Biocon H1 profit up 75 per cent

Biocon Limited has registered a 75 per cent growth in net profit at Rs 105 crore during the first half of 2004-05 against Rs 60 crore in the...

Biocon Limited has registered a 75 per cent growth in net profit at Rs 105 crore during the first half of 2004-05 against Rs 60 crore in the corresponding period during the last fiscal.

Announcing the financial results, Kiran Mazumdar-Shaw, chairman and managing director of Biocon Limited said, ‘‘The first half year performance confirms the robust growth of the company. All segments of our business developed strongly. I am particularly pleased with the milestones achieved on the insulin and monoclonal antibody fronts. These are the key drivers of our development plans. They offer huge potential for sustained long-term profitable growth. We are confident that the full year will show excellent progress over last year’s performance’’.

The company has registered a 40 per cent growth in sales at Rs 360 crore and shareholders’ funds increased to Rs 670 crore. It reported a 52 per cent increase in Q2 net profit at Rs 56 crore against Rs 37 crore during the Q2 of last fiscal.

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Shaw has announced the induction of an eminent California scientist entrepreneur Dr Bala Manian into Biocon Board. She said around 227 employees were added between March 30 and September 30, 2004, thus increasing the headcount to 1231. ‘‘We expect the headcount to increase to 1,500 by March 30, 2005,’’ she said.

She said the new research centre of Biocon will be inaugurated by Kapil Sibal, Union Minister of State for Science and Technology on Thursday. The new centre, located at Bommasandra Industrial Area phase IV, is spread over 50,000 sq ft. The Rs 30-crore facility will employ over 200 scientists.

Biocon, Nobex to make oral insulin product

		Bangalore: Biocon Limited, and North Carolina-based Nobex Corporation have announced a research collaboration to jointly develop an oral insulin product for the treatment of diabetic population, which is expected to increase to more than 200 million worldwide by the year 2030. An agreement has been signed by Shaw and Christopher H. Price, president and chief operating officer of Nobex on Wednesday. The product is expected to be ready within two years. –ENS

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