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Biocon Q2 net moves up 20 per cent to Rs 89.22 crore

Biotechnology major Biocon on Friday reported 20.26 per cent increase in net profit for the quarter ended September 30 to Rs 89.22 crore on the back of strong sales in the biopharmaceuticals segment.

twitter-logoPTI | October 22, 2010 | Updated 15:40 IST

Biotechnology major Biocon on Friday reported 20.26 per cent increase in net profit for the quarter ended September 30 to Rs 89.22 crore on the back of strong sales in the biopharmaceuticals segment.

The company had posted net profit of Rs 74.19 crore in the same quarter a year ago, Biocon said in a statement.

Total income during the second quarter (Q2) of this fiscal was up at Rs 679.94 crore, as against Rs 581.09 crore in the same period last year, up 17 per cent.

"All our core businesses have delivered robust performance for the first half of this fiscal and are expected to sustain this level of growth for the rest of the year," Biocon CMD Kiran Mazumdar Shaw said.

She added, "(The company's) strategy of building and unlocking high value innovation in biotechnology has seen us enter into a new phase of growth. The recently announced global commercialisation alliance with Pfizer is a validation of this approach".

Recently Biocon SA, 100 per cent subsidiary of Biocon, had signed strategic agreement of Rs 1,550 crore with Pfizer for worldwide commercialisation of Biocon's biosimiliar versions of Insulin and Insulin analogue products.

For six months to September 30, 2010, Biocon posted net profit of Rs 165.95 crore from Rs 131.74 crore in the same period last fiscal.

The company's total income for the period ending September this fiscal also rose to Rs 1,343.66 crore, from Rs 1,079.54 crore in the first half of this fiscal.

Shares of Biocon were trading at Rs 447.35 on the Bombay Stock Exchange (BSE) in the afternoon trade, up 0.90 per cent from its previous close.

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