5325232022-07-012022-09-305325232022-09-305325232022-03-315325232022-04-012022-09-305325232022-07-012022-09-30in-bse-fin:OtherExpenses1Member5325232022-07-012022-09-30in-bse-fin:OtherExpenses2Member5325232022-04-012022-09-30in-bse-fin:OtherExpenses1Member5325232022-04-012022-09-30in-bse-fin:OtherExpenses2Member5325232022-07-012022-09-30in-bse-fin:ReportableSegments1Member5325232022-07-012022-09-30in-bse-fin:ReportableSegments2Member5325232022-07-012022-09-30in-bse-fin:ReportableSegments3Member5325232022-07-012022-09-30in-bse-fin:ReportableSegments4Member5325232022-04-012022-09-30in-bse-fin:ReportableSegments1Member5325232022-04-012022-09-30in-bse-fin:ReportableSegments2Member5325232022-04-012022-09-30in-bse-fin:ReportableSegments3Member5325232022-04-012022-09-30in-bse-fin:ReportableSegments4Member5325232022-07-012022-09-30in-bse-fin:ReportableSegments1Member5325232022-07-012022-09-30in-bse-fin:ReportableSegments2Member5325232022-07-012022-09-30in-bse-fin:ReportableSegments3Member5325232022-07-012022-09-30in-bse-fin:ReportableSegments4Member5325232022-04-012022-09-30in-bse-fin:ReportableSegments1Member5325232022-04-012022-09-30in-bse-fin:ReportableSegments2Member5325232022-04-012022-09-30in-bse-fin:ReportableSegments3Member5325232022-04-012022-09-30in-bse-fin:ReportableSegments4Member5325232022-07-012022-09-30in-bse-fin:ReportableSegments1Member5325232022-09-30in-bse-fin:ReportableSegments1Member5325232022-07-012022-09-30in-bse-fin:ReportableSegments2Member5325232022-09-30in-bse-fin:ReportableSegments2Member5325232022-07-012022-09-30in-bse-fin:ReportableSegments3Member5325232022-09-30in-bse-fin:ReportableSegments3Member5325232022-07-012022-09-30in-bse-fin:ReportableSegments4Member5325232022-09-30in-bse-fin:ReportableSegments4Member5325232022-07-012022-09-30in-bse-fin:ReportableSegments1Member5325232022-09-30in-bse-fin:ReportableSegments1Member5325232022-07-012022-09-30in-bse-fin:ReportableSegments2Member5325232022-09-30in-bse-fin:ReportableSegments2Member5325232022-07-012022-09-30in-bse-fin:ReportableSegments3Member5325232022-09-30in-bse-fin:ReportableSegments3Member5325232022-07-012022-09-30in-bse-fin:ReportableSegments4Member5325232022-09-30in-bse-fin:ReportableSegments4Member5325232022-07-012022-09-30ItemsThatWillNotBeReclassifiedToProfitAndLoss15325232022-04-012022-09-30ItemsThatWillNotBeReclassifiedToProfitAndLoss15325232022-07-012022-09-30ItemsThatWillBeReclassifiedToProfitAndLoss15325232022-04-012022-09-30ItemsThatWillBeReclassifiedToProfitAndLoss1iso4217:INRiso4217:INRxbrli:shares532523BIOCONNOTLISTEDINE376G01013BIOCON LIMITEDEquity2022-04-012023-03-312022-11-142022-10-20INRMillionsHalf yearlyMulti segment2022-11-1416:20:002022-11-1420:00:00trueCash Flow IndirectNot applicable2022-07-012022-09-30UnauditedConsolidated23197000000645000000238420000009582000000698000000-2761000000540300000030000000023080000005568000000210980000002744000000-170000000257400000014730000000147300000001101000000000-283000000818000000179000000997000000469000000349000000797000000200000000600300000050.390.39000.390.39 Notes: <BR> <BR> 1. The unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2022 in respect of Biocon Limited (‘the Company’) have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on November 14, 2022. The above results have been subjected to limited review by the statutory auditors of the Company. The reports of the statutory auditors are unqualified. <BR> <BR> 2. These financial results have been prepared in accordance with Indian Accounting Standards (‘Ind AS’) prescribed under Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. <BR> <BR> 3. The consolidated financial results include the financial results of the parent company Biocon Limited and the financial results of the following subsidiaries: <BR> <BR> i. Syngene International Limited (‘Syngene’) <BR> ii. Biocon Biologics Limited (“BBL”) (formerly known as ‘Biocon Biologics India Limited’) <BR> iii. Biocon Pharma Limited <BR> iv. Biocon Academy <BR> v. Biocon SA <BR> vi. Biocon SDN. BHD <BR> vii. Biocon FZ LLC <BR> viii. Biocon Biologics UK Limited (formerly known as ‘Biocon Biologics Limited’) <BR> ix. Biocon Pharma Inc. <BR> x. Biocon Biologics Healthcare Malaysia SDN. BHD (formerly known as ‘Biocon Healthcare SDN. BHD’) <BR> xi. Biocon Pharma Ireland Limited <BR> xii. Biocon Pharma UK Limited <BR> xiii. Biocon Biosphere Limited <BR> xiv. Biocon Biologics Inc. <BR> xv. Biocon Biologics Do Brasil Ltda <BR> xvi. Biocon Biologics FZ-LLC <BR> xvii. Biocon Pharma Malta Limited <BR> xviii. Biocon Pharma Malta I Limited <BR> xix. Biofusion Therapeutics Limited <BR> xx. Syngene USA Inc. <BR> xxi. Syngene Manufacturing Solutions Limited <BR> xxii. Syngene Scientific Solutions Limited <BR> <BR> Biocon Limited and its subsidiaries are collectively referred to as ‘the Group’. In addition to the above, the consolidated financial results also include the financial results in respect of Biocon India Limited Employee Welfare Trust, Biocon Limited Employees Welfare Trust, Biocon Biologics Employees Welfare Trust and Syngene International Limited Employees Welfare Trust. The Company has also accounted for its share of interest in the joint venture i.e. NeoBiocon FZ-LLC (‘JV’) and share of investment in the associates i.e. Iatrica Inc., Bicara Therapeutics Inc. (“Bicara”), under the equity method. <BR> <BR> 4. Segment Reporting in Consolidated financial results: Based on the “management approach” as defined in Ind AS 108, the Chief Operating Decision Maker (“CODM”) evaluates the Group’s performance based on an analysis of various performance indicators by business segments and geographic segments. Accordingly, information has been presented along these business segments. The accounting principles used in the preparation of these financial results are consistently applied to record revenue and expenditure in individual segments. <BR> <BR> 5. During the quarter ended December 31, 2020, BBL had entered into an agreement with Goldman Sachs India AIF Scheme-1(‘Investor’) whereby the Investor had infused Rs.11,250 million against issuance of Optionally Convertible Debentures. The debentures were issued for a tenor of 61 months, were unsecured, redeemable at par and carry a conversion option at any time during the tenor at the option of the investor. It also bears a coupon rate of 5% (on USD basis, payable only on redemption). The consideration was received, and debentures were issued during the quarter ended December 31, 2020. The debentures were accounted in the consolidated financial statements as a compound financial instrument in line with Ind AS, given that it has both financial liability and equity feature. Accordingly, the consideration received was bifurcated into financial liability and equity in the consolidated financial statements. <BR> <BR> An amendment to the agreement, was entered during the quarter ended September 30, 2021 which resulted in modification of the compound financial instrument. Resulting gain / loss on the modification was recorded within statement of profit and loss and reserves. The amount of Rs 274 million was charged in the statement of profit and loss and had been disclosed as an exceptional item. Consequential tax impact of Rs. 49 million was included within tax expense in financial results for the quarter and half year ended September 30, 2021 and year ended March 31, 2022. <BR> <BR> 6. Bicara Therapeutics Inc, (Bicara), U.S., is a clinical-stage biotechnology company developing dual-action biologics designed to spur a potent and durable immune response in the tumor microenvironment. Bicara is actively engaged in advancing a robust pipeline of first-in-class bifunctional antibodies being developed by a global team. The Group accounts for its investments in Bicara using the equity method as it has significant influence over the investee. <BR> <BR> During the quarter and half year ended September 30, 2022 and year ended March 31, 2022, Bicara has raised additional fund from third parties resulting into dilution of shares held in associate. Accordingly, following the principles in Ind AS 28: Investments in Associates and Joint Ventures, the Group has recorded a dilution gain of Rs. 330 million and Rs. 807 million for the for the quarter and half year ended September 30, 2022, respectively. Similarly, Rs. 299 million was recorded as dilution gain for the year ended March 31, 2022. The same has been disclosed in other income in the consolidated financial results. <BR> <BR> 7. The Ministry of Commerce and Industry, Government of India issued a Gazette notification number 29/2015-2020 dated 23 September 2021 on Service Exports from India Scheme (SEIS) for services rendered in financial year 2019 - 2020 with the total entitlement capped at Rs. 50 million per exporter for the period. The Group during the quarter ended September 30, 2021, reversed the SEIS claim receivables of Rs. 427 million for the financial year 2019-2020 and presented the same under exceptional items in the financial results for the quarter and half year ended September 30, 2021, and year ended March 31, 2022. Consequential tax impact of Rs. 75 million was included within tax expense. Further non-controlling interest of Rs 77 million was included within non-controlling interest in consolidated financial results for the quarter and half year ended September 30, 2021, and year ended March 31, 2022. <BR> <BR> 8. On January 03, 2022, the Board of Directors of Biocon Biologics Limited (“BBL”) approved the scheme of Merger by Absorption ('the Scheme') of Covidshield Technologies Private Limited (“CTPL” or the Transferor company), a wholly owned subsidiary of Serum Institute Life Sciences Private Limited (“SILS”), with and into BBL (the Transferee company), a material subsidiary of Biocon Limited with an appointed date of October 01, 2022. The Scheme is subject to the requisite statutory approvals including approval of National Company Law Tribunal ("NCLT"). <BR> <BR> 9. On February 27, 2022, BBL entered into a definitive agreement with its collaboration partner Viatris Inc. to acquire Viatris’ biosimilars business to create a unique fully integrated global biosimilars enterprise. Viatris will receive consideration of up to USD 3.335 billion, including cash up to USD 2.335 billion and Compulsorily Convertible Preference Shares (CCPS) in BBL, valued at USD 1 billion. This transaction is subject to necessary regulatory and other approvals. As at September 30, 2022, the closing conditions of the transaction are yet to be satisfied. <BR> <BR> 10. BBL obtained services of professional experts (like advisory, legal counsel, valuation experts etc.) for the transactions referred in note 8 and 9. The Company has recorded Rs. 170 million in the quarter and half year ended September 30, 2022, and Rs. 410 million in the year ended March 31, 2022, as an expense in the consolidated statement of profit and loss under the head ‘Exceptional items’. Consequential tax impact of Rs. 23 million and Rs. 169 million is included within tax expense for the respective periods. <BR> <BR> 11. During the current year, Central Bureau of Investigation has made certain allegations with regard to a product approval for a subsidiary of the group. The matter is currently sub judice. The management of the subsidiary has denied these allegations. <BR> <BR> 12. In March 2020, the World Health Organisation declared COVID-19 to be a pandemic. The Group has adopted measures to curb the spread of infection in order to protect the health of its employees and ensure business continuity with minimal disruption. <BR> <BR> The Group has considered internal and external information while finalizing various estimates in relation to its financial results captions upto the date of approval of the financial results by the Board of Directors. The actual impact of the global health pandemic may be different from that which has been estimated, as the COVID -19 situation evolves in India and globally. The Group will continue to closely monitor any material changes to future economic conditions. <BR> <BR> 13. On April 28, 2022, the Board of Directors of the Company proposed a final dividend of 10% i.e. Rs. 0.50 per equity share of face value of Rs. 5/- each as on the record date for distribution of final dividend. The same has been approved by the shareholders in the Annual General Meeting of the Company and has been distributed to the shareholders of the Company in the quarter and half year ended September 30, 2022. <BR> <BR> 14. During the quarter and half year ended September 30, 2022, the Company sold 21,789,164 equity shares of Rs. 10 each of Syngene in the open market. The gain arising from sale of aforesaid equity shares amounting to Rs. 10,092 million has been recorded as exceptional item in the standalone financial results for the quarter and half year ended September 30, 2022. <BR> <BR> In the consolidated financial results, the sale proceeds arising from such sale of aforesaid equity shares net of amount transferred to Non Controlling Interest account, has been accounted in other equity since there is no loss of control. <BR> <BR> 15. Effective April 1, 2022, the Company has decided to select its option to adopt the new tax regime notified u/s 115BAA of the Income Tax Act, 1961. Consequently, the Company has written off Minimum Alternate Tax (MAT) balance of Rs. 1,071 million in the financial results of quarter and half year ended September 30, 2022, which can no longer be carried forward. Further, all existing deferred tax balances in Biocon Limited have also been remeasured using the reduced income tax rates expected to be applied under the new regime. <BR> <BR> <BR> For and on behalf of the Board of Directors of Biocon Limited <BR> <BR> <BR> <BR> <BR> Bangalore, Kiran Mazumdar-Shaw <BR> November 14, 2022 Executive Chairperson <BR> 2022-04-012022-09-30UnauditedConsolidated4459200000014240000004601600000017032000000863000000-334800000010529000000499000000448300000010815000000408730000005143000000-170000000497300000017680000000176800000003205000000000-7130000002492000000-472000000202000000019130000005790000001871000000149000000600300000051.61.6001.61.6Other Expenses6525000000Less: Recovery of cost from co-development partners (net)-957000000Other Expenses13587000000Less: Recovery of cost from co-development partners (net)-27720000007171400000022746000000026400000083690000007640000000097500000025590000000029250000005484000000305100000059170000001261600000002981900000024999000000207880000007506000000726900000005308000000658700000000479300000010048200000000226642000000600300000090276000000962790000001211800000010839700000044379000000017696000000620750000009830000007150000000132190000007699200000011775000000169900000004510000000332750000004215000000145800000023050000004125300000000118245000000226642000000 Notes: <BR> <BR> 1. The unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2022 in respect of Biocon Limited (‘the Company’) have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on November 14, 2022. The above results have been subjected to limited review by the statutory auditors of the Company. The reports of the statutory auditors are unqualified. <BR> <BR> 2. These financial results have been prepared in accordance with Indian Accounting Standards (‘Ind AS’) prescribed under Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. <BR> <BR> 3. The consolidated financial results include the financial results of the parent company Biocon Limited and the financial results of the following subsidiaries: <BR> <BR> i. Syngene International Limited (‘Syngene’) <BR> ii. Biocon Biologics Limited (“BBL”) (formerly known as ‘Biocon Biologics India Limited’) <BR> iii. Biocon Pharma Limited <BR> iv. Biocon Academy <BR> v. Biocon SA <BR> vi. Biocon SDN. BHD <BR> vii. Biocon FZ LLC <BR> viii. Biocon Biologics UK Limited (formerly known as ‘Biocon Biologics Limited’) <BR> ix. Biocon Pharma Inc. <BR> x. Biocon Biologics Healthcare Malaysia SDN. BHD (formerly known as ‘Biocon Healthcare SDN. BHD’) <BR> xi. Biocon Pharma Ireland Limited <BR> xii. Biocon Pharma UK Limited <BR> xiii. Biocon Biosphere Limited <BR> xiv. Biocon Biologics Inc. <BR> xv. Biocon Biologics Do Brasil Ltda <BR> xvi. Biocon Biologics FZ-LLC <BR> xvii. Biocon Pharma Malta Limited <BR> xviii. Biocon Pharma Malta I Limited <BR> xix. Biofusion Therapeutics Limited <BR> xx. Syngene USA Inc. <BR> xxi. Syngene Manufacturing Solutions Limited <BR> xxii. Syngene Scientific Solutions Limited <BR> <BR> Biocon Limited and its subsidiaries are collectively referred to as ‘the Group’. In addition to the above, the consolidated financial results also include the financial results in respect of Biocon India Limited Employee Welfare Trust, Biocon Limited Employees Welfare Trust, Biocon Biologics Employees Welfare Trust and Syngene International Limited Employees Welfare Trust. The Company has also accounted for its share of interest in the joint venture i.e. NeoBiocon FZ-LLC (‘JV’) and share of investment in the associates i.e. Iatrica Inc., Bicara Therapeutics Inc. (“Bicara”), under the equity method. <BR> <BR> 4. Segment Reporting in Consolidated financial results: Based on the “management approach” as defined in Ind AS 108, the Chief Operating Decision Maker (“CODM”) evaluates the Group’s performance based on an analysis of various performance indicators by business segments and geographic segments. Accordingly, information has been presented along these business segments. The accounting principles used in the preparation of these financial results are consistently applied to record revenue and expenditure in individual segments. <BR> <BR> 5. During the quarter ended December 31, 2020, BBL had entered into an agreement with Goldman Sachs India AIF Scheme-1(‘Investor’) whereby the Investor had infused Rs.11,250 million against issuance of Optionally Convertible Debentures. The debentures were issued for a tenor of 61 months, were unsecured, redeemable at par and carry a conversion option at any time during the tenor at the option of the investor. It also bears a coupon rate of 5% (on USD basis, payable only on redemption). The consideration was received, and debentures were issued during the quarter ended December 31, 2020. The debentures were accounted in the consolidated financial statements as a compound financial instrument in line with Ind AS, given that it has both financial liability and equity feature. Accordingly, the consideration received was bifurcated into financial liability and equity in the consolidated financial statements. <BR> <BR> An amendment to the agreement, was entered during the quarter ended September 30, 2021 which resulted in modification of the compound financial instrument. Resulting gain / loss on the modification was recorded within statement of profit and loss and reserves. The amount of Rs 274 million was charged in the statement of profit and loss and had been disclosed as an exceptional item. Consequential tax impact of Rs. 49 million was included within tax expense in financial results for the quarter and half year ended September 30, 2021 and year ended March 31, 2022. <BR> <BR> 6. Bicara Therapeutics Inc, (Bicara), U.S., is a clinical-stage biotechnology company developing dual-action biologics designed to spur a potent and durable immune response in the tumor microenvironment. Bicara is actively engaged in advancing a robust pipeline of first-in-class bifunctional antibodies being developed by a global team. The Group accounts for its investments in Bicara using the equity method as it has significant influence over the investee. <BR> <BR> During the quarter and half year ended September 30, 2022 and year ended March 31, 2022, Bicara has raised additional fund from third parties resulting into dilution of shares held in associate. Accordingly, following the principles in Ind AS 28: Investments in Associates and Joint Ventures, the Group has recorded a dilution gain of Rs. 330 million and Rs. 807 million for the for the quarter and half year ended September 30, 2022, respectively. Similarly, Rs. 299 million was recorded as dilution gain for the year ended March 31, 2022. The same has been disclosed in other income in the consolidated financial results. <BR> <BR> 7. The Ministry of Commerce and Industry, Government of India issued a Gazette notification number 29/2015-2020 dated 23 September 2021 on Service Exports from India Scheme (SEIS) for services rendered in financial year 2019 - 2020 with the total entitlement capped at Rs. 50 million per exporter for the period. The Group during the quarter ended September 30, 2021, reversed the SEIS claim receivables of Rs. 427 million for the financial year 2019-2020 and presented the same under exceptional items in the financial results for the quarter and half year ended September 30, 2021, and year ended March 31, 2022. Consequential tax impact of Rs. 75 million was included within tax expense. Further non-controlling interest of Rs 77 million was included within non-controlling interest in consolidated financial results for the quarter and half year ended September 30, 2021, and year ended March 31, 2022. <BR> <BR> 8. On January 03, 2022, the Board of Directors of Biocon Biologics Limited (“BBL”) approved the scheme of Merger by Absorption ('the Scheme') of Covidshield Technologies Private Limited (“CTPL” or the Transferor company), a wholly owned subsidiary of Serum Institute Life Sciences Private Limited (“SILS”), with and into BBL (the Transferee company), a material subsidiary of Biocon Limited with an appointed date of October 01, 2022. The Scheme is subject to the requisite statutory approvals including approval of National Company Law Tribunal ("NCLT"). <BR> <BR> 9. On February 27, 2022, BBL entered into a definitive agreement with its collaboration partner Viatris Inc. to acquire Viatris’ biosimilars business to create a unique fully integrated global biosimilars enterprise. Viatris will receive consideration of up to USD 3.335 billion, including cash up to USD 2.335 billion and Compulsorily Convertible Preference Shares (CCPS) in BBL, valued at USD 1 billion. This transaction is subject to necessary regulatory and other approvals. As at September 30, 2022, the closing conditions of the transaction are yet to be satisfied. <BR> <BR> 10. BBL obtained services of professional experts (like advisory, legal counsel, valuation experts etc.) for the transactions referred in note 8 and 9. The Company has recorded Rs. 170 million in the quarter and half year ended September 30, 2022, and Rs. 410 million in the year ended March 31, 2022, as an expense in the consolidated statement of profit and loss under the head ‘Exceptional items’. Consequential tax impact of Rs. 23 million and Rs. 169 million is included within tax expense for the respective periods. <BR> <BR> 11. During the current year, Central Bureau of Investigation has made certain allegations with regard to a product approval for a subsidiary of the group. The matter is currently sub judice. The management of the subsidiary has denied these allegations. <BR> <BR> 12. In March 2020, the World Health Organisation declared COVID-19 to be a pandemic. The Group has adopted measures to curb the spread of infection in order to protect the health of its employees and ensure business continuity with minimal disruption. <BR> <BR> The Group has considered internal and external information while finalizing various estimates in relation to its financial results captions upto the date of approval of the financial results by the Board of Directors. The actual impact of the global health pandemic may be different from that which has been estimated, as the COVID -19 situation evolves in India and globally. The Group will continue to closely monitor any material changes to future economic conditions. <BR> <BR> 13. On April 28, 2022, the Board of Directors of the Company proposed a final dividend of 10% i.e. Rs. 0.50 per equity share of face value of Rs. 5/- each as on the record date for distribution of final dividend. The same has been approved by the shareholders in the Annual General Meeting of the Company and has been distributed to the shareholders of the Company in the quarter and half year ended September 30, 2022. <BR> <BR> 14. During the quarter and half year ended September 30, 2022, the Company sold 21,789,164 equity shares of Rs. 10 each of Syngene in the open market. The gain arising from sale of aforesaid equity shares amounting to Rs. 10,092 million has been recorded as exceptional item in the standalone financial results for the quarter and half year ended September 30, 2022. <BR> <BR> In the consolidated financial results, the sale proceeds arising from such sale of aforesaid equity shares net of amount transferred to Non Controlling Interest account, has been accounted in other equity since there is no loss of control. <BR> <BR> 15. Effective April 1, 2022, the Company has decided to select its option to adopt the new tax regime notified u/s 115BAA of the Income Tax Act, 1961. Consequently, the Company has written off Minimum Alternate Tax (MAT) balance of Rs. 1,071 million in the financial results of quarter and half year ended September 30, 2022, which can no longer be carried forward. Further, all existing deferred tax balances in Biocon Limited have also been remeasured using the reduced income tax rates expected to be applied under the new regime. <BR> <BR> <BR> For and on behalf of the Board of Directors of Biocon Limited <BR> <BR> <BR> <BR> <BR> Bangalore, Kiran Mazumdar-Shaw <BR> November 14, 2022 Executive Chairperson <BR> Generics6228000000Biosimilars9974000000Novel Biologics0Research services7681000000Generics12025000000Biosimilars19740000000Novel Biologics0Research services14126000000238830000004589100000068600000012990000002319700000044592000000Generics541000000Biosimilars778000000Novel Biologics-55000000Research services1300000000Generics1175000000Biosimilars1486000000Novel Biologics-318000000Research services2229000000256400000045720000000010300000014200000024610000004430000000Generics54955000000Biosimilars108017000000Novel Biologics1315000000Research services538110000002180980000008544000000226642000000Generics15803000000Biosimilars85244000000Novel Biologics250000000Research services21072000000122369000000-4124000000118245000000 Notes: <BR> <BR> 1. The unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2022 in respect of Biocon Limited (‘the Company’) have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on November 14, 2022. The above results have been subjected to limited review by the statutory auditors of the Company. The reports of the statutory auditors are unqualified. <BR> <BR> 2. These financial results have been prepared in accordance with Indian Accounting Standards (‘Ind AS’) prescribed under Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. <BR> <BR> 3. The consolidated financial results include the financial results of the parent company Biocon Limited and the financial results of the following subsidiaries: <BR> <BR> i. Syngene International Limited (‘Syngene’) <BR> ii. Biocon Biologics Limited (“BBL”) (formerly known as ‘Biocon Biologics India Limited’) <BR> iii. Biocon Pharma Limited <BR> iv. Biocon Academy <BR> v. Biocon SA <BR> vi. Biocon SDN. BHD <BR> vii. Biocon FZ LLC <BR> viii. Biocon Biologics UK Limited (formerly known as ‘Biocon Biologics Limited’) <BR> ix. Biocon Pharma Inc. <BR> x. Biocon Biologics Healthcare Malaysia SDN. BHD (formerly known as ‘Biocon Healthcare SDN. BHD’) <BR> xi. Biocon Pharma Ireland Limited <BR> xii. Biocon Pharma UK Limited <BR> xiii. Biocon Biosphere Limited <BR> xiv. Biocon Biologics Inc. <BR> xv. Biocon Biologics Do Brasil Ltda <BR> xvi. Biocon Biologics FZ-LLC <BR> xvii. Biocon Pharma Malta Limited <BR> xviii. Biocon Pharma Malta I Limited <BR> xix. Biofusion Therapeutics Limited <BR> xx. Syngene USA Inc. <BR> xxi. Syngene Manufacturing Solutions Limited <BR> xxii. Syngene Scientific Solutions Limited <BR> <BR> Biocon Limited and its subsidiaries are collectively referred to as ‘the Group’. In addition to the above, the consolidated financial results also include the financial results in respect of Biocon India Limited Employee Welfare Trust, Biocon Limited Employees Welfare Trust, Biocon Biologics Employees Welfare Trust and Syngene International Limited Employees Welfare Trust. The Company has also accounted for its share of interest in the joint venture i.e. NeoBiocon FZ-LLC (‘JV’) and share of investment in the associates i.e. Iatrica Inc., Bicara Therapeutics Inc. (“Bicara”), under the equity method. <BR> <BR> 4. Segment Reporting in Consolidated financial results: Based on the “management approach” as defined in Ind AS 108, the Chief Operating Decision Maker (“CODM”) evaluates the Group’s performance based on an analysis of various performance indicators by business segments and geographic segments. Accordingly, information has been presented along these business segments. The accounting principles used in the preparation of these financial results are consistently applied to record revenue and expenditure in individual segments. <BR> <BR> 5. During the quarter ended December 31, 2020, BBL had entered into an agreement with Goldman Sachs India AIF Scheme-1(‘Investor’) whereby the Investor had infused Rs.11,250 million against issuance of Optionally Convertible Debentures. The debentures were issued for a tenor of 61 months, were unsecured, redeemable at par and carry a conversion option at any time during the tenor at the option of the investor. It also bears a coupon rate of 5% (on USD basis, payable only on redemption). The consideration was received, and debentures were issued during the quarter ended December 31, 2020. The debentures were accounted in the consolidated financial statements as a compound financial instrument in line with Ind AS, given that it has both financial liability and equity feature. Accordingly, the consideration received was bifurcated into financial liability and equity in the consolidated financial statements. <BR> <BR> An amendment to the agreement, was entered during the quarter ended September 30, 2021 which resulted in modification of the compound financial instrument. Resulting gain / loss on the modification was recorded within statement of profit and loss and reserves. The amount of Rs 274 million was charged in the statement of profit and loss and had been disclosed as an exceptional item. Consequential tax impact of Rs. 49 million was included within tax expense in financial results for the quarter and half year ended September 30, 2021 and year ended March 31, 2022. <BR> <BR> 6. Bicara Therapeutics Inc, (Bicara), U.S., is a clinical-stage biotechnology company developing dual-action biologics designed to spur a potent and durable immune response in the tumor microenvironment. Bicara is actively engaged in advancing a robust pipeline of first-in-class bifunctional antibodies being developed by a global team. The Group accounts for its investments in Bicara using the equity method as it has significant influence over the investee. <BR> <BR> During the quarter and half year ended September 30, 2022 and year ended March 31, 2022, Bicara has raised additional fund from third parties resulting into dilution of shares held in associate. Accordingly, following the principles in Ind AS 28: Investments in Associates and Joint Ventures, the Group has recorded a dilution gain of Rs. 330 million and Rs. 807 million for the for the quarter and half year ended September 30, 2022, respectively. Similarly, Rs. 299 million was recorded as dilution gain for the year ended March 31, 2022. The same has been disclosed in other income in the consolidated financial results. <BR> <BR> 7. The Ministry of Commerce and Industry, Government of India issued a Gazette notification number 29/2015-2020 dated 23 September 2021 on Service Exports from India Scheme (SEIS) for services rendered in financial year 2019 - 2020 with the total entitlement capped at Rs. 50 million per exporter for the period. The Group during the quarter ended September 30, 2021, reversed the SEIS claim receivables of Rs. 427 million for the financial year 2019-2020 and presented the same under exceptional items in the financial results for the quarter and half year ended September 30, 2021, and year ended March 31, 2022. Consequential tax impact of Rs. 75 million was included within tax expense. Further non-controlling interest of Rs 77 million was included within non-controlling interest in consolidated financial results for the quarter and half year ended September 30, 2021, and year ended March 31, 2022. <BR> <BR> 8. On January 03, 2022, the Board of Directors of Biocon Biologics Limited (“BBL”) approved the scheme of Merger by Absorption ('the Scheme') of Covidshield Technologies Private Limited (“CTPL” or the Transferor company), a wholly owned subsidiary of Serum Institute Life Sciences Private Limited (“SILS”), with and into BBL (the Transferee company), a material subsidiary of Biocon Limited with an appointed date of October 01, 2022. The Scheme is subject to the requisite statutory approvals including approval of National Company Law Tribunal ("NCLT"). <BR> <BR> 9. On February 27, 2022, BBL entered into a definitive agreement with its collaboration partner Viatris Inc. to acquire Viatris’ biosimilars business to create a unique fully integrated global biosimilars enterprise. Viatris will receive consideration of up to USD 3.335 billion, including cash up to USD 2.335 billion and Compulsorily Convertible Preference Shares (CCPS) in BBL, valued at USD 1 billion. This transaction is subject to necessary regulatory and other approvals. As at September 30, 2022, the closing conditions of the transaction are yet to be satisfied. <BR> <BR> 10. BBL obtained services of professional experts (like advisory, legal counsel, valuation experts etc.) for the transactions referred in note 8 and 9. The Company has recorded Rs. 170 million in the quarter and half year ended September 30, 2022, and Rs. 410 million in the year ended March 31, 2022, as an expense in the consolidated statement of profit and loss under the head ‘Exceptional items’. Consequential tax impact of Rs. 23 million and Rs. 169 million is included within tax expense for the respective periods. <BR> <BR> 11. During the current year, Central Bureau of Investigation has made certain allegations with regard to a product approval for a subsidiary of the group. The matter is currently sub judice. The management of the subsidiary has denied these allegations. <BR> <BR> 12. In March 2020, the World Health Organisation declared COVID-19 to be a pandemic. The Group has adopted measures to curb the spread of infection in order to protect the health of its employees and ensure business continuity with minimal disruption. <BR> <BR> The Group has considered internal and external information while finalizing various estimates in relation to its financial results captions upto the date of approval of the financial results by the Board of Directors. The actual impact of the global health pandemic may be different from that which has been estimated, as the COVID -19 situation evolves in India and globally. The Group will continue to closely monitor any material changes to future economic conditions. <BR> <BR> 13. On April 28, 2022, the Board of Directors of the Company proposed a final dividend of 10% i.e. Rs. 0.50 per equity share of face value of Rs. 5/- each as on the record date for distribution of final dividend. The same has been approved by the shareholders in the Annual General Meeting of the Company and has been distributed to the shareholders of the Company in the quarter and half year ended September 30, 2022. <BR> <BR> 14. During the quarter and half year ended September 30, 2022, the Company sold 21,789,164 equity shares of Rs. 10 each of Syngene in the open market. The gain arising from sale of aforesaid equity shares amounting to Rs. 10,092 million has been recorded as exceptional item in the standalone financial results for the quarter and half year ended September 30, 2022. <BR> <BR> In the consolidated financial results, the sale proceeds arising from such sale of aforesaid equity shares net of amount transferred to Non Controlling Interest account, has been accounted in other equity since there is no loss of control. <BR> <BR> 15. Effective April 1, 2022, the Company has decided to select its option to adopt the new tax regime notified u/s 115BAA of the Income Tax Act, 1961. Consequently, the Company has written off Minimum Alternate Tax (MAT) balance of Rs. 1,071 million in the financial results of quarter and half year ended September 30, 2022, which can no longer be carried forward. Further, all existing deferred tax balances in Biocon Limited have also been remeasured using the reduced income tax rates expected to be applied under the new regime. <BR> <BR> <BR> For and on behalf of the Board of Directors of Biocon Limited <BR> <BR> <BR> <BR> <BR> Bangalore, Kiran Mazumdar-Shaw <BR> November 14, 2022 Executive Chairperson <BR> 499000000-3973000000-240000000-24140000000000-40000000000044830000000000011040000000536000000709000000-210000000-380000000-3330000000-94400000040290000000009950000000303400000000000000330000007904000000000403000000000000000000004980000000-8960000000-16736000000121500000000006470000000171000000042180000000530000000719000000809000000001431100000060900000022500000083400000065370000007371000000Items that will not be reclassified to profit and loss-28000000-28000000Items that will not be reclassified to profit and loss-222000000-22200000017000000-11000000Items that will be reclassified to profit and loss60000006000000Items that will be reclassified to profit and loss-850000000-850000000-218000000-589000000