Biotechnology major Biocon on Wednesday posted 4.6 per cent jump in its consolidated net profit to Rs 89.65 crore for the second quarter.
The company had a net profit of Rs 85.70 crore in the same period of previous fiscal, Biocon said in a statement.
The net sales of the company rose to Rs 592.40 crore for the second quarter from Rs 505.39 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 per cent.
The 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 7.69 per cent 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.
“We continue to deliver good performance across verticals this fiscal. At the half year, we have seen a 23 per cent YoY increase in revenues attributable to both volume growth as well as better export realisation on account of a depreciating rupee,” Shaw said.
The company said interim results from the Phase III clinical study for its biosimilar rh-Insulin in EU have come out positive.
They further said it is in advanced stages of finalising its co-development agreement for oral insulin-IN-105.
It has also initiated engagement with potential partners for out-licensing Itolizumab (Anti CD6 Monoclonal Antibody) for the global markets, it added.
