Bangalore: Biotech major Biocon today (July 14,2004) posted a robust 112 per cent jump in its profits during the first quarter ending June at Rs 48.6 crore with strong exports growth to the US and European markets. The Bangalore-based Biocon posted a net profit of Rs 22.9 crore during April to June 2003.

Biocon's revenues grew by 65 per cent at Rs 177.9 crore during the first quarter, as against Rs 107.6 crore during the corresponding period last year (2003-2004)

"The growth was driven by our successful entry into the Pravastatin market in Europe following the expiry of product patents in key markets in the region," Biocon Chairperson Kiran Mazumdar Shaw told reporter in Bangalore.

India's largest and one of the top 20 Biotech firms in the world, Biocon, she said, plans to invest Rs 65 crore on R&D work this fiscal, in addition to the Rs 650 crore it committed when it went public to raise Rs 315 crore early this year (2003-2004).

Citing that the industry was regulatory driven, Shaw said the firm could not give revenue outlook for the year, but added, "We are confident of continuing robust growth following a promising start".

Biocon has also increased sales of Locastatin, one of the two statins, which is going off patent and with a market potential of $ 7 billion by 2007.