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Shares of Biocon were trading higher by nearly 4% at Rs 475 on the NSE in an otherwise subdued market after the company reported a better-than-expected 23% year-on-year (YoY) growth in consolidated net profit at Rs 126 crore for the quarter ended June 30, 2015 (Q1). The company had posted a profit of Rs 103 crore in the year-ago quarter.
Revenues during the quarter increased by 15% at Rs 857 crore on a Y-oY basis.
Analysts on an average had expected a profit of Rs 106 crore on sales of Rs 821 crore for the quarter.
EBITDA (earnings before interest, tax, depreciation and amortization) margins expanded by 200 basis points at 28% in the June quarter against 26% in the year-ago quarter, Biocon said in a statement.
"Our biosimilars strategy is playing out well with five programmes in phase 3 clinical development," Biocon chairman and managing director Kiran Mazumdar-Shaw said in a press release.
"During the quarter we successfully licensed biosimilar Trastuzumab in key emerging markets. Our insulins business was boosted with the launch of insulin Glargine in Mexico and Colombia. Our focus on key brands in branded formulations has begun to translate into a better quality of earnings,” she added.
The stock hit a high of Rs 478 on the NSE and has seen a combined 970,918 shares changing hands on the counter on the NSE and BSE.
At 09:44 AM, CNX Nifty was down 0.14% or 12 points at 8,578.
Revenues during the quarter increased by 15% at Rs 857 crore on a Y-oY basis.
Analysts on an average had expected a profit of Rs 106 crore on sales of Rs 821 crore for the quarter.
EBITDA (earnings before interest, tax, depreciation and amortization) margins expanded by 200 basis points at 28% in the June quarter against 26% in the year-ago quarter, Biocon said in a statement.
"Our biosimilars strategy is playing out well with five programmes in phase 3 clinical development," Biocon chairman and managing director Kiran Mazumdar-Shaw said in a press release.
"During the quarter we successfully licensed biosimilar Trastuzumab in key emerging markets. Our insulins business was boosted with the launch of insulin Glargine in Mexico and Colombia. Our focus on key brands in branded formulations has begun to translate into a better quality of earnings,” she added.
The stock hit a high of Rs 478 on the NSE and has seen a combined 970,918 shares changing hands on the counter on the NSE and BSE.
At 09:44 AM, CNX Nifty was down 0.14% or 12 points at 8,578.
