India's biggest biotech firm Biocon Ltd on Thursday reported a net profit hike of 43.68 per cent for the third quarter-ended December 31, 2004. But fears of rising costs still pushed the company’s share value down significantly on Thursday. The company’s net profit was Rs 50.3 crore compared to Rs 35 crore in the third quarter of 2003. Biotech CMD Kiran Mazumdar-Shaw said Biocon would meet its financial target set for the year.Revenues stood at Rs 183 crore, a 31 per cent year-on-year jump from Rs 139 crore, a company statement said, though sequential profits were down 10 per cent.‘‘All sectors recorded healthy growth despite challenging conditions in the European anti-cholestrol molecule market. Our recently announced collaboration with Nobes and Vaccinex have made good starts,’’ Mazumdar-Shaw added.
