Notwithstanding the muted broader market trend, shares of Biocon Ltd surged over 2 per cent in morning trade on Friday after the biotechnology major reported strong December quarter earnings.
On the BSE, the stock opened at Rs 363.00, then jumped 2.61 per cent and touched an early high of Rs 373.40 in initial deals. It was later trading at Rs 371.25, up 2.02 per cent.
In a similar trend, the stock opened at Rs 364, then touched a high of Rs 371.55, registering a gain of 2.02 per cent over its last close on the NSE.
On Thursday, biotechnology major Biocon Ltd reported a 17.68 per cent rise in consolidated net profit at Rs 219.6 crore for the third quarter ended December 31, 2021. The company had posted a consolidated net profit of Rs 186.6 crore in the same quarter of the previous fiscal. Consolidated total income in the third quarter this fiscal stood at Rs 2,222.5 crore, compared to Rs 1,885.3 crore a year ago.
The biosimilars vertical clocked revenue of Rs 981.4 crore, compared to Rs 768.9 crore in the same quarter last fiscal, while the generics segment had a revenue of Rs 607.4 crore, against Rs 567.1 crore earlier, the company said.
The company further said its research services registered a revenue of Rs 641.4 crore in the third quarter against Rs 584.5 crore in the same period last fiscal.