(Corrects headline and fifth paragraph to say the one-off gain was from a fair value change in Biocon's investment in Equillium, not from a stake sale)
(Reuters) - Indian biotechnology company Biocon Ltd posted an over five-fold rise in second-quarter profit on Thursday, as the company recorded a one-off gain of 1.89 billion rupees ($25.79 million).
Profit was 3.55 billion rupees for the quarter ended Sept. 30, compared with a profit of 688 million rupees a year earlier, Biocon said.
Analysts on average had expected a profit of 1.33 billion rupees, according to Refinitiv data.
Revenue from operations rose over 36 percent to 13.21 billion rupees.
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The one-off item includes gains from a change in the fair value of Biocon's investment in Equillium Inc after the U.S. company debuted on the stock market.
($1 = 73.2750 Indian rupees)
(Reporting by Tanvi Mehta in Bengaluru)
Disclaimer: No Business Standard Journalist was involved in creation of this content
