year, she said adding that the board is satisfied that ''FY07 will reflect good strategic and financial progress''.

After its India debut, BIOMAb-EGFRTM is now set to enter the Pakistan market through a licensing arrangement with Ferozsons Laboratories, a leading onco-pharma company.

UNI