Biocon shares surge 10% post Q1 results

Biotechnology major Biocon on Friday surged 10 per cent after the company posted 17 per cent rise in net profit for the first quarter ended June 30.

The stock soared 9.9 per cent to touch its one-year high level of Rs 771 at BSE.

On NSE, it zoomed 9.99 per cent to Rs 770.65 — its 52-week high.

Biocon on Thursday posted a 17 per cent rise in net profit at Rs 147 crore for the first quarter ended June 30, on the back of robust growth in segments like biologics and branded formulations.

The Bengaluru-based firm had posted a net profit of Rs 126 crore during the same period of previous financial year.

Total revenue of the company rose to Rs 952 crore for the first quarter, as compared to Rs 857 crore during the same period of corresponding fiscal, Biocon had said in a statement.

"Our strong performance this quarter has been driven by an all-round growth of our business across small molecules, biologics, branded formulations and research services," Biocon Chairperson and Managing Director Kiran Mazumdar-Shaw said.