Biocon jumps 4% on the back of strong Q2 performance

The stock had shed 16 per cent in Samvat 2079. So far in 2023, the stock has declined 9 per cent as against a near 7 per cent gain on the BSE benchmark.

Shares of Biocon surged over 4 per cent to a high of Rs 237 in the one-hour special Muhurat Trading session on Sunday on the back of strong Q2 performance.

At 6:35 PM, the stock was up 2.8 per cent at Rs 233.60 and the counter had seen healthy volumes of around 46,000 shares on the BSE as against the two-week average daily volume of around 1.49 lakh shares. Meanwhile, the S&P BSE Sensex was up 0.6 per cent or 370 points at 65,271.

The stock had shed 16.2 per cent in Samvat 2079. So far in 2023, the stock has declined 9 per cent as against a near 7 per cent gain on the BSE benchmark.

Bengaluru-based Biocon on Friday after market hours reported a strong 168 per cent year-on-year (YO) growth in its consolidated net profit for the quarter ended September 2023 at Rs 126 crore when compared with Rs 47 crore in the corresponding quarter a year ago.

Revenue from operations grew by 50 per cent to Rs 3,462.3 crore from Rs 2,320 crore. On a sequential basis, the company exhibited a 1.2 per cent increase in revenue while the net profit rose 23.8 per cent. 

The EBITDA rose 68 per cent YoY to Rs 900 crore with a resulting Ebitda margin of 25 per cent. 

Biocon has appointed Peter Bains as the Group CEO, reporting directly to Biocon Group

Chairperson Kiran Mazumdar-Shaw. Peter will be responsible for driving synergies between the three group entities to maximize the combined value for the stakeholders at the group level, the company said in an exchange filing.