Biocon board approves bonus issue of 1:1

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Biocon board approves bonus issue of 1:1

Profit growth has been maintained at the consolidated level despite the divestment of the enzymes business, currency appreciation and increased depreciation. We have a strong Balance Sheet with high reserves and Rs. 193 crores in net cash

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Biocon 's  PAT increases by 13% to Rs. 225 crores (excluding, net exceptional income)YoY .

Profit growth has been maintained at the consolidated level despite the divestment of the enzymes business, currency appreciation and increased depreciation. We have a strong Balance Sheet with high reserves and Rs. 193 crores in net cash.

Revenues from Research Services grew 29% to Rs. 176 crores from Rs.136 crores, contributing 16 % to consolidated revenues in FY 2008, but currency appreciation and capacity expansion for future demand kept operating margins flat.

Bio Pharmaceuticals  business - generates ~74% of revenues (includes statins, insulin, immunusupressants and other biopharma products.

Contribution from Contract research business to improve growing forward.

R&D - working on 2 projects oral insulin and monoclonal antibodies. R&D expenditure to increase significantly over the next 2 years. 

Company is also looking to add more work force which is upto 664 from current work force of 464 people in period of one year. 

Biocon acquires 70% stake in German Co AxiCorp for Euro 30 million which will be paid by the end of this month. 

Board has approved bonus issue of 1:1

For more details listen to concall...