Biocon Ltd.'s net profit grew over fivefold for the first quarter of this financial year and surpassed analysts' estimates.
The biopharmaceutical company recorded a net profit of Rs 861.80 crore for the quarter-ended June, as compared to Rs 148.90 crore in the same quarter of the previous fiscal, according to its stock exchange notification. This was above the Rs 169-crore estimate by analysts tracked by Bloomberg.
The profit of the company has jumped on account of other income of Rs 1,135 crore, as against Rs 94 crore reported in the same quarter last year.
Revenue increased by 0.3% year-on-year for the three months ended June, reaching Rs 3,432.90 crore. Analysts had projected revenue of Rs 3,950 crore.
Operating income, or earnings before interest, taxes, depreciation, and amortisation, fell 13% year-on-year to Rs 620.40 crore. The Ebitda margin contracted to 18.1% from 20.9% over the same period last year. Analyst estimates for Ebitda and Ebitda margin tracked by Bloomberg were Rs 891 crore and 22.50%, respectively.
Shares of the company closed 2.55% lower at Rs 338 apiece, as compared to a 0.87% advance in the NSE Nifty 50. The stock has risen 32.71% year-to-date and 24.16% over the past 12 months.
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