Biocon Reports 47% Jump In June Quarter Profit, Beats Analysts' Estimates

Biocon on Thursday reported a 47 per cent rise in net profit for the April-June period. Helped by higher income from its biologics and research services businesses, Biocon’s net profit was above analysts’ estimates.

Net profit rose to Rs 120 crore ($17.48 million) for the quarter ended June 30, from Rs 81.3 crore for the corresponding quarter a year ago, the country’s largest biotechnology company said in a statement.

Biocon’s revenue from operations rose 20.4 per cent to Rs 1,124 crore.

Analysts on average were expecting a net profit of Rs 112 crore, according to Thomson Reuters.

Shares in Biocon closed 1 per cent higher at Rs 559 apiece on the NSE, ahead of the earnings announcement by the company.

($1 = Rs 68.6550)

© Thomson Reuters 2018

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