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BIOCON

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BIOCON LIMITED

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Equity

2025-04-01

2026-03-31

2025-11-11

2025-10-06

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2025-11-11

16:30:00

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Notes: 1. The unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 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 meetings held on November 11, 2025. The above results have been subjected to limited review by the statutory auditors of the Company. The reports of the statutory auditors are unqualified. 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. 3. The consolidated financial results include the financial results of the Company and its subsidiaries as follows: i. Syngene International Limited (‘’Syngene’’) ii. Biocon Biologics Limited (“BBL”) iii. Biocon Pharma Limited (“BPL”) iv. Biocon Academy v. Biocon SA vi. Biocon SDN. BHD vii. Biocon FZ LLC viii. Biocon Biologics International Limited (formerly known as Biocon Biologics UK Limited) ix. Biocon Pharma Inc. x. Biocon Biologics Healthcare Malaysia SDN. BHD xi. Biocon Pharma Ireland Limited xii. Biocon Pharma UK Limited xiii. Biocon Biosphere Limited xiv. Biocon Biologics Inc. xv. Biocon Biologics Do Brasil Ltda xvi. Biocon Biologics FZ-LLC xvii. Biocon Pharma Malta Limited xviii. Biocon Pharma Malta I Limited xix. Syngene USA Inc. xx. Syngene Manufacturing Solutions Limited xxi. Syngene Scientific Solutions Limited xxii. Biosimilar Collaborations Ireland Limited xxiii. Biocon Biologics UK PLC (formerly known as Biosimilars Newco Limited) xxiv. Biocon Biologics Canada Inc. xxv. Biocon Biologics Germany GmbH xxvi. Biocon Biologics France S.A.S xxvii. Biocon Biologics Spain, S.L. xxviii. Biocon Biologics Switzerland AG xxix. Biocon Biologics Belgium BV xxx. Biocon Biologics Finland OY xxxi. Biocon Generics Inc. xxxii. Biocon Biologics Morocco S.A.R.L.A.U xxxiii. Biocon Biologics Greece SINGLE MEMBER P.C xxxiv. Biocon Biologics South Africa (PTY) Ltd xxxv. Biocon Biologics (Thailand) Co. Ltd xxxvi. Biocon Biologics Philippines Inc xxxvii. Biocon Biologics Italy S.R.L xxxviii. Biocon Biologics Croatia LLC xxxix. Biocon Biologics Global PLC 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 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 associate i.e. Iatrica Inc., under the equity method. 4. During the quarter ended June 30, 2025, the Company raised funds by way of allotment of 136,363,635 Equity Shares of face value Rs. 5 each at a price of Rs. 330 per Equity Share under ‘Qualified Institutional Placement’ for an aggregate amount of Rs. 45,000 million, to meet certain financial commitments and / or debt obligations of the Company and its subsidiary, BBL and/ or for other purposes as mentioned in the Placement Document (‘PD’). Out of the above proceeds, on June 30, 2025, the Company acquired 1,125 outstanding Optionally Convertible Debentures (‘OCDs’) issued by BBL from Goldman Sachs India AIF Scheme- 1 and Goldman Sachs India Alternative Investment Trust AIF Scheme – 2 for an aggregate value of Rs. 16,980 million with a right to convert into equity shares or redeem at maturity. Further the company has issued a commitment letter effective July 1, 2025, committing to exercise its right to convert OCDs on maturity as per the terms of Subscription Agreement. Out of the above proceeds, during the quarter ended September 30, 2025, the Company has settled Commercial paper for an aggregate value of Rs. 5,988 million. 5. On April 23, 2025, the Board of Directors of Syngene recommended a final dividend of Rs. 1.25 per equity share of Rs. 10/-. This was approved by the shareholders of Syngene in the Annual General Meeting dated July 23, 2025, and has been distributed to the shareholders of Syngene during the quarter and half year ended September 30, 2025. 6. On May 08, 2025, the Board of Directors of the Company recommended a final dividend of Rs. 0.50 per equity share of Rs. 5/- each. This was approved by the shareholders of Company in the Annual General Meeting dated August 08, 2025, and has been distributed to the shareholders of the Company during the quarter and half year ended September 30, 2025. 7. In April 2024, BBL sold to Eris Lifesciences (‘Eris’) its business in relation to Metabolics, Oncology, and Critical Care products in India for a consideration of Rs. 12,420 million. Further, BBL signed a 10 year supply agreement with Eris. This resulted in a gain of Rs. 10,573 million after taking into account working capital and expenses incurred towards commercial collaboration and the same is disclosed under ‘’Other income” in the consolidated financial results for the year ended March 31, 2025. 8. Pursuant to amendment in The Finance Act, 2024, resulting in withdrawal of indexation benefit on Long-Term Capital Gain, the Company has written off Deferred Tax Asset created towards indexation benefit on Land amounting to Rs. 199 million. This is recorded under ‘Tax expense’ in the standalone and consolidated financial results for the quarter ended September 30, 2024 and year ended March 31, 2025. 9. The Group considers estimated shelf life of products, planned product discontinuances, price changes, ageing of inventory and introduction of competitive new products, to the extent each of these factors impact the Group’s business and markets, in determining the provision for slow moving, obsolete and other non-saleable inventory. Pursuant to the take-over of the Viatris's biosimilar business and completion of first anniversary since the exit from the transition service agreement, BBL re-assessed the provision for inventory of finished goods, raw material and semi-finished goods. This assessment resulted into a release of provision of Rs. 650 million in the year ended March 31, 2025 and the credit has been accounted for as a change in estimate within ‘Changes in inventories of traded goods, finished goods and work-in-progress’ and ‘Cost of materials consumed’ in the consolidated financial results. 10. During the year ended 31 March 2025, Syngene USA Inc. (wholly-owned subsidiary of Syngene) acquired biologics site in the USA fitted with multiple monoclonal antibody (mAbs) manufacturing lines from Emergent Manufacturing Operations Baltimore, LLC (a subsidiary of Emergent BioSolutions Inc.) and accounted for this transaction as an 'asset acquisition' under Ind AS 103. The costs incurred till March 31, 2025 eligible for capitalization were accumulated as Capital Work In Progress amounting to Rs. 2,981 million. An amount of Rs. 311 million has been capitalized as Land. These amounts include pre-transaction costs of Rs. 101 million. During the quarter and half year ended September 30 2025, additional pre-operating cost of Rs. 110 million and Rs. 165 million respectively, eligible for capitalisation has been accumulated under capital work in progress. 11. During the quarter and half year ended September 30, 2025, Syngene has written off Rs. 277 million as unrecoverable balances in receivables due to cumulative changes in foreign exchange rates. Consequent tax impact of Rs. 75 million is included within tax expense for the period. 12. During the quarter ended June 30, 2025, Syngene has been granted license for one of the drug substance production line and bonded warehouse license at biologics manufacturing facility, Bangalore, India which was acquired from Stelis Biopharma Limited and was recorded as capital work in progress in earlier years. Consequently, Rs. 3,438 million has been capitalized as property, plant and equipment which has resulted in a higher depreciation of Rs. 70 million and Rs. 106 million during the quarter and half year ended September 30, 2025. 13. Events after the reporting period: The Company has made early and full redemption of the 107,000 unlisted, secured, rated, redeemable, Non-convertible Debentures (NCDs) aggregating to Rs. 10,700 million subsequent to approval by its Board of Directors in their meeting held on October 01, 2025. 14. Exceptional items: a. During the year ended March 31, 2025, the Company sold 8,000,000 equity shares of Rs. 10 each of Syngene in the open market. The gain arising from sale of aforesaid equity shares amounting to Rs. 6,075 million has been recorded as an exceptional item in the standalone financial results. Consequent tax impact of Rs. 261 million is included within tax expense for the year. 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 in the consolidated financial results since there is no loss of control. b. During the year ended March 31, 2024, one of the subsidiaries of BBL recorded provision for inventory for a product due to its low demand and consequentially lower probability of liquidation under the head ‘Exceptional Item’. Subsequently, during the quarter ended September 30, 2024 and year ended March 31, 2025, BBL liquidated such inventory amounting to Rs. 260 million and Rs. 885 million, respectively. Hence, the related provision has been reversed and reflected as an exceptional item in the consolidated financial results. Consequential tax impact of Rs. 38 million and Rs. 147 million is included within tax expense for the respective period/ year. c. BBL had written off the unamortized portion of debt raise cost amounting to Rs. 1,216 million pertaining to acquisition debt pursuant to pre-payment of such debt. This has been recorded as an expense in the consolidated statement of profit and loss for the year ended March 31, 2025. Consequent tax impact of Rs. 304 million is included within tax expense for the year. d. During the year ended March 31, 2025, BBL had received Rs. 2,518 million towards working capital under the existing arrangements, which was recorded at fair value of Rs. 1,382 million having regard to the timing and profitability of recovery. The resulting difference of Rs. 1,136 million is recorded as a gain in the consolidated financial results. Consequential tax impact of Rs. 284 million is included within tax expense. e. During the quarter ended September 30, 2025, one of the subsidiaries of BBL has reached settlement on a litigation matter with one of its customers for a settlement amount of Rs. 291 million and disclosed under “exceptional item”. Pursuant to settlement, the amount disclosed under “other expenses” pertaining to previous quarter has been re-classified to “exceptional item”. The associated tax impact of Rs. 73 million is included in the tax expense for the period. f. During year ended March 31, 2025, one of the subsidiary of Biocon Pharma Limited (‘BPL’), pursuant to the uncertainty in commercialization of product in certain territories, recorded an impairment of the carrying value of the intangible asset amounting to Rs. 86 million. g. During the year ended March 31, 2025, the Group invested Rs. 75 million in the equity shares issued by Indian Foundation for Quality Management ('IFQM') a Company incorporated under section 8 of the Companies Act, 2013. As at March 31, 2025, the Group has fair valued such investment and has recorded fair value charge of Rs. 75 million. h. During the year ended March 31, 2025, Syngene received its final claim of Rs. 320 million from the insurance company for the loss of fixed assets in fire incident on December 12, 2016.

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'Research services' is renamed as Contract Research, Development, and Manufacturing Organisation (CRDMO) to align with Syngene's current business model as reviewed by the Chief Operating Decision Maker (CODM). Notes: 1. The unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025 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 meetings held on November 11, 2025. The above results have been subjected to limited review by the statutory auditors of the Company. The reports of the statutory auditors are unqualified. 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. 3. The consolidated financial results include the financial results of the Company and its subsidiaries as follows: i. Syngene International Limited (‘’Syngene’’) ii. Biocon Biologics Limited (“BBL”) iii. Biocon Pharma Limited (“BPL”) iv. Biocon Academy v. Biocon SA vi. Biocon SDN. BHD vii. Biocon FZ LLC viii. Biocon Biologics International Limited (formerly known as Biocon Biologics UK Limited) ix. Biocon Pharma Inc. x. Biocon Biologics Healthcare Malaysia SDN. BHD xi. Biocon Pharma Ireland Limited xii. Biocon Pharma UK Limited xiii. Biocon Biosphere Limited xiv. Biocon Biologics Inc. xv. Biocon Biologics Do Brasil Ltda xvi. Biocon Biologics FZ-LLC xvii. Biocon Pharma Malta Limited xviii. Biocon Pharma Malta I Limited xix. Syngene USA Inc. xx. Syngene Manufacturing Solutions Limited xxi. Syngene Scientific Solutions Limited xxii. Biosimilar Collaborations Ireland Limited xxiii. Biocon Biologics UK PLC (formerly known as Biosimilars Newco Limited) xxiv. Biocon Biologics Canada Inc. xxv. Biocon Biologics Germany GmbH xxvi. Biocon Biologics France S.A.S xxvii. Biocon Biologics Spain, S.L. xxviii. Biocon Biologics Switzerland AG xxix. Biocon Biologics Belgium BV xxx. Biocon Biologics Finland OY xxxi. Biocon Generics Inc. xxxii. Biocon Biologics Morocco S.A.R.L.A.U xxxiii. Biocon Biologics Greece SINGLE MEMBER P.C xxxiv. Biocon Biologics South Africa (PTY) Ltd xxxv. Biocon Biologics (Thailand) Co. Ltd xxxvi. Biocon Biologics Philippines Inc xxxvii. Biocon Biologics Italy S.R.L xxxviii. Biocon Biologics Croatia LLC xxxix. Biocon Biologics Global PLC 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 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 associate i.e. Iatrica Inc., under the equity method. 4. During the quarter ended June 30, 2025, the Company raised funds by way of allotment of 136,363,635 Equity Shares of face value Rs. 5 each at a price of Rs. 330 per Equity Share under ‘Qualified Institutional Placement’ for an aggregate amount of Rs. 45,000 million, to meet certain financial commitments and / or debt obligations of the Company and its subsidiary, BBL and/ or for other purposes as mentioned in the Placement Document (‘PD’). Out of the above proceeds, on June 30, 2025, the Company acquired 1,125 outstanding Optionally Convertible Debentures (‘OCDs’) issued by BBL from Goldman Sachs India AIF Scheme- 1 and Goldman Sachs India Alternative Investment Trust AIF Scheme – 2 for an aggregate value of Rs. 16,980 million with a right to convert into equity shares or redeem at maturity. Further the company has issued a commitment letter effective July 1, 2025, committing to exercise its right to convert OCDs on maturity as per the terms of Subscription Agreement. Out of the above proceeds, during the quarter ended September 30, 2025, the Company has settled Commercial paper for an aggregate value of Rs. 5,988 million. 5. On April 23, 2025, the Board of Directors of Syngene recommended a final dividend of Rs. 1.25 per equity share of Rs. 10/-. This was approved by the shareholders of Syngene in the Annual General Meeting dated July 23, 2025, and has been distributed to the shareholders of Syngene during the quarter and half year ended September 30, 2025. 6. On May 08, 2025, the Board of Directors of the Company recommended a final dividend of Rs. 0.50 per equity share of Rs. 5/- each. This was approved by the shareholders of Company in the Annual General Meeting dated August 08, 2025, and has been distributed to the shareholders of the Company during the quarter and half year ended September 30, 2025. 7. In April 2024, BBL sold to Eris Lifesciences (‘Eris’) its business in relation to Metabolics, Oncology, and Critical Care products in India for a consideration of Rs. 12,420 million. Further, BBL signed a 10 year supply agreement with Eris. This resulted in a gain of Rs. 10,573 million after taking into account working capital and expenses incurred towards commercial collaboration and the same is disclosed under ‘’Other income” in the consolidated financial results for the year ended March 31, 2025. 8. Pursuant to amendment in The Finance Act, 2024, resulting in withdrawal of indexation benefit on Long-Term Capital Gain, the Company has written off Deferred Tax Asset created towards indexation benefit on Land amounting to Rs. 199 million. This is recorded under ‘Tax expense’ in the standalone and consolidated financial results for the quarter ended September 30, 2024 and year ended March 31, 2025. 9. The Group considers estimated shelf life of products, planned product discontinuances, price changes, ageing of inventory and introduction of competitive new products, to the extent each of these factors impact the Group’s business and markets, in determining the provision for slow moving, obsolete and other non-saleable inventory. Pursuant to the take-over of the Viatris's biosimilar business and completion of first anniversary since the exit from the transition service agreement, BBL re-assessed the provision for inventory of finished goods, raw material and semi-finished goods. This assessment resulted into a release of provision of Rs. 650 million in the year ended March 31, 2025 and the credit has been accounted for as a change in estimate within ‘Changes in inventories of traded goods, finished goods and work-in-progress’ and ‘Cost of materials consumed’ in the consolidated financial results. 10. During the year ended 31 March 2025, Syngene USA Inc. (wholly-owned subsidiary of Syngene) acquired biologics site in the USA fitted with multiple monoclonal antibody (mAbs) manufacturing lines from Emergent Manufacturing Operations Baltimore, LLC (a subsidiary of Emergent BioSolutions Inc.) and accounted for this transaction as an 'asset acquisition' under Ind AS 103. The costs incurred till March 31, 2025 eligible for capitalization were accumulated as Capital Work In Progress amounting to Rs. 2,981 million. An amount of Rs. 311 million has been capitalized as Land. These amounts include pre-transaction costs of Rs. 101 million. During the quarter and half year ended September 30 2025, additional pre-operating cost of Rs. 110 million and Rs. 165 million respectively, eligible for capitalisation has been accumulated under capital work in progress. 11. During the quarter and half year ended September 30, 2025, Syngene has written off Rs. 277 million as unrecoverable balances in receivables due to cumulative changes in foreign exchange rates. Consequent tax impact of Rs. 75 million is included within tax expense for the period. 12. During the quarter ended June 30, 2025, Syngene has been granted license for one of the drug substance production line and bonded warehouse license at biologics manufacturing facility, Bangalore, India which was acquired from Stelis Biopharma Limited and was recorded as capital work in progress in earlier years. Consequently, Rs. 3,438 million has been capitalized as property, plant and equipment which has resulted in a higher depreciation of Rs. 70 million and Rs. 106 million during the quarter and half year ended September 30, 2025. 13. Events after the reporting period: The Company has made early and full redemption of the 107,000 unlisted, secured, rated, redeemable, Non-convertible Debentures (NCDs) aggregating to Rs. 10,700 million subsequent to approval by its Board of Directors in their meeting held on October 01, 2025. 14. Exceptional items: a. During the year ended March 31, 2025, the Company sold 8,000,000 equity shares of Rs. 10 each of Syngene in the open market. The gain arising from sale of aforesaid equity shares amounting to Rs. 6,075 million has been recorded as an exceptional item in the standalone financial results. Consequent tax impact of Rs. 261 million is included within tax expense for the year. 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 in the consolidated financial results since there is no loss of control. b. During the year ended March 31, 2024, one of the subsidiaries of BBL recorded provision for inventory for a product due to its low demand and consequentially lower probability of liquidation under the head ‘Exceptional Item’. Subsequently, during the quarter ended September 30, 2024 and year ended March 31, 2025, BBL liquidated such inventory amounting to Rs. 260 million and Rs. 885 million, respectively. Hence, the related provision has been reversed and reflected as an exceptional item in the consolidated financial results. Consequential tax impact of Rs. 38 million and Rs. 147 million is included within tax expense for the respective period/ year. c. BBL had written off the unamortized portion of debt raise cost amounting to Rs. 1,216 million pertaining to acquisition debt pursuant to pre-payment of such debt. This has been recorded as an expense in the consolidated statement of profit and loss for the year ended March 31, 2025. Consequent tax impact of Rs. 304 million is included within tax expense for the year. d. During the year ended March 31, 2025, BBL had received Rs. 2,518 million towards working capital under the existing arrangements, which was recorded at fair value of Rs. 1,382 million having regard to the timing and profitability of recovery. The resulting difference of Rs. 1,136 million is recorded as a gain in the consolidated financial results. Consequential tax impact of Rs. 284 million is included within tax expense. e. During the quarter ended September 30, 2025, one of the subsidiaries of BBL has reached settlement on a litigation matter with one of its customers for a settlement amount of Rs. 291 million and disclosed under “exceptional item”. Pursuant to settlement, the amount disclosed under “other expenses” pertaining to previous quarter has been re-classified to “exceptional item”. The associated tax impact of Rs. 73 million is included in the tax expense for the period. f. During year ended March 31, 2025, one of the subsidiary of Biocon Pharma Limited (‘BPL’), pursuant to the uncertainty in commercialization of product in certain territories, recorded an impairment of the carrying value of the intangible asset amounting to Rs. 86 million. g. During the year ended March 31, 2025, the Group invested Rs. 75 million in the equity shares issued by Indian Foundation for Quality Management ('IFQM') a Company incorporated under section 8 of the Companies Act, 2013. As at March 31, 2025, the Group has fair valued such investment and has recorded fair value charge of Rs. 75 million. h. During the year ended March 31, 2025, Syngene received its final claim of Rs. 320 million from the insurance company for the loss of fixed assets in fire incident on December 12, 2016.

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