Biocon Q2 profit up 5% at Rs. 90 cr
Biotechnology major Biocon on Wednesday posted a 4.6% year-on-year jump in its consolidated net profit to Rs. 89.7 crore for the second quarter ended September, on the back of branded formulations business growth. A shot in the armbusiness Updated: Oct 31, 2012 22:04 IST
Biotechnology major Biocon on Wednesday posted a 4.6% year-on-year jump in its consolidated net profit to Rs. 89.7 crore for the second quarter ended September, on the back of branded formulations business growth.
The company had a net profit of Rs. 85.7 crore in the same period of previous fiscal year, Biocon said in a statement.
Net sales of the company rose to Rs. 592.4 crore for the second quarter from Rs. 505.4 crore in the same period of 2011-12 fiscal.
During the period under review, the company said its branded formulations business recorded a robust growth of 45%.
The Bangalore-headquartered firm said GE Equity International Mauritius, a subsidiary of GE Capital, will make a private equity investment in research services arm of Biocon - Syngene International - of Rs. 125 crore for a 7.7% equity share.
Commenting on the development Biocon CMD Kiran Mazumdar Shaw said: "GE Capital's investment in Syngene is a validation of our research services business model which has delivered consistent value to our partners as well as other stakeholders. This takes us closer to our commitment of taking Syngene through an IPO at the most opportune time."
Syngene International registered sales of nearly Rs. 400 crore in FY12.
For the six months ended September 30, Biocon posted a net profit of Rs. 168.5 crore compared to Rs. 155.8 crore during the same period of 2011-12 fiscal.
"We continue to deliver good performance across verticals this fiscal. At the half year, we have seen a 23% year-on-year increase in revenues attributable to both volume growth as well as better export realisation on account of a depreciating rupee," Shaw said.