Biocon PAT at Rs 39 cr in Q1

MUMBAI: Leading biotechnology company, Biocon Limited on Wednesday maintained a profit after tax (PAT) at Rs 39 cr for the quarter ended June 30 in comparision to the same quarter in 2005-06, due to higher fixed cost on account of Biocon Park.

The total income of the company increased 21.02 per cent to Rs 213 cr for the first quarter ended June 30 as against Rs 176 cr for the corresponding quarter a year ago, Biocon informed the the stock exchanges.

The total sales of the company for the quarter ended June 30 was at Rs 212 cr as compared to Rs 174 cr in the same quarter last fiscal, it added.

The Earnings Before Interest, Depreciation, Taxes and Amortization (EBIDTA) was at Rs 55 cr for the three months ended June 30 as against Rs 52 cr in the same period a year ago.

"Our financial performance for Q1 FY 07 has generated good profitability despite challenges. This underpins our confidence in pursuing discovery-led research programs.

We believe that our innovation led business initiatives have the potential to realise exponencial growth in the long term and deliver superior shareholder value in the future," Biocon chairman and managing director Kiran Mazumdar-Shaw said.

The year ahead will continue to be challenging due to market conditions and the impact of depreciation at our new facilities at Biocon Park. The new growth drivers -- insulin, immuno-suppresants, branded formulations and monoclonal antibodies are building the bio-pharmacueticals business in a more robust manner and reducing the dependence on statins, she added.

The shares of the company were trading at Rs 337.05, down 1.96 per cent at the BSE.