Biocon Q2 net up 4.6%; stock trades higher

Biocon Ltd, Bangalore based company reported a 4.6% increase in its net profit to Rs 90 crore for the quarter ended September 30, 2012. The company's revenue rose by 19% to Rs 642 crore against Rs 538 crore in the corresponding period of previous year.

Shares of the company was seen trading higher by 1.78% at Rs 263 on BSE at 12.00 pm IST, after it touched an intraday high of Rs 267.

Commenting on the results, Chairman and Managing Director Kiran Mazumdar-Shaw stated, "We continue to deliver good performance across verticals this fiscal. At the half year, we have seen a 23% YoY increase in revenues attributable to both volume growth as well as better export realization on account of a depreciating rupee.

The company's net sales increased by 17.22% to Rs 59 crore when compared with the same period last year.

GE Capital had proposed to invest Rs 125 Crores as private equity in Syngene. However, the transaction is subject to standard condition precedents including regulatory approvals.

Kiran Majumdar Shaw, CMD, Biocon said, "This takes us closer to our commitment of taking Syngene through an IPO at the most opportune moment."

Syngene registered nearly Rs 400 Crores in FY 12. During H1, FY13, the business continues to gain momentum with sales of nearly Rs 250 Crores.

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