 "Biocon declines 5% as Q1 growth lags estimates")
Biocon has dipped 5% to Rs 492 after its flagship biopharma business, which contributes close to 75% of the revenues, grew by hardly 1% year-on-year (yoy) at Rs 549 crore for the quarter ended June 30, 2014 (Q1) against Rs 543 crore in year ago quarter.
The biopharma business was impacted due to various external factors including the ongoing geo-political conflicts in West Asia and North Africa, affecting the growth of this business, Biocon said in a statement.
Meanwhile, the company has reported a decent 9% yoy growth in net profit to Rs 103 crore for the first quarter of FY15 as compared to the corresponding quarter of last fiscal, despite a tepid growth of 3% in sales to Rs 742 crore.
Analysts on an average had expected profit of Rs 109 crore on sales of Rs 766 crore for the quarter. The stock opened at Rs 505 and hit a low of Rs 484 on NSE. A combined 1.67 million shares changed hands on the counter till noon deals on NSE and BSE.
The biopharma business was impacted due to various external factors including the ongoing geo-political conflicts in West Asia and North Africa, affecting the growth of this business, Biocon said in a statement.
Meanwhile, the company has reported a decent 9% yoy growth in net profit to Rs 103 crore for the first quarter of FY15 as compared to the corresponding quarter of last fiscal, despite a tepid growth of 3% in sales to Rs 742 crore.
Analysts on an average had expected profit of Rs 109 crore on sales of Rs 766 crore for the quarter. The stock opened at Rs 505 and hit a low of Rs 484 on NSE. A combined 1.67 million shares changed hands on the counter till noon deals on NSE and BSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%