Biocon Jumps Over 3% as Q4 Net Meets Estimates

Shares of Biocon jumped as much as 4 per cent to hit intraday high of Rs 460 in an otherwise weak market after the company said that its net profit for the January-March quarter jumped 120 per cent to Rs 201 crore.

The pharmaceutical company said that its net profit for the fourth quarter jumped 120 per cent to Rs 201 crore from Rs 91 crore in the last quarter on revenue of Rs 830 crore.

Its EBITDA or gross profit advanced 4.6 per cent to Rs 202 crore from Rs 193 crore during the Q4 of FY13-14. The company reported an exceptional gain of Rs 105 crore for the quarter.

The results were better than what the analysts had expected.

Kiran Mazumdar Shaw, CMD of Biocon, said, "Rvenues for the bio-pharma segment of the company grew 5 per cent to Rs 2,237 crore annually, branded formulations of the company jumped of 10 per cent to Rs 430 crore from Rs 390 crore on a year-on-year basis and the research arm of the company, Syngene  posted a robust growth of 27 per cent from Rs 188 crore to Rs 298 crore."

The shares of Biocon ended 2.25 per cent higher at Rs 453.