Biocon Ltd, a leading biotechnology enterprise, on Thursday, announced it has registered a net profit of Rs 54 crore for second quarter ended September 30, 2007 as against Rs 45 crore in the corresponding period last year, up by 19 per cent.

The company’s revenue stood at Rs 280 crore in the quarter under review, as against Rs 250 crore in the same period last fiscal, up by 12 per cent.

“Biopharmaceuticals and branded formulations showed strong performance. Technology and licensing revenues continued to contribute to our profits,” Chairperson & Managing Director Kiran Mazumdar-Shaw said.

For half-year ended September 30, 2007, Biocon’s net profit stood at Rs 107 crore, registering a growth of 27 per cent, as against Rs 84 crore in the corresponding period last year. The revenue for the half-year of current fiscal was at Rs 553 crore, a growth of 19 per cent over the same period in the previous fiscal.

Ms Shaw said, “The rupee appreciation has impacted the out topline and bottomline. Where the research services delivered robust dollar dominated growth of 60 per cent and 43 per cent in rupee value. This is a huge difference.”

Outlook

With rapid growth in its branded formulations such as Insugen and Biomab EGFR, Biocon is looking at entering bigger markets, the US and Europe through M&As. “The divestment of our enzyme division to Novozymes of Denmark gives us the financial muscle for strategic acquisitions. This will help us move up the value chain in the biopharmaceutical business,” Ms Shaw said.

Biocon also announced that in association with Abraxis Bioscience it has received approval from the country’s Drug Controller General to market its drug Abraxane, for treatment of breast cancer.

The company also said that it would focus more on its insulin segment to become an aggressive player in the market. “Insulin is important to us for short, medium and long term gains,” Ms Shaw said.

BT policy

On the proposed New State Biotechnology Policy, Ms Shaw said it would focus on providing financial support and build business for new entrepreneurs, development of human resources and finishing schools. The policy would help Biotechnology have rural reach and focus on segments such as agrobiotechnology. The policy would roll out by January 2008, Ms Shaw added.