 "Biocon gains on good Q1 results")
Shares of Biocon were trading higher by nearly 4% at Rs 475 on the NSE in an otherwise subdued market after the company reported a better-than-expected 23% year-on-year (YoY) growth in consolidated net profit at Rs 126 crore for the quarter ended June 30, 2015 (Q1). The company had posted a profit of Rs 103 crore in the year-ago quarter.
Revenues during the quarter increased by 15% at Rs 857 crore on a Y-oY basis.
Analysts on an average had expected a profit of Rs 106 crore on sales of Rs 821 crore for the quarter.
EBITDA (earnings before interest, tax, depreciation and amortization) margins expanded by 200 basis points at 28% in the June quarter against 26% in the year-ago quarter, Biocon said in a statement.
"Our biosimilars strategy is playing out well with five programmes in phase 3 clinical development," Biocon chairman and managing director Kiran Mazumdar-Shaw said in a press release.
"During the quarter we successfully licensed biosimilar Trastuzumab in key emerging markets. Our insulins business was boosted with the launch of insulin Glargine in Mexico and Colombia. Our focus on key brands in branded formulations has begun to translate into a better quality of earnings,” she added.
The stock hit a high of Rs 478 on the NSE and has seen a combined 970,918 shares changing hands on the counter on the NSE and BSE.
At 09:44 AM, CNX Nifty was down 0.14% or 12 points at 8,578.
Revenues during the quarter increased by 15% at Rs 857 crore on a Y-oY basis.
Analysts on an average had expected a profit of Rs 106 crore on sales of Rs 821 crore for the quarter.
EBITDA (earnings before interest, tax, depreciation and amortization) margins expanded by 200 basis points at 28% in the June quarter against 26% in the year-ago quarter, Biocon said in a statement.
"Our biosimilars strategy is playing out well with five programmes in phase 3 clinical development," Biocon chairman and managing director Kiran Mazumdar-Shaw said in a press release.
"During the quarter we successfully licensed biosimilar Trastuzumab in key emerging markets. Our insulins business was boosted with the launch of insulin Glargine in Mexico and Colombia. Our focus on key brands in branded formulations has begun to translate into a better quality of earnings,” she added.
The stock hit a high of Rs 478 on the NSE and has seen a combined 970,918 shares changing hands on the counter on the NSE and BSE.
At 09:44 AM, CNX Nifty was down 0.14% or 12 points at 8,578.
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%