Biocon Q2 net up 20% at Rs 89 cr

Biocon Ltd, India's third largest bio-pharmaceuticals company based in Bangalore, has posted 20 per cent jump in its net profit to Rs 89 crore forthe second quarter of FY11 as compared to corresponding previous period. Total income grew by 16 per cent to Rs 688 crores. Operating profit grew by 21 per cent to Rs 153 crore, while the operating margin was at 22 per cent.
 
Commenting on the results, Kiran Mazumdar Shaw, CMD, Biocon said: "All our core businesses have delivered robust performance during the first half of the year and is expected to continue during the year." During last week, Biocon signed a $200 million marketing pact with Pfizer, which will see Pfizer commercialise Biocon's insulin products across the globe. Biocon is also expected to get an additional $150 million as part of this pact based on certain product milestones.
 
Ms Shaw added that this pact with Pfizer is an inflection point in the growth of the company. "Our strategy of building and unlocking high value innovation in biotechnology has seen us enter a new phase of growth."
 
The company added that its biopharma business grew by 27 per cent during the first half of the year, while its domestic branded formulations division grew by 32 per cent.