Biocon gains on better-than-expected Q4 net

Biocon limited has moved higher by 3.5% at Rs 238 after reporting better-than-expected net profit of Rs 98 crore for the quarter ended March 2012, against Rs 100 crore in the corresponding quarter of previous fiscal. Analyst expected a net profit of Rs 83 crore from the biotechnology company. However, net sales grew 30% at Rs 610 crore on year-on-year basis.

Commenting on the results, chairman and managing director Kiran Mazumdar-Shaw stated “The Company has delivered particularly strong growth in research services and branded formulations business verticals. The company is confident to make significant progress across all business, despite of the uncertainty in global economic.”

Meanwhile, the board of directors of the company has recommended a final dividend of 100% or Rs 5 per share on the share capital of the company.

A combined 305,000 shares have changed hands on the counter till noon trades on both the exchanges.