Biocon gains 7% on robust Q1 nos; beat analysts’ estimates
Jul 27, 2018 | Market update |
The profit was also helped by a low base in Q1FY18 due to supply chain disruption caused by GST rollout.
Shares of Biocon gained more than 7 percent intraday Friday on the back of strong numbers declared by the company in the quarter ended June 2018.
The company beat analysts’ estimates by posting a 47 percent jump in net profit at Rs 120 crore in the first quarter ended June 2018. The growth was led by strong performance of biologics and research services segments.
The profit was also helped by a low base in Q1FY18 due to supply chain disruption caused by GST rollout.
The company reported a net profit of Rs 81 crore in the year-ago period.
Total revenue for the quarter under review grew 21 percent to Rs 1,192 crore in the April-June period, Biocon said in a statement.
The company’s EBITDA was at Rs 307 crore grew 25%, with an EBITDA margin of 26 percent for Q1FY19.
Analysts polled by Reuters estimate that Biocon’s net profit will rise to Rs 116.9 crore and its revenue for the quarter will increase 27.3 percent on year to Rs 1,180.9 crore
At 09:48 hrs Biocon was quoting at Rs 599.55, up Rs 40.45, or 7.23 percent on the BSE.
