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Biocon Net Profit Up by 15 Percent for Fiscal Year

Indian biotechnology major Biocon Ltd. Thursday announced a 15 percent surge in its profit at Rs.2 billion with a total income at Rs.9.9 billion in fiscal 2006-07. //

The firm's expenditure on research and development, during 2006-07, also increased by 86 percent at Rs.380 million, it said in a statement. It also announced increase in dividend from 50 to 60 percent, with Rs.3 per share, as recommended by the court.

"Our strategy of building global scale in our products and services businesses has delivered robust profits this fiscal year. This has enabled us to invest incrementally in our innovation led research programmes which will deliver attractive shareholder returns in the coming years," said Kiran Mazumdar-Shaw, chairman and managing director, Biocon Ltd.

"Today, Biocon and its subsidiaries have created a unique matrix of capabilities that has earned us a strong reputation as a preferred partner to global pharma and biotech companies," she added.

The company's subsidiary Syngene, during this period, entered into a partnership with Bristol Myers Squibb one of the world's leading pharmaceutical firms, to provide research and development (R&D) services for development of drugs.

"In the year ahead, we will continue to make significant investments to progress our innovation pipeline and leverage upon the strategic initiatives taken to enter into new business segments like oncology and nephrology whilst continuing to expand our cardio-diabetes reach globally," said Biocon's chief operating officer Arun Chandavarkar.

Source-IANS/L
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