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Biocon Limited  
20th KM, Hosur Road  
Electronic City  
Bangalore 560 100, India  
T: 91 80 2808 2808  
F: 91 80 2852 3423  
 
CIN:  L24234KA1978PLC003417  
 
www.biocon.com  
BIO/SECL/ SG/202 4-25/114 
 
October  30, 2024 
 
To,                                                         
The Manager  
BSE Limited  
Department of Corporate Services  
Phiroze Jeejeebhoy Towers,  
Dalal Street, Mumbai – 400 001  To,                                                         
The Manager  
National Stock Exchange of India Limited  
Corporate Communication Department  
Exchange Plaza, Bandra Kurla Complex  
Mumbai – 400 050  
Scrip Code – 532523  Scrip Symbol – Biocon  
 
Dear Sir/Madam,  
Subject: Outcome of the Board Meeting  
 
Pursuant to Regulation 30 and 33 of the Securities and Exchange Board of India  (Listing Obligation s and 
Disclosure Requirements) Regulations 2015, (‘SEBI Listing Regulations’) , we wish to inform you that the 
Board of Directors at its meeting held today, i.e. on Wednesday , October  30, 202 4, inter alia, has considered  
and approved  the Un-audited financial results (standalone  and consolidated ) of the Company prepared as 
per Indian Accounting Standard (Ind -AS) along with Limited Review Report thereon for the quarter and half -
year ended September  30, 202 4.  
 
A copy of the un-audited financial results along with the Limited Review Report is  enclosed herewith . 
 
The above information will also be available on the website of the Company at www.biocon.com .  
 
Further, the Board Meeting commenced at 04:15 P.M. and concluded at 5:15 P.M.  
 
Kindly take the above information on record and acknowledge.  
 
Thanking You,  
 
Yours faithfully,  
 
For Biocon Limited  
 
 
 
__________ ______ 
Mayank Verma  
Company Secretary and Compliance Officer  
Membership No.: ACS 18776  
 
Encl: as above   (Rs. in Million, except per equity share data)
 (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)  (Audited) 
1Income
Revenue from operations 5,254                            5,106                            5,187                            10,360                          10,319                         21,273                         
Other income 735                               419                               696                               1,154                            1,056                           1,930                           
Total income 5,989                            5,525                            5,883                            11,514                          11,375                         23,203                         
2Expenses
a) Cost of materials consumed 2,630                            2,232                            2,915                            4,862                            5,512                           10,333                         
b) Purchases of stock-in-trade -                                -                                3                                    -                                3                                   5                                   
c) Changes in inventories of finished goods, work-in-progress and (260)                              (97)                                (756)                              (357)                              (1,148)                          (991)                             
     stock-in-trade
d) Employee benefits expense 1,254                            1,197                            1,125                            2,451                            2,179                           4,523                           
e) Finance costs 597                               552                               550                               1,149                            1,033                           1,988                           
f) Depreciation and amortisation expense 305                               305                               306                               610                               604                               1,211                           
g) Other expenses 1,298                            1,350                            1,247                            2,648                            2,403                           4,876                           
5,824                            5,539                            5,390                            11,363                          10,586                         21,945                         
Less: Recovery of cost from co-development partners (net) (44)                                (25)                                (19)                                (69)                                (22)                                (100)                             
Total expenses 5,780                            5,514                            5,371                            11,294                          10,564                         21,845                         
3Profit before tax and exceptional items (1-2) 209                               11                                 512                               220                               811                              1,358                           
4Exceptional items [refer note 14] -                                -                                (52)                                -                                145                               145                               
5Profit before tax (3 + 4) 209                               11                                 460                               220                               956                              1,503                           
6Tax expense 
Current tax (67)                                24                                 82                                 (43)                                121                               151                               
Deferred tax 45                                 (22)                                31                                 23                                 22                                 159                               
 Tax expense on removal of indexation benefit [refer note 10] 199                               -                                -                                199                               -                                -                                
7Net Profit for the period/ year (5-6) 32                                 9                                   347                               41                                 813                              1,193                           
8Other comprehensive income/ (loss)
A (i) Items that will not be reclassified to profit or loss 108                               (15)                                (11)                                93                                 (30)                                (28)                                
   (ii) Income tax relating to items that will not be reclassified to profit or loss (42)                                2                                    3                                    (40)                                8                                   8                                   
B (i) Items that will be reclassified to profit or loss (66)                                (13)                                (26)                                (79)                                42                                 16                                 
   (ii) Income tax relating to items that will be reclassified to profit or loss 17                                 3                                    6                                    20                                 (11)                                (3)                                  
Other comprehensive income/ (loss), net of taxes 17                                 (23)                                (28)                                (6)                                  9                                   (7)                                 
9Total comprehensive income/ (loss) for the period/ year (7+8) 49                                 (14)                                319                               35                                 822                              1,186                           
10 Paid-up equity share capital (Face value of Rs. 5 each) 6,003                            6,003                            6,003                            6,003                            6,003                           6,003                           
11 Reserves i.e. Other equity 1,03,120                      
12Earnings per share (Face vaue of Rs. 5 each) (not annualised) (not annualised) (not annualised) (not annualised) (not annualised) (annualised)
 (a) Basic 0.03                               0.01                               0.29                               0.03                               0.68                              1.00                              
 (b) Diluted 0.03                               0.01                               0.29                               0.03                               0.68                              1.00                              
 See accompanying notes to the financial resultsPrevious Year ended 
31.03.2024BIOCON LIMITED
CIN: L24234KA1978PLC003417 Website: www.biocon.com
Registered office: 20th KM HOSUR ROAD, ELECTRONIC CITY P.O., BANGALORE - 560 100
STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2024
Sl. No. Particulars3 months  ended 
30.09.20243 months  ended 
30.06.20246 months  ended 
30.09.20243 months  ended 
30.09.20236 months  ended 
30.09.2023 As at 
September 30, 2024  As at 
March 31, 2024 
(unaudited) (Audited)
AASSETS 
1Non-current assets
(a) Property, plant and equipment 9,909                               8,463                         
(b) Capital work-in-progress 5,786                               5,450                         
(c) Investment property 560                                   580                            
(d) Right-of-use asset 385                                   391                            
(e) Other intangible assets 141                                   150                            
(f) Intangible assets under development 146                                   146                            
(g) Financial assets
Investments 1,00,381                          92,556                       
Other financial assets 237                                   282                            
(h) Income tax asset, net 1,474                               1,267                         
(i) Deferred tax asset, net [refer note 10] -                                    74                               
(j) Other non-current assets 876                                   723                            
Total non-current assets 1,19,895                          1,10,082                   
2Current assets
(a) Inventories 7,920                               6,647                         
(b) Financial assets
Investments 277                                   629                            
Trade receivables 9,557                               10,481                       
Cash and cash equivalents 1,400                               1,223                         
Other bank balances 789                                   4,634                         
Other financial assets 110                                   2,549                         
(c) Other current assets 1,753                               1,437                         
Total current assets 21,806                             27,600                       
TOTAL ASSETS 1,41,701                          1,37,682                   
BEQUITY AND LIABILITIES
1Equity
(a) Equity share capital 6,003                               6,003                         
(b) Other equity 1,02,896                          1,03,120                   
Total Equity 1,08,899                          1,09,123                   
2  Non-current liabilities
(a) Financial liabilities
Borrowings 21,310                             20,408                       
Lease liabilities 3                                       7                                 
Other financial liabilities 223                                   221                            
(b) Deferred tax liability, net [refer note 10] 168                                   -                             
(c) Other non-current liabilities 619                                   728                            
(d) Provisions 318                                   283                            
Total non-current liabilities 22,641                             21,647                       
3  Current liabilities
(a) Financial liabilities
Borrowings 524                                   -                             
Lease liabilities 10                                     13                               
Trade payables
          - Total outstanding dues of micro enterprises and small enterprises; and 533                                   428                            
          - Total outstanding dues of creditors other than micro enterprises 
          and small enterprises      5,588                               4,048                         
Other financial liabilities 1,718                               779                            
(b) Other current liabilities 410                                   313                            
(c) Provisions 354                                   321                            
(d) Current tax liabilities, net 1,024                               1,010                         
Total current liabilities 10,161                             6,912                         
TOTAL EQUITY AND LIABILITIES 1,41,701                          1,37,682                   BIOCON LIMITED
CIN: L24234KA1978PLC003417 Website: www.biocon.com
Registered office: 20th KM HOSUR ROAD, ELECTRONIC CITY P.O., BANGALORE - 560 100
STANDALONE BALANCE SHEET
(Rs. in Million)Year ended
September 30, 2024 September 30, 2023 March 31, 2024
(Unaudited) (Unaudited) (Audited)
ICash flows from operating activities 
Profit for the period/ year 41                                      813                                  1,193                        
Adjustments for:
Depreciation and amortisation expense 610                                   604                                  1,211                        
Unrealised foreign exchange loss (net) 7                                       10                                    40                              
Share based compensation expense 231                                   61                                    171                           
Provision for/ (reversal of) doubtful debts, (net) (2)                                      (256)                                 (370)                          
Interest expense 1,149                               1,033                               1,988                        
Interest income (43)                                    (390)                                 (657)                          
Gain on loss of significant influence -                                    -                                   (123)                          
Net (gain)/ loss on financial instruments measured at fair value through profit or loss (702)                                 (293)                                 (713)                          
Net (gain)/ loss on derivative liability measured at fair value through profit or loss -                                    -                                   71                              
Loss on property, plant and equipment sold, (net) 10                                     2                                       11                              
Net gain on sale of investments (47)                                    (33)                                   (35)                            
Dividend received (302)                                 (274)                                 (274)                          
Profit on sale of investment in subsidiary -                                    (197)                                 (197)                          
Tax expense [refer note 10] 179                                   143                                  310                           
Operating profit before changes in operating assets and liabilities 1,131                                1,223                               2,626                        
Movement in operating assets and liabilities
Increase in inventories (1,273)                              (2,129)                             (1,046)                       
Decrease/(increase) in trade receivables 932                                   (2,402)                             (3,556)                       
Decrease/(increase) in other assets (131)                                 836                                  1,022                        
Increase/ (decrease) in trade payable, other liabilities and provisions 1,868                               783                                  (3)                               
Cash generated from / (used in) operations 2,527                               (1,689)                             (957)                          
Income taxes paid (net of refunds) (150)                                 (164)                                 (275)                          
Net cash flow generated from/ (used in) operating activities 2,377                               (1,853)                             (1,232)                      
IICash flows from investing activities
(1,401)                              (1,563)                             (3,017)                       
(18)                                    (19)                                   (53)                            
-                                    16                                    13                              
Loan given to subsidiaries (725)                                 (691)                                 (1,367)                       
Purchase of current investments (8,389)                              (5,010)                             (6,732)                       
Proceeds from sale of current investments 8,797                               6,298                               7,646                        
Investment in subsidiary (6,250)                              (5,000)                             (5,000)                       
Investments made in other companies (20)                                    (91)                                   (91)                            
Proceeds from sale of investments in subsidiary -                                    234                                  234                           
Investment in bank deposits and inter corporate deposits (563)                                 (820)                                 (2,680)                       
Redemption/maturity of bank deposits and inter corporate deposits 6,213                               3,562                               7,392                        
Interest received 432                                   167                                  417                           
Dividend received 302                                   274                                  274                           
Net cash flow used in investing activities (1,622)                              (2,643)                             (2,964)                      
III Cash flows from financing activities 
Proceeds from exercise of share options 68                                     252                                  307                           
Proceeds from long-term borrowings -                                    5,000                               5,000                        
Payment of lease liabilities (9)                                      (7)                                     (13)                            
Interest paid (40)                                    (23)                                   (57)                            
Dividend paid (600)                                 (1,801)                             (1,801)                       
Net cash flow generated from financing activities (581)                                 3,421                               3,436                        
IV Net increase/ (decrease) in cash and cash equivalents (I + II + III) 174                                   (1,075)                             (760)                          
V Effect of exchange differences on cash and cash equivalents held in foreign currency 3                                        11                                    17                              
VI Cash and cash equivalents at the beginning of the year 1,223                                1,966                               1,966                        
VIICash and cash equivalents at the end of the period/ year (IV + V + VI) 1,400                                902                                   1,223                         
Reconciliation of cash and cash equivalents as per statement of cash flow 
Cash and cash equivalents 
Balances with banks - on current accounts 975                                   897                                  769                           
Balances with Banks  - on unpaid dividend accounts 5                                        5                                       5                                
Balances with Banks  - deposit with original maturity of less than 3 months 420                                   -                                   449                           
Balance as per standalone statement of cash flows 1,400                                902                                  1,223                        Expenditure on property, plant and equipment
Expenditure on other intangible assets
Proceeds from sale of property, plant and equipmentBIOCON LIMITED
CIN: L24234KA1978PLC003417 Website: www.biocon.com
Registered office: 20th KM HOSUR ROAD, ELECTRONIC CITY P.O., BANGALORE - 560 100
STANDALONE STATEMENT OF CASH FLOWS
(Rs. in Million)
Six months ended(Rs. in Million, except per equity share data)
 (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited)  (Audited) 
1Income
Revenue from operations
Sale of products 26,807                         26,134                         25,087                      52,941                     49,199                           1,05,880                  
Sale of services [refer note 6] 8,643                           7,627                           8,839                        16,270                     18,634                           36,078                      
Other operating revenue [refer note 5(A)] 454                              568                              697                           1,022                       1,016                             5,599                         
35,904                         34,329                         34,623                     70,233                     68,849                          1,47,557                  
Other income [refer note 4 and note 5(B)] 325                              11,345                         1,579                        11,365                     2,514                             8,655                         
Total income 36,229                         45,674                         36,202                     81,598                     71,363                          1,56,212                  
2Expenses
a) Cost of materials consumed [refer note 13] 10,094                         8,601                           11,660                      18,695                     21,916                           50,719                      
b) Purchases of stock-in-trade 491                              4,085                           3,720                        4,576                       6,495                             6,827                         
c) Changes in inventories of finished goods, work-in-progress and 1,241                           (859)                             (4,110)                       382                          (5,045)                            (8,567)                       
     stock-in-trade [refer note 13]
d) Employee benefits expense 7,896                           7,554                           6,224                        15,450                     12,017                           26,641                      
e) Finance costs 2,256                           2,360                           2,477                        4,616                       4,807                             9,744                         
f) Depreciation and amortisation expense 4,199                           4,054                           3,893                        8,253                       7,473                             15,688                      
g) Other expenses 9,772                           9,065                           9,752                        18,532                     18,994                           39,788                      
35,949                         34,860                         33,616                     70,504                     66,657                          1,40,840                  
Less: Recovery of cost from co-development partners (net) (444)                             (321)                             (39)                            (765)                         (88)                                 (838)                           
Total expenses 35,505                         34,539                         33,577                     69,739                     66,569                          1,40,002                  
3Profit before share of profit of joint venture and associates, exceptional items and 
tax (1-2)724                              11,135                         2,625                        11,859                     4,794                             16,210                      
4Share of loss of joint venture and associates, net [refer note 4] -                               -                               (242)                          -                           (574)                               (842)                           
5Profit before exceptional items and tax (3+4) 724                              11,135                         2,383                        11,859                     4,220                             15,368                      
6Exceptional items (net) [refer note 14] 260                              320                              (240)                          580                          (240)                               (116)                           
7Profit before tax (5 + 6) 984                              11,455                         2,143                        12,439                     3,980                             15,252                      
8Tax expense [refer note 10 and note 14]
Current tax 243                              2,253                           523                           2,496                       957                                3,143                         
Deferred tax 271                              584                              (107)                          855                          (193)                               (869)                           
    Tax expense on removal of indexation benefit [refer note 10] 199                              -                               -                            199                          -                                 -                             
9Profit for the period/year (7 - 8) 271                              8,618                           1,727                        8,889                       3,216                             12,978                      
10Other comprehensive income/ (loss)
A (i) Items that will not be reclassified to profit or loss [refer note 4] 5,846                           (318)                             (87)                            5,528                       (74)                                 136                            
   (ii) Income tax relating to items that will not be reclassified to profit or loss (12)                               26                                 27                              14                             23                                   30                              
B (i) Items that will be reclassified to profit or loss (566)                             787                              1,862                        221                          3,891                             4,396                         
   (ii) Income tax relating to items that will be reclassified to profit or loss (45)                               (79)                               101                           (124)                         (228)                               (695)                           
Other comprehensive income for the period / year, net of taxes 5,223                           416                              1,903                        5,639                       3,612                             3,867                        
11Total comprehensive income for the period / year (9 + 10) 5,494                           9,034                           3,630                        14,528                     6,828                             16,845                      
Profit/ (loss) attributable to:
Shareholders of the Company (160)                             6,597                           1,256                        6,437                       2,270                             10,225                      
Non-controlling interest 431                              2,021                           471                           2,452                       946                                2,753                         
Profit for the period/ year 271                              8,618                           1,727                        8,889                       3,216                             12,978                      
Other comprehensive income/ (loss) attributable to:
Shareholders of the Company 5,351                           240                              1,482                        5,591                       2,584                             2,688                         
Non-controlling interest (128)                             176                              421                           48                             1,028                             1,179                         
Other comprehensive income for the period/ year 5,223                           416                              1,903                        5,639                       3,612                             3,867                        
Total comprehensive income attributable to:
Shareholders of the Company 5,191                           6,837                           2,738                        12,028                     4,854                             12,913                      
Non-controlling interest 303                              2,197                           892                           2,500                       1,974                             3,932                         
Total comprehensive income for the period/ year 5,494                           9,034                           3,630                        14,528                     6,828                             16,845                      
12Paid-up equity share capital (Face value of Rs. 5 each) 6,003                           6,003                           6,003                        6,003                       6,003                             6,003                         
13Reserves i.e. Other equity 1,91,834                  
14Earnings per share (Face vaue of Rs. 5 each) (not annualised) (not annualised) (not annualised) (not annualised) (not annualised) (annualised)
(a) Basic (0.13) 5.51                              1.05                           5.38                          1.90                                8.55                            
(b) Diluted (0.13) 5.51                              1.05                           5.37                          1.90                                8.54                            
See accompanying notes to the financial results Previous Year               
ended 31.03.2024  6 months 
ended
30.09.2023 BIOCON LIMITED
CIN: L24234KA1978PLC003417 Website: www.biocon.com
Registered office: 20th KM HOSUR ROAD, ELECTRONIC CITY P.O., BANGALORE - 560 100
STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2024
Sl. No. Particulars  3 months 
ended
30.09.2024  3 months  ended 
30.09.2023  6 months 
ended
30.09.2024  3 months 
ended
30.06.2024  As at 
September 30, 2024 As at 
March 31, 2024
(Unaudited) (Audited)
AASSETS 
1Non-current assets
(a) Property, plant and equipment 74,624                            74,181                               
(b) Capital work-in-progress 43,542                            39,852                               
(c) Right-of-use assets 6,368                              5,745                                 
(d) Goodwill 1,64,673                         1,63,724                            
(e) Other intangible assets 60,244                            62,786                               
(f) Intangible assets under development 42,007                            40,081                               
(g) Financial assets
Investments 12,527                            6,841                                 
Derivative assets 1,709                              2,657                                 
Other financial assets 1,785                              1,466                                 
(h) Income tax asset, net 4,577                              4,129                                 
(i) Deferred tax asset, net [refer note 10] 2,214                              3,173                                 
(j) Other non-current assets 5,474                              4,280                                 
Non-current assets 4,19,744                         4,08,915                            
2Current assets
(a) Inventories 49,651                            49,439                               
(b) Financial assets
Investments 5,559                              3,156                                 
Trade receivables 61,292                            62,306                               
Cash and cash equivalents 16,877                            12,336                               
Other bank balances 4,067                              10,251                               
Derivative assets 1,379                              1,384                                 
Other financial assets 4,669                              5,769                                 
(c) Other current assets 8,041                              7,151                                 
Current assets 1,51,535                         1,51,792                            
TOTAL ASSETS 5,71,279                         5,60,707                            
BEQUITY AND LIABILITIES
1Equity
(a) Equity share capital 6,003                              6,003                                 
(b) Other equity 2,03,929                         1,91,834                            
Equity attributable to owners of the Company 2,09,932                         1,97,837                            
Non-controlling interests 57,268                            54,911                               
Total Equity 2,67,200                         2,52,748                            
2  Non-current liabilities
(a) Financial liabilities
Borrowings [refer note 11] 1,19,815                         1,29,324                            
Lease liabilities 5,198                              4,924                                 
Derivative liabilities 189                                  -                                     
Other financial liabilities 11,575                            10,725                               
(b) Other non-current liabilities 3,084                              3,107                                 
(c) Provisions 2,260                              2,376                                 
(d) Deferred tax liability, net 3,907                              3,915                                 
Non-current liabilities 1,46,028                         1,54,371                            
3  Current liabilities
(a) Financial liabilities
Borrowings [refer note 11 and 12] 41,683                            27,972                               
Lease liabilities 1,012                              547                                    
Trade payables
          - Total outstanding dues of micro enterprises and small enterprises; and 1,273                              958                                    
          - Total outstanding dues of creditors other than micro enterprises 
         and small enterprises      62,416                            61,762                               
Derivative liabilities 18                                    12                                       
Other financial liabilities 42,150                            50,005                               
(b) Other current liabilities 4,742                              7,768                                 
(c) Provisions 2,076                              1,795                                 
(d) Current tax liabilities, net 2,681                              2,769                                 
Current liabilities 1,58,051                         1,53,588                            
TOTAL EQUITY AND LIABILITIES 5,71,279                         5,60,707                            BIOCON LIMITED
CIN: L24234KA1978PLC003417 Website: www.biocon.com
Registered office: 20th KM HOSUR ROAD, ELECTRONIC CITY P.O., BANGALORE - 560 100
CONSOLIDATED BALANCE SHEET
(Rs. in Million)Year ended
September 30, 2024 September 30, 2023 March 31, 2024
(Unaudited) (Unaudited) (Audited)
ICash flows from operating activities 
Profit for the period/ year 8,889                                3,216                               12,978                         
Adjustments for:
Depreciation and amortisation expense 8,253                               7,473                               15,688                         
Tax expense [refer note 10] 3,550                               769                                  2,274                           
Unrealised foreign exchange loss/ (gain) 813                                   (158)                                (1,054)                         
Share-based compensation expense 782                                   402                                  1,006                           
Provision for/ (reversal of) doubtful debts, (net) (88)                                   (216)                                (182)                             
Bad debts written off -                                   6                                      11                                
Interest expense 4,616                               4,807                               9,744                           
Interest income (430)                                 (866)                                (1,613)                         
Net loss/ (gain) on financial assets measured at fair value through profit or loss 201                                   (678)                                (1,015)                         
Net gain on sale of current investments (238)                                 (115)                                (686)                             
Loss/ (gain) on sale of property, plant and equipment (net) 16                                     (2)                                     12                                
Gain on dilution of interest in associate -                                   (746)                                (1,053)                         
Gain on loss of significant influence -                                   -                                   (4,254)                         
Share of loss of joint venture/ associates -                                   574                                  842                              
Dividend income (28)                                   -                                   -                               
Interest on income tax refund (24)                                   -                                   -                               
Gain on slump sale (net) [refer note 5(B)] (10,573)                            -                                   -                               
Exceptional items, net (260)                                 -                                   6,116                           
Operating profit before changes in operating assets and liabilities 15,479                              14,466                            38,814                         
Movement in operating assets and liabilities
Decrease/ (increase) in inventories (375)                                 (6,695)                             (8,864)                         
Decrease/(increase) in trade receivables 864                                   (4,224)                             (24,174)                       
Decrease/ (increase) in other assets (1,715)                              (3,476)                             (2,679)                         
Increase/ (decrease) in trade payable, other liabilities and provisions (3,666)                              (2,750)                             29,365                         
Cash generated from operations 10,587                             (2,679)                             32,462                         
Income taxes paid (net of refunds) (3,533)                              (1,096)                             (2,923)                         
Net cash flow generated from operating activities 7,054                               (3,775)                             29,539                         
IICash flows from investing activities
(7,936)                              (8,369)                             (16,805)                       
Purchase of intangible assets (1,073)                              (633)                                (2,511)                         
Proceeds from sale of property, plant and equipment -                                   16                                    233                              
Purchase of non-current investments (20)                                   -                                   -                               
Purchase of current investments (47,266)                            (39,594)                           (37,708)                       
Consideration paid for business acquisition -                                   -                                   (5,532)                         
Consideration from sale of business [refer note 5(B)] 11,420                             -                                   -                               
Proceeds from sale of current investments 45,024                             34,513                            39,682                         
Investment in bank deposits and inter corporate deposits (2,951)                              (6,014)                             (15,632)                       
Redemption/ maturity of bank deposits and inter corporate deposits 11,686                             9,694                               26,782                         
Dividend received 28                                     -                                   -                               
Interest received 750                                   438                                  1,446                           
Net cash flow used in investing activities 9,662                               (9,949)                             (10,045)                       
III Cash flows from financing activities 
Proceeds from exercise of share options 68                                     252                                  307                              
Proceeds from long-term borrowings 3,955                               5,001                               5,718                           
Repayment of long-term borrowings (4,323)                              (404)                                (27,678)                       
Proceeds from non-recourse factoring arrangement [refer note 12] 1,196                               -                                   -                               
Proceeds from issuance of debentures -                                   3,000                               8,000                           
Proceeds from short-term borrowings (net) 160                                   3,038                               1,248                           
Dividend paid on equity shares (including to NCI) (829)                                 (2,030)                             (2,030)                         
Payment of deferred consideration towards acquisition of business (8,354)                              -                                   -                               
Repayment of lease liabilities, net (530)                                 (116)                                (418)                             
Interest paid (4,129)                              (3,866)                             (8,474)                         
Net cash flow generated from/ (used in) financing activities (12,786)                            4,875                               (23,327)                       
IVNet increase/ (decrease) in cash and cash equivalents (I + II + III) 3,930                               (8,849)                             (3,833)                         
V Effect of exchange differences on cash and cash equivalents held in foreign currency 101                                   (99)                                   29                                
VI Cash and cash equivalents at the beginning of the year 9,195                                12,948                            12,999                         
VIII Cash and cash equivalents at the end of the period/ year (IV + V + VI+VII) 13,226                              4,000                               9,195                           
Reconciliation of cash and cash equivalents as per consolidated statement of cash flows
Cash and cash equivalents
Balances with banks - on current accounts 10,040                              6,442                               11,636                         
Balances with Banks  - on unpaid dividend accounts 5                                        2                                      2                                  
Deposits with original maturity of less than 3 months 6,832                                -                                   698                              
16,877                              6,444                               12,336                         
Cash credits (3,651)                              (2,444)                             (3,141)                         
Balance as per consolidated statement of cash flows 13,226                              4,000                               9,195                           Particulars
Purchase of property, plant and equipmentBIOCON LIMITED
CIN: L24234KA1978PLC003417 Website: www.biocon.com
Registered office: 20th KM HOSUR ROAD, ELECTRONIC CITY P.O., BANGALORE - 560 100
CONSOLIDATED STATEMENT OF CASH FLOWS
(Rs. in Million)
Six months ended(Rs. in Million)
Particulars
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)  (Audited) 
Segment revenue
a.Generics 6,243                    6,593                    6,764                    12,836                    13,767                    27,985                  
b.Biosimilars [refer note 5(A)] 21,816                 20,834                 19,687                 42,650                    39,835                    88,242                 
c.Novel Biologics -                         -                         -                         -                          -                          -                         
d.Research services 8,910                    7,897                    9,101                    16,807                    17,182                    34,886                 
Total 36,969                 35,324                 35,552                 72,293                    70,784                    1,51,113              
Less: Inter-segment revenue (1,065)                   (995)                      (929)                      (2,060)                     (1,935)                     (3,556)                   
Net sales / Income from continuing operations 35,904                 34,329                 34,623                 70,233                   68,849                   1,47,557             
Segment results
Profit before tax from each segment
a.Generics (87)                         169                        664                        82                            1,305                      2,304                    
b.Biosimilars [refer note 5] (170)                      10,648                  (152)                      10,478                    91                            2,957                    
c.Novel Biologics [refer note 4] -                         -                         551                        -                          489                         4,736                    
d.Research services 1,373                    693                        1,581                    2,066                      2,810                      6,319                    
Total 1,116                    11,510                 2,644                    12,626                   4,695                      16,316                 
Less:Other un-allocable expenditure / (income), net 392                        375                        261                        767                         475                         948                        
Profit before tax and before exceptional items 724                        11,135                  2,383                    11,859                   4,220                      15,368                  
Segment assets
a.Generics 78,965                 68,243                 63,221                 78,965                    63,221                    71,067                 
b.Biosimilars 4,36,786               4,32,950               4,24,478               4,36,786                4,24,478                4,31,435               
c.Novel Biologics -                         -                         2,211                    -                          2,211                      -                         
d.Research services 61,360                  61,115                  58,462                  61,360                    58,462                    61,516                  
5,77,111              5,62,308              5,48,372              5,77,111               5,48,372               5,64,018              
e.Unallocable (5,832)                   (5,603)                   (2,603)                   (5,832)                     (2,603)                     (3,311)                   
Total segment assets 5,71,279             5,56,705             5,45,769             5,71,279               5,45,769               5,60,707             
Segment liabilities
a.Generics 25,398                  20,085                  19,849                  25,398                    19,849                    19,757                  
b.Biosimilars 2,47,113              2,43,812              2,50,830              2,47,113               2,50,830               2,57,344              
c.Novel Biologics -                         -                         408                        -                          408                         -                         
d.Research services 17,405                 17,420                 19,553                 17,405                    19,553                    18,939                 
2,89,916              2,81,317               2,90,640               2,89,916                2,90,640                2,96,040               
e.Unallocable 14,163                 13,260                 12,355                 14,163                    12,355                    11,919                 
Total segment liabilities 3,04,079              2,94,577              3,02,995              3,04,079                3,02,995                3,07,959              
Capital employed
a.Generics 53,567                 48,158                 43,372                 53,567                    43,372                    51,310                 
b.Biosimilars 1,89,673               1,89,138               1,73,648               1,89,673                1,73,648                1,74,091               
c.Novel Biologics [refer note 4] -                         -                         1,803                    -                          1,803                      -                         
d.Research services 43,955                  43,695                  38,909                  43,955                    38,909                    42,577                  
2,87,195              2,80,991              2,57,732              2,87,195               2,57,732               2,67,978              
e.Unallocable (19,995)                 (18,863)                 (14,958)                 (19,995)                  (14,958)                  (15,230)                
Total capital employed 2,67,200             2,62,128             2,42,774             2,67,200               2,42,774               2,52,748             3 months  ended 
30.09.2023BIOCON LIMITED
CIN: L24234KA1978PLC003417 Website: www.biocon.com
Registered office : 20TH KM HOSUR ROAD, ELECTRONIC CITY P.O., BANGALORE - 560 100
SEGMENT DETAILS OF UNAUDITED CONSOLIDATED RESULTS  FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2024
6 months  ended 
30.09.20246 months  ended 
30.09.2023Previous Year               
ended 
31.03.20243 months  ended 
30.09.20243 months  ended 
30.06.2024Biocon Limited 
Unaudited financial results for the quarter and half year ended September 30, 2024 
 
 Notes:           
 
1. The unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 
2024 have been reviewed by the Audit Committee and approved 
by the Board of Directors of the Company at their meetings held on October 30, 2024. 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. 
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  
ii. Biocon Biologics   
iii. Biocon Pharma Limited   
iv. Biocon Academy 
v. Biocon SA 
vi. Biocon SDN. BHD 
vii. Biocon FZ LLC 
viii. 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. 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 (incorporated on July 19, 2024) 
 Biocon Limited 
Unaudited financial results for the quarter and half year ended September 30, 2024 
 
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  and share of investment in the associates i.e. Iatrica Inc., and Bicara Therapeutics Inc. 
 (also refer note 4), under the equity method. 
 
4. 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.   
 
During the year ended March 31, 2024, pursuant to fund raise by Bicara
diluted thereby resulting in loss of significant influence over the investee. Consequently, the Group fair valued 
its investment resulting in a gain of Rs. 123 million and Rs. 4,254 million in the standalone and consolidated 
financial results, respectively, and was disclosed under ther income . 
 
Prior to the Series C financing, the Group accounted for its investments in Bicara using the equity method as it 
had significant influence. Consequently, the Group recorded dilution gain of Rs. 746 million and Rs. 1,053 million 
for quarter and half year ended September 30, 2023 and year ended March 31, 2024, respectively, disclosed 
 
 
During the quarter and half year ended September 30, 2024, Biocon fair valued its investment in Bicara which 
resulted into gain of Rs. 5,888 million, 
financial results. 
 
5. A) In year ended March 31, 2024, sold its business of: (i) Branded generic 
immunotherapy and nephrology small molecule formulations being manufactured by third parties under 
manufacturing arrangements and (ii) the in-licensed product in India for a consideration of Rs. 3,660 million. The 
Group recorded a gain of Rs. 3,500 million net of cost of the related underlying assets. 
 
B) In April 2024, BBL 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 was 
consolidated financial results for the quarter ended June 30, 2024 and half year ended September 30, 2024. 
 
6. Sale of services include licensing fees of Rs. 125 million and Rs. 60 million for the quarter ended September 30, 
2024 and September 30, 2023, respectively. Similarly, Rs. 1,928 million was recorded for the year ended March 
31, 2024. 
 
7. On April 24, 2024, the Board of Directors of Syngene approved an allotment of 521,981 equity shares of Rs. 10 
each of Syngene to Syngene Employee Welfare Trust at face value to allot fresh equity shares upto 1.67% of the 
paid-up equity capital of Syngene in tranches for the purpose of implementation of the Syngene International 
Limited  Restricted Stock Unit Long Term Incentive Plan FY 2020. 
 
8. On April 24, 2024, 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 24, 
2024, and has been distributed to the shareholders of Syngene during the quarter and half year ended 
September 30, 2024. 
 
9. On May 16, 2024, 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 09, 2024, and has been distributed to the shareholders of the Company during the quarter and half year 
ended September 30, 2024. 
 
10. 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 and half year ended September 30, 2024.  Biocon Limited 
Unaudited financial results for the quarter and half year ended September 30, 2024 
 
 
11. Subsequent to the quarter and half year ended September 30, 2024, Biocon Biologics Global Plc, one of the 
subsidiary of BBL, raised Rs. 67,056 
Exchange. The transaction was settled on October 9, 2024.  
 
Additionally, BBL has entered into a commitment agreement for a new syndicate debt facility. The proceeds 
from the Bonds, along with the new syndicate debt facility, will be utilized to substantially refinance existing 
debt of USD 1.1 billion (Rs. 92,202 million). This refinancing will enhance the  liquidity profile, provide 
financial flexibility, and create opportunities for reinvestment in the business. 
 
Since the transaction occurred after September 30, 2024, these financial results do not reflect the impact of the 
Bonds issuance and the refinancing of existing debt. The Group is currently in compliance with the debt 
covenants for the existing debts as at 30 September 2024.  
 
12. During the quarter and half year ended September 30, 2024, Biocon Limited has discounted its receivables for 
Rs. 1,196 million on non- -term borrowings
results.  
 
13. 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 -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 
of traded goods, finished goods and work-in- materials consumed  in the consolidated 
financial results for the quarter and half year ended September 30, 2024. 
 
14. Exceptional items: 
 
a. During the half year ended September 30, 2023, Biocon Pharma Limited, a subsidiary of the Company, settled 
the Inter- obtained 
amounting to Rs. 12,400 million 
the Company during the said quarter) to SILS.  
 
On the above sale of shares to BPL amounting to Rs. 234 million, Biocon Limited recorded a gain of Rs. 197 
million. 
 
b. On 04 July 2023,  Syngene entered into a binding term sheet for acquiring Unit 3 biologics manufacturing facility 
in Bangalore, India, from Stelis Biopharma Limited (SBL). The unit has been acquired effective 1 December 2023 
on a slump sale basis at a total cash consideration of Rs. 5,632 million.  
 
Pursuant to above acquisition, Syngene incurred transaction costs of Rs. 74 million and Rs. 111 million during 
the quarter ended September 30, 2023 and year ended March 31, 2024, respectively, and the same has been 
disclosed in the consolidated financial results. Consequential tax impact of Rs. 21 million and Rs. 31 million is 
included in tax expense for the respective periods. 
 
c. T 0, 2023, has modified the PLI 
guidelines to limit the annual incentive allocation to each applicant for the first 4 years of the scheme. Pursuant 
to such guidelines, during the quarter and half year ended September 30, 2023 and year ended March 31, 2024, 
the Group reversed Rs. 166 million of excess PLI accrual made in the books, of which Rs. 52 million of excess PLI 
accrual was reversed in Standalone financial results of Biocon Limited. Consequential tax impact of Rs. 22 million 
is included in tax expense for the above periods.  
 
 
 
 Biocon Limited 
Unaudited financial results for the quarter and half year ended September 30, 2024 
 
 
d. During the year ended March 31, 2024, had received 
Rs. 18,269 million towards working capital under the existing arrangements. BBL had recorded these receivables 
at fair value of Rs. 10,219 million having regard to the timing and probability of recovery. The resulting difference 
of Rs. 8,050 million is recorded as a gain in the consolidated financial results. Consequential tax impact of Rs. 
407 million is included within tax expense for the year ended March 31, 2024. 
 
e. During the year ended March 31, 2024,  pursuant to 
the uncertainty of ability to commercialize a product for development and commercialization in certain 
territories, recorded an impairment of the carrying value of the intangible asset amounting to Rs. 3,854 million. 
 
f. During the year ended March 31, 2024, recorded 
provision for inventory for a product due to its low demand and consequentially lower probability of liquation 
amounting to Rs. 2,366 million. This was recorded in the consolidated statement of profit and loss under the 
 
 
During the quarter and half year ended September 30, 2024, BBL liquidated such inventory amounting to Rs. 
260 million. 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 is included within tax expense. 
 
g. During the quarter and year ended March 31, 2024, Biocon Pharma Limited and its subsidiaries pursuant to the 
uncertainty in commercialization of product in certain territories, recorded an impairment of the carrying value 
of the intangible asset amounting Rs. 91 million. 
 
h. BBL had obtained services of professional experts (like advisory, legal counsel, valuation experts etc.) for the 
. The Group recorded Rs. 1,582 million in the year 
ended March 31, 2024 as an expense in the consolidated statement of profit and loss. 
 
i. During the quarter ended June 30, 2024, 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.  
 
 
 
 
 
For and on behalf of the Board of Directors of Biocon Limited 
 
 
 
Bangalore,                           Kiran Mazumdar-Shaw 
October 30, 2024     Executive Chairperson   
                                                                                          DIN: 00347229  B S R & Co. LLP
Chartered AccountantsEmbassy Golf Links Business Park 
Pebble Beach, B Block, 3rd Floor
No. 13/2, off Intermediate Ring Road
Bengaluru - 560 071, India
Telephone: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>
Fax: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>
Registered Office:
B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a 
Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 201314th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco 
Center, Western Express Highway, Goregaon (East), Mumbai - 400063
Page 1 of 1Limited Review Report on unaudited standalone financial results of Biocon Limited 
for the quarter ended 30 September 2024 and year to date results for the period from 
01 April 2024 to 30 September 2024 pursuant to Regulation 33 of Securities and 
Exchange Board of India (Listing Obligations and Disclosure Requirements) 
Regulations, 2015, as amended
To the Board of Directors of Biocon Limited
1. We have reviewed the accompanying Statement of unaudited standalone financial results of Biocon 
Limited (hereinafter referred to as “the Company”) for the quarter ended 30 September 2024 and year 
to date results for the period from 01 April 2024 to 30 September 2024 (“the Statement”) (in which 
are included interim financial information of its Employee Welfare Trusts).
2. This Statement, which is the responsibility of the Company’s management and approved by its Board 
of Directors, has been prepared in accordance with the recognition and measurement principles laid 
down in Indian Accounting Standard 34 “ Interim Financial Reporting ” (“Ind AS 34”), prescribed under 
Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India 
and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing 
Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”). 
Our responsibility is to issue a report on the Statement based on our review.
3. We conducted our review of the Statement in accordance with the Standard on Review Engagements 
(SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the 
Entity”, issued by the Institute of Chartered Accountants of India. A review of interim financial 
information consists of making inquiries, primarily of persons responsible for financial and accounting 
matters, and applying analytical and other review procedures. A review is substantially less in scope 
than an audit conducted in accordance with Standards on Auditing and consequently does not enable 
us to obtain assurance that we would become aware of all significant matters that might be identified 
in an audit. Accordingly, we do not express an audit opinion.
4. Based on our review conducted as above, nothing has come to our attention that causes us to believe 
that the accompanying Statement, prepared in accordance with the recognition and measurement 
principles laid down in the aforesaid Indian Accounting Standard and other accounting principles 
generally accepted in India, has not disclosed the information required to be disclosed in terms of 
Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it 
contains any material misstatement.
For B S R & Co. LLP
Chartered Accountants
Firm’s Registration No.:101248W/W-100022
Sudhir Soni
Partner
Bengaluru Membership No.: 041870
30 October 2024 UDIN:24041870BKGDLK6694B S R & Co. LLP
Chartered AccountantsEmbassy Golf Links Business Park 
Pebble Beach, B Block, 3rd Floor
No. 13/2, off Intermediate Ring Road
Bengaluru - 560 071, India
Telephone: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>
Fax: <PRESIDIO_ANONYMIZED_PHONE_NUMBER>
Registered Office:
B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a 
Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 201314th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco 
Center, Western Express Highway, Goregaon (East), Mumbai - 400063
Page 1 of 3Limited Review Report on unaudited consolidated financial results of Biocon Limited 
for the quarter ended 30 September 2024 and year to date results for the period from 
01 April 2024 to 30 September 2024 pursuant to Regulation 33 of Securities and 
Exchange Board of India (Listing Obligations and Disclosure Requirements) 
Regulations, 2015, as amended
To the Board of Directors of Biocon Limited
1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Biocon 
Limited (hereinafter referred to as “the Parent”), and its subsidiaries (the Parent and its subsidiaries 
together referred to as “the Group”) and its share of the net loss after tax and total comprehensive 
loss of its associate and joint venture for the quarter ended 30 September 2024 and year to date 
results for the period from 01 April 2024 to 30 September 2024 (“the Statement”), being submitted by 
the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of 
India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing 
Regulations").
2. This Statement, which is the responsibility of the Parent’s management and approved by the Parent’s 
Board of Directors, has been prepared in accordance with the recognition and measurement 
principles laid down in Indian Accounting Standard 34 “ Interim Financial Reporting ” (“Ind AS 34”), 
prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally 
accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility 
is to express a conclusion on the Statement based on our review.
3. We conducted our review of the Statement in accordance with the Standard on Review Engagements 
(SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the 
Entity”, issued by the Institute of Chartered Accountants of India. A review of interim financial 
information consists of making inquiries, primarily of persons responsible for financial and accounting 
matters, and applying analytical and other review procedures. A review is substantially less in scope 
than an audit conducted in accordance with Standards on Auditing and consequently does not enable 
us to obtain assurance that we would become aware of all significant matters that might be identified 
in an audit. Accordingly, we do not express an audit opinion.
We also performed procedures in accordance with the circular issued by the Securities and Exchange 
Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.
4. The Statement includes the results of the following entities:
i. Biocon Limited
ii. Syngene International Limited
iii. Biocon Biologics Limited (formerly known as ‘Biocon Biologics India Limited’)
iv. Biocon Biologics UK Limited (formerly known as ‘Biocon Biologics Limited’)
v. Biocon Pharma Limited
vi. Biocon Academy
vii. Biocon SA
viii. Biocon SDN. BHD
ix. Biocon FZ LLC
x. Biocon Pharma Inc.
xi. Biocon Biologics Healthcare Malaysia SDN. BHD (formerly known as ‘Biocon Healthcare SDN. BHD’)
xii. Syngene USA Inc.B S R & Co. LLP
Limited Review Report (Continued)
Biocon Limited
Page 2 of 3xiii. Biocon Pharma UK Limited
xiv. Biocon Pharma Ireland Limited
xv. Biocon India Limited Employee Welfare Trust
xvi. Biocon Limited Employee Welfare Trust
xvii. Biocon Biologics Employee Welfare Trust
xviii. Syngene Employee Welfare Trust
xix. Biocon Biosphere Limited
xx. Biocon Biologics Inc.
xxi. NeoBiocon FZ-LLC
xxii. Iatrica Inc.
xxiii. Biocon Biologics Do Brasil LTDA
xxiv. Biocon Biologics FZ-LLC
xxv. Biocon Pharma Malta Limited
xxvi. Biocon Pharma Malta I Limited
xxvii. Syngene Manufacturing Soutions Limited
xxviii. Syngene Scientific Soutions Limited
xxix. Biosimilar Collaborations Ireland Limited
xxx. Biosimilars Newco Limited
xxxi. Biocon Biologics Canada Inc.
xxxii. Biocon Biologics Germany GmbH
xxxiii. Biocon Biologics Spain, S.L.
xxxiv. Biocon Biologics France S.A.S
xxxv. Biocon Biologics Switzerland AG
xxxvi. Biocon Biologics Belgium BV
xxxvii. Biocon Biologics Finland OY
xxxviii. Biocon Biologics (Thailand) Co. Ltd.
xxxix. Biocon Biologics South Africa (PTY) Ltd
xxxx. Biocon Biologics Morocco S.A.R.L.A.U
xxxxi. Biocon Biologics Greece Single Members P.C.
xxxxii. Biocon Generics Inc
xxxxiii. Biocon Biologics Philippines Inc
xxxxiv. Biocon Biologics Italy S.R.L
xxxxv. Biocon Biologics Croatia LLC
xxxxvi. Biocon Biologics Global PLC
5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based 
on the consideration of the review reports of the other auditors referred to in paragraph 6 below, 
nothing has come to our attention that causes us to believe that the accompanying Statement, 
prepared in accordance with the recognition and measurement principles laid down in the aforesaid 
Indian Accounting Standard and other accounting principles generally accepted in India, has not 
disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 
including the manner in which it is to be disclosed, or that it contains any material misstatement.B S R & Co. LLP
Limited Review Report (Continued)
Biocon Limited
Page 3 of 36. We did not review the interim financial information of a Subsidiary included in the Statement, whose 
interim financial information reflects total assets (before consolidation adjustments) of Rs. 35,943 
million as at 30 September 2024 and total revenues (before consolidation adjustments) of Rs. 3,429 
million and Rs. 7,228 millions, total net profit / (loss) after tax (before consolidation adjustments) of 
Rs. (48) million and Rs. 307 million and total comprehensive income (before consolidation 
adjustments) of Rs. (48) million and Rs 307 million, for the quarter ended 30 September 2024 and for 
the period from 01 April 2024 to 30 September 2024 respectively, and cash flows (net) (before 
consolidation adjustments) of Rs. 153 million for the period from 01 April 2024 to 30 September 2024 
as considered in the Statement. This interim financial information has been reviewed by other auditor 
whose report has been furnished to us by the Parent’s management and our conclusion on the 
Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, 
is based solely on the report of the other auditor and the procedures performed by us as stated in 
paragraph 3 above.
This subsidiary is located outside India whose interim financial information has been prepared in 
accordance with accounting principles generally accepted in their respective country and which has 
been reviewed by other auditor under generally accepted auditing standards applicable in their 
respective country. The Parent’s management has converted the interim financial information of such 
subsidiary located outside India from accounting principles generally accepted in their respective 
country to accounting principles generally accepted in India. We have reviewed these conversion 
adjustments made by the Parent’s management. Our conclusion in so far as it relates to the balances 
and affairs of such subsidiary located outside India is based on the report of other auditor and the 
conversion adjustments prepared by the management of the Parent and reviewed by us.
Our conclusion is not modified in respect of this matter.
For B S R & Co. LLP
Chartered Accountants
Firm’s Registration No.:101248W/W-100022
Sudhir Soni
Partner
Bengaluru Membership No.: 041870
30 October 2024 UDIN:24041870BKGDLJ7210
    
Assistant: