Biocon gains on robust Q4 earnings

Standalone net profit for the fourth quarter surged 126.5% to Rs 86.74 crore

Shares of Biocon were up nearly 3% at Rs 481 after the company today reported robust earnings for the fourth quarter ended March 31, 2014.

On a standalone basis, net profit for the fourth quarter ended March 31, suring 126.5% to Rs 86.74 crore compared with Rs 38.29 crore in the same quarter last fiscal.

Total income from operations for the quarter increased 20% to Rs 571.43 crore against Rs 475.79 crore in the corresponding quarter last year.

The board has recommended a final dividend of Rs 5 per equity share, subject to shareholders' approval, the company said in a release today.

The company expects FY15 to reflect continued business momentum with biosimilars, branded formulations and research services driving growth. The progress in our development pipeline (across biosimilars and novel molecules will see some of our molecules enter the clinic. The company continues to make investments in infrastructure and people to support growth, the release said.

The stock opended at Rs 477 on the BSE and touched an intra-day high of Rs 484.90 so far. Over 1.8 million shares were traded on both the stock exchanges so far.