Biocon Q2 net up 4.7% at Rs 90 crore

Indian drug maker, Biocon reported a 4.7% rise in net profit. Announcing their second quarter results for FY2012-13, the company said that their consolidated net profit stood at `89.65 crore and net sales grew to `592.40 crore (`505.39 crore).

“We continue to deliver good performance across verticals this fiscal. At the half year, we have seen a 23% YoY increase in revenue attributable to both volume growth as well as better export realisation on account of a depreciating rupee,” company Chairman and Managing Director, Kiran Mazumdar Shaw said.

She also said that GE Equity International Mauritius, a subsidiary of GE Capital, will make a private equity investment in Syngene International to the tune of `125 crore, for a 7.69% equity share.  “ This takes us closer to our commitment of taking Syngene through an IPO at the most opportune time,” she said.

The biopharma business reported a growth of 15% YoY (`734 crore), while branded formulations registered 45% (`178 crore) and research services recorded a growth of nearly 40% (`252 crore) in the first half of the fiscal.  Shaw said that  the company remained committed to offering differentiated products that provide the ‘best in class’ affordable treatment options to patients.

Shares of the company were trading 2.55% higher at `265.55 due to the positive results.