Biocon reports surge in 9-month profits
By Net sales for 9 months up 41% from annual sales for fiscal 2003:net profit climbs 119% vs fiscal 2003
Bangalore, January 20, 2004:
FINANCIAL HIGHLIGHTS
Consolidated results for 9 months ended 31 December 2003:
- Total income for 9 months, at Rs. 3,987 million, is 41% higher than full-year income in fiscal 2003 of Rs. 2,827 million.
- Operating profit (EBIDTA), at Rs. 1,305 million, is 76% higher than the full year operating profit of Rs. 741 million for fiscal 2003.
- Net profit, at Rs. 953 million, exceed full year profit of Rs. 435 million for fiscal 2003, by 119%.
- Manufacturing,Research and Other Expenses at 67% of total income reflected a 7bps improvement over fiscal 2003 largely on account of improved profitability from exports to US & Europe. Export income comprised 59% of total sales vs 48% in fiscal 2003.
- Interest & Depreciation reduced from 7% of total income to 3% of total income on account of a higher asset turnover ratio and substantial decrease in interest costs.
OTHER HIGHLIGHTS
Exports in the current nine-month period have shown a sharp increase over the previous full year, largely driven by exports of Lovastatin and Simvastatin to US and Europe.
- The book value per Equity Share of Rs. 5 each was Rs. 14.89 and Rs. 25.59 as at March 31, 2003 and as at December 31, 2003, respectively, as per consolidated financial statements under Indian GAAP.
- The earning per share (EPS) of Rs. 5 each was Rs. 5.18 and Rs 11.37 as per March 31, 2003 and as at December 31, 2003, respectively, as per consolidated financial statements under Indian GAAP.
- The net worth of Biocon was Rs. 1,340.3 million and Rs. 2,302.8 million as at March 31, 2003 and as at December 31, 2003 respectively, as per consolidated financial statements under Indian GAAP.
- CRISIL, India's foremost credit rating agency, has maintained its P1+ rating for the Rs. 200 million short-term debt programme of Biocon.
- Biocon has embarked on a Rs. 6.5 billion capital expenditure programme to meet the demand for its products. This includes developing the newly acquired 68 acre site in Bangalore for quadrupling of fermentation capacity & expansion of capacity of Syngene International Pvt Ltd (a Biocon subsidiary).
- The new plant for the production of r-Human Insulin is on track for the market launch of this high quality product in the Indian market by March 2004. With this, Biocon will have the largest Insulin production facility in the Asia-Pacific Region.
- The Board has also agreed to proceed with the preparatory work for an IPO planned for the first quarter of 2004.
- There has been an increase in the number of personnel from 950 to 1100.
ABOUT BIOCON
Established in 1978, Biocon Limited is one of India's premier biotechnology companies. Biocon and its two subsidiary companies, Syngene International Pvt Ltd and Clinigene International Pvt Ltd form a fully integrated biotechnology enterprise, specialising in biopharmaceuticals, custom research, clinical research and enzymes. With successful initiatives in clinical development, bioprocessing and global marketing, Biocon delivers products and solutions to partners and customers across 50 countries. Visit us at www.biocon.com
This is not an offer of securities for sale in the United States. Securities of Biocon Limited may not be offered or sold in the United States absent registration or an exemption from registration. Any securities to be offered in Biocon's IPO have not been and will not be registered under the U.S. Securities Act of 1933.
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