Oct. 31: Biotechnology major Biocon today posted a 4.6 per cent jump in consolidated net profit at Rs 89.65 crore for the second quarter ended September 30 on growth in the branded formulations business.
Net profit stood at Rs 85.70 crore in the same period of the previous fiscal, Biocon said in a statement.
Net sales rose to Rs 592.40 crore for the second quarter from Rs 505.39 crore in the same period of the previous fiscal.
During the period, the company said its branded formulations business recorded a growth of 45 per cent.
The firm, which has its headquarters in Bangalore, said private equity firm GE Equity International Mauritius, a subsidiary of GE Capital, will make an investment in the research services arm of Biocon — Syngene International — of Rs 125 crore for a 7.69 per cent equity share.
“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,” Biocon CMD Kiran Mazumdar-Shaw said.
Syngene International registered sales of nearly Rs 400 crore in fiscal 2012.
For the six month period ended September 30, Biocon posted a net profit of Rs 168.45 crore compared with Rs 155.75 crore in the same period of the previous financial year.