The Hindu : Business : Biocon second quarter net jumps

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Biocon second quarter net jumps

Special Correspondent

Plans to hire
500 people
this fiscal

BANGALORE: Biotechnology major Biocon’s profit after tax stood at Rs. 74 crore in the second quarter ended September 30, 2009, an almost three-fold jump from Rs. 25 crore earned during the same period last year.

“It has been one of the most impressive quarters in Biocon’s history,” Chairman and Managing Director Kiran Mazumdar-Shaw told reporters while announcing the results.

Total income during the quarter stood at Rs. 592 crore against Rs. 458 crore, an increase of 29 per cent.

Total income for the half-year ended September 30, 2009, stood at Rs. 1,098 crore against Rs. 734 crore in the same period last year. The profit after tax more than trebled to Rs. 132 crore from Rs. 40 crore. “Our numbers tell our compelling story. MTM (mark-to-market) losses are behind us. We have delivered strong earnings in the first-half and are confident of sustaining this performance for the remainder of the year”, Ms. Shaw said.

The Biocon chief, who was featured in the Forbes’ list of the world’s 100 most powerful women, said the company had not been affected by the recessionary signals coming from other industries. She said the company planned to expand its manpower by hiring about 500 people across the board during this fiscal to reach 4,000 from the existing 3,500. She said Biocon, which had remained insulated from the recessionary trends across the industry, had not frozen its recruitments even last year.

Syngene and Clinigene, both Biocon’s research subsidiaries, have posted strong results.

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