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BIOCON LTD.
Biocon reported 58% growth in its consolidated revenues to Rs.4422.9mn in
Q2FY09, coupled with OPM of 16.6% (a sharp fall from 28.8%) and resulted
in a flat PBT at Rs 557.1mn. The stronger growth in revenues and sharp fall
in OPM was largely due to the consolidation of Axicorp, which is a thin margin
(i.e about 4%) business and contributed about 36% of total revenue during
the quarter. Subsequently, the forex loss of Rs 254mn has dragged down
the net profit by 54% to Rs 250mn. However, Quarterly results are not
comparable because Axicorp revenues were not present in the
corresponding period last year.