Biocon shed 3.01% to Rs 387.10 at 14:25 IST on BSE after consolidated net profit dropped 51% to Rs 81crore on 4% fall in revenue to Rs 988 crore in Q1 June 2017 over Q1 June 2016.
The result was announced after market hours yesterday, 27 July 2017.Meanwhile, the S&P BSE Sensex was down 146.74 points or 0.45% at 32,236.56.
High volumes were witnessed on the counter. On the BSE, 4 lakh shares were traded on the counter so far as against the average daily volumes of 3.2 lakh shares in the past one quarter. The stock had hit a high of Rs 389.70 and a low of Rs 371.70 so far during the day. The stock had hit a record high of Rs 424.15 on 19 July 2017. The stock had hit a 52-week low of Rs 255.66 on 12 August 2016.
The stock had outperformed the market over the past one month till 27 July 2017, gaining 23.54% compared with 4.6% rise in the Sensex. The scrip, had, however, underperformed the market in past one quarter, rising 6.94% as against Sensex's 7.84% rise. The scrip, had, however, outperformed the market in past one year, gaining 48.3% as against Sensex's 15.55% rise.
The large-cap company has equity capital of Rs 300 crore. Face value per share is Rs 5.
Biocon's revenue fell in Q1 June 2017 due to the combined impact of a stronger rupee, GST and the one‐time positive impact in Q1 June 2016 on account of the transition to IndAS.
Commenting on the quarterly performance and highlights, Chairperson and Managing Director Kiran Mazumdar‐Shaw stated that Biologics business had a strong quarter led by insulins sales. Financial performance was muted largely due to a combination of factors: weakening of dollar; GST impact; and inclusion of operational and fixed costs of Malaysia. Additionally, the yearly comparison was impacted by the one‐time adjustment in Q1 June 2016 related to IndAS migration.
The outlook for FY 2018 remains cautious as much depends on regulatory approvals and tender outcomes for company's biosimilars in key emerging markets. However, the company will endeavour to maintain healthy core operating margins, going forward, she added.
Biocon is India's largest and fully-integrated, innovation-led biopharmaceutical company.
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