You are here: Home » Markets » News
Business Standard

Biocon nears 52-week high as Q1 profit beats forecast

Q1 consolidated profit at Rs 94 crore against analyst estimates of Rs 82 crore mainly on account of strong performance in the biopharma segment.

SI Reporter  |  Mumbai 

Biocon is trading higher by 5% at Rs 313 after reporting a better-than-expected consolidated net profit at Rs 94 crore for the quarter ended June 30, 2013 (Q1) mainly on account of strong performance in the biopharma segment.

Analyst on an average had expected profit of Rs 82 from the biotechnology firm. The company had posted a net profit of Rs 79 crore in the same quarter last fiscal.

Consolidated total income of the company increased by 21% to Rs 701 crore in Q1 FY2014 quarter as against Rs 577 crore for the year ago period. EBITDA margins improved to 21.69% from 21.28% over the corresponding quarter of previous fiscal, Biocon said in a statement.

The stock opened at Rs 310 and hit a high of Rs 316, nears to its 52-week high of Rs 322 touched on November 16, last year. A combined 739,478 shares changed hands on the counter till 1046 hours on NSE and BSE.

First Published: Fri, July 26 2013. 10:47 IST
RECOMMENDED FOR YOU