5 Minutes Read
Biocon surges 5% after profit zooms 73% in June quarter
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
Listen to the Article (6 Minutes)
Summary
Share price of biotechnology major Biocon surged over 5 percent intraday on Friday after the company posted strong June quarter earnings. At 09:40 am, the share was trading at Rs 244.45 per share on the NSE, higher by 2.45 percent, while intraday, the stock price surged 5.44 percent to its day’s high of Rs 251.60. …
Continue reading “Biocon surges 5% after profit zooms 73% in June quarter”
Share price of biotechnology major Biocon surged over 5 percent intraday on Friday after the company posted strong June quarter earnings.
At 09:40 am, the share was trading at Rs 244.45 per share on the NSE, higher by 2.45 percent, while intraday, the stock price surged 5.44 percent to its day’s high of Rs 251.60.
The company reported a 73 percent rise in consolidated net profit to Rs 206.3 crore for the quarter ended on June 30, 2019, mainly on account of robust growth in biologics and small molecule segments.
Consolidated total income of the company stood at Rs 1,490 crore for the quarter under consideration as against Rs 1,192.6 crore for the same period year ago. While consolidated revenue from operations rose 30 percent to Rs 1,465 crore.
“Robust performance by our biologics and small molecules business segments fuelled the 25 percent growth in Q1 FY20 revenue to Rs 1,490 crore,” Biocon chairperson and MD Kiran Mazumdar Shaw said.
Company’s long-term investments in biosimilars are delivering expected results as demonstrated by the 96 percent growth in its biologics revenue at Rs 490 crore this quarter, led by the expansion of geographical footprint and increased penetration of products in key developed and emerging markets, she added.
“Molecules revenue at Rs 480 crore was driven by steady API sales and a multi-fold growth in generic formulations. Our research services business continues to provide profitable growth,” added the MD.
Catch all the latest and live updates here on CNBC TV18 Market Live Blog.
Disclaimer: CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
3 Mins Read
Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter
Daily Newsletter
