Biocon fell 4.74% to Rs 492.35 at 10:35 IST on BSE after consolidated basis net profit rose 10.06% to Rs 102.91 crore on 2.60% increase in total income to Rs 741.95 crore in Q1 June 2014 over Q1 June 2013.
The company announced the result after market hours on Thursday, 24 July 2014.
Meanwhile, the BSE Sensex was down 89.57 points, or 0.34%, to 26,182.28.
On BSE, so far 1.41 lakh shares were traded in the counter, compared with an average volume of 1.48 lakh shares in the past one quarter.
The stock hit a high of Rs 509.80 and a low of Rs 486.75 so far during the day. The stock hit a record high of Rs 553.70 on 4 July 2014. The stock hit a 52-week low of Rs 294 on 25 July 2013.
The stock had outperformed the market over the past one month till 24 July 2014, rising 6.09% compared with 3.56% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 10.70% as against Sensex's 14.84% rise.
More From This Section
The large-cap company has an equity capital of Rs 100 crore. Face value per share is Rs 5.
Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose 9% to Rs 191 crore in Q1 June 2014 over Q1 June 2013.
Revenue from biopharmaceuticals rose 1% to Rs 547 crore in Q1 June 2014 over Q1 June 2013. Revenue from contract research rose 12% to Rs 172 crore in Q1 June 2014 over Q1 June 2013.
Commenting on the quarterly performance and highlights, Chairman and Managing Director, Kiran Mazumdar-Shaw stated, "Our revenue growth this quarter has been muted. Our business performance reflects the challenges that we are temporarily facing in some of our key markets especially in the Middle East. We are working towards diversifying our regional dependencies to diminish the impact of such externalities. However, we have sustained our operating margins and profits despite increase in costs. Our business profitability has remained intact indicating the benefits of portfolio optimization. Our development pipeline across biosimilars and novel candidates continues to progress well. We remain committed towards improving our performance in the coming quarters."
In its outlook, Biocon said that the inherent growth drivers for its business remain intact and will play out over the course of this year. The progress in its development pipeline (across biosimilars and novel molecules) will help some of its molecules to enter the clinic. However, these milestones are subject to various external dynamics including the business and clinical trial environment in the country. The company said it continues to make investments across infrastructure and people, to support its growth and work steadfastly to deliver strong, sustained value growth to our stakeholders.
Biocon is a fully-integrated, innovation led, emerging global biopharmaceutical enterprise serving customers in over 85 countries. It is committed to reduce therapy costs of chronic diseases, like autoimmune, diabetes, and cancer to enable access to affordable healthcare solutions for patients, partners and healthcare systems across the globe.
Powered by Capital Market - Live News