Biocon Q4 profit stands out, shares gain 2%

Shares of biotechnology firm Biocon today rose by over 2 per cent after the company reported a a jump in consolidated net profit for the fourth quarter ended March.
The stock gained 2.25 per cent to settle at Rs 452.90 on BSE. Intra-day, it climbed 3.88 per cent to Rs 460.15.
On NSE, the scrip ended 1.92 per cent higher at Rs 452.65.
Biocon today reported a 78.22 per cent spike in consolidated net profit at Rs 201.54 crore for the fourth quarter, helped by exceptional gains of Rs 105.06 crore.
The company had posted a net profit of Rs 113.08 crore in the year-ago period.

During the quarter, Biocon made an exceptional gain of Rs 105.06 crore on account of share sale in its research services subsidiary, Syngene.

Net sales of the company rose to Rs 830.38 crore for the quarter, up 14.91 per cent, against Rs 722.59 crore for the same period a year ago, Biocon said in a statement.
On future outlook, Biocon Chairman and Managing Director Kiran Mazumdar Shaw said: "As we move into FY16, we are clearly seeing our biosimilar strategy playing out with greater clarity, credibility and traction visible across our portfolio of biologics as they advance in clinical development. We continue to make investments in R&D as a strong future value driver."

In the stock market, the BSE benchmark Sensex ended at 27,011.31, down 214.62 points.