Biocon rises after strong Q1 results

Biocon gained 1.97% to Rs 243.25 at 10:02 IST on the BSE after consolidated net profit rose 72.35% to Rs 206.30 crore on 30.4% increase in net sales to Rs 1465.90 crore in Q1 June 2019 over Q1 June 2018.

The result was announced after market hours yesterday, 25 July 2019.

Meanwhile, the S&P BSE Sensex was down by 106.3 points or 0.28% to 37,724.21.

On the BSE, 2.35 lakh shares were traded in the counter so far compared with average daily volumes of 8.39 lakh shares in the past two weeks. The stock had hit a high of Rs 252 and a low of Rs 241.7 so far during the day. It hit a 52-week high of Rs 359.18 on 26 September 2018 and a 52-week low of Rs 230 on 8 July 2019.

The company's consolidated earnings before interest tax depreciation and amortization (EBITDA) rose 51% to Rs 462 crore in Q1 June 2019 over Q1 June 2018. The EBITDA margin grew to 31% in Q1 June 2019 from 26% in Q1 June 2018.

Commenting on the highlights, chairperson & managing director, Kiran Mazumdar-Shaw said "Robust performance by our Biologics and Small Molecules business segments fuelled the 25% growth in Q1FY20 revenue to Rs 1,490 crore. Small molecules revenue at Rs 480 crore was driven by steady API sales and a multi-fold growth in generic formulations. Our research services business continues to provide profitable growth."

Biocon is a fully integrated global bio-pharmaceuticals company.

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