I am not very ambitious on returns. My buy price (after accounting for splits/bonuses…) is about Rs. 17. Does 20X in 15 years count for a return?
Biocon tries too many things, it appears to be aggressive at times and very defensive at times.
Aggressive: developing new drugs (though with partnerships, licensing…), trying to be an innovator
Defensive: When they enter service space (with assured margins) that affects their product business
Too active: Buys a business from its customer, sells something else…
Pretty complex to analyse. Only concern is “outsized influence of the promoter, who is past the prime, on the business”
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