Biocon to react sharp on good Q2 numbers

Biotechnology giant, Biocon post markets hours on October 21 has declared its Q2FY17 results. The results were expected to be positive. In Q2, the company has posted a net profit of Rs 146.7 crores. In Q2FY16, it had posted a net loss of Rs 10.6 crores. Total income from operations stands at Rs 954.1 crores, which has increased by 20 per cent as compared to the corresponding quarter of the previous fiscal.

The small molecules division which includes Active Pharma Ingredients (API) stands at Rs 389 crores and has grown by 15 per cent YoY. Good sales numbers from Latin America and Africa and Middle East regions were the major reason for such a positive result. The stocks of the company are expected to react sharp. The scrip in the last 3 months has given a return of 40 per cent. Fifty-two-week High/low stands at Rs 1010/430.80.