Business Standard

Biocon rises on healthy Q3 earnings

Q3 net profit up 9% year-on-year at Rs 93 crore against an average analyst expectation of Rs 86 crore due to higher sales.

SI Reporter  |  Mumbai 

Biocon is trading higher by 4% to Rs 277 after reporting 9% year-on-year (yoy) rise in net profit at Rs 93 crore for the third quarter ended December 2012 (Q3) driven by period growth in different business verticals.

“Total sales of the company grew by 23% to Rs 635 crore from Rs 517 crore previous year,” said in a statement.

Analyst on an average had expected a net profit of Rs 86 crore and net sales of Rs 613 crore from the India’s largest biotechnology company by revenue.

“We have performed well across all our business verticals. We continue to gain market share for biosimilar insulins in global markets, which now accounts for a significant part of our business,” chairman and managing director said in a statement.

The company has received approval from the DCGI (Drugs Controller General of India) for our monoclonal antibody, Itolizumab, indicated for psoriasis. This is a significant milestone that enhances the value of this late-stage asset, added Kiran Mazumdar-Shaw.

The stock opened at Rs 268 and hit a high of Rs 278 on NSE. A combined 513,708 shares have already changed hands on the counter so far on both the exchanges.

 

RECOMMENDED FOR YOU

Biocon rises on healthy Q3 earnings

Q3 net profit up 9% year-on-year at Rs 93 crore against an average analyst expectation of Rs 86 crore due to higher sales.

Biocon is trading higher by 4% to Rs 277 after reporting 9% year-on-year (yoy) rise in net profit at Rs 93 crore for the third quarter ended December 2012 (Q3) driven by period growth in different business verticals.

Biocon is trading higher by 4% to Rs 277 after reporting 9% year-on-year (yoy) rise in net profit at Rs 93 crore for the third quarter ended December 2012 (Q3) driven by period growth in different business verticals.

“Total sales of the company grew by 23% to Rs 635 crore from Rs 517 crore previous year,” said in a statement.

Analyst on an average had expected a net profit of Rs 86 crore and net sales of Rs 613 crore from the India’s largest biotechnology company by revenue.

“We have performed well across all our business verticals. We continue to gain market share for biosimilar insulins in global markets, which now accounts for a significant part of our business,” chairman and managing director said in a statement.

The company has received approval from the DCGI (Drugs Controller General of India) for our monoclonal antibody, Itolizumab, indicated for psoriasis. This is a significant milestone that enhances the value of this late-stage asset, added Kiran Mazumdar-Shaw.

The stock opened at Rs 268 and hit a high of Rs 278 on NSE. A combined 513,708 shares have already changed hands on the counter so far on both the exchanges.

 

image
Business Standard
177 22

Biocon rises on healthy Q3 earnings

Q3 net profit up 9% year-on-year at Rs 93 crore against an average analyst expectation of Rs 86 crore due to higher sales.

Biocon is trading higher by 4% to Rs 277 after reporting 9% year-on-year (yoy) rise in net profit at Rs 93 crore for the third quarter ended December 2012 (Q3) driven by period growth in different business verticals.

“Total sales of the company grew by 23% to Rs 635 crore from Rs 517 crore previous year,” said in a statement.

Analyst on an average had expected a net profit of Rs 86 crore and net sales of Rs 613 crore from the India’s largest biotechnology company by revenue.

“We have performed well across all our business verticals. We continue to gain market share for biosimilar insulins in global markets, which now accounts for a significant part of our business,” chairman and managing director said in a statement.

The company has received approval from the DCGI (Drugs Controller General of India) for our monoclonal antibody, Itolizumab, indicated for psoriasis. This is a significant milestone that enhances the value of this late-stage asset, added Kiran Mazumdar-Shaw.

The stock opened at Rs 268 and hit a high of Rs 278 on NSE. A combined 513,708 shares have already changed hands on the counter so far on both the exchanges.

 

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard