Biocon‘s share price surged up over 4% to hit an intraday high of ₹260.60. The surge today comes as the company posted its results for the March quarter in the after market hours on Tuesday.

What Happened: The biopharmaceuticals company’s revenue from operations surged over 56% to ₹3,773.9 crore as against ₹2,408.8 crore in the same period last year. The company’s biosimilars segment grew a massive 114% year-over-year to ₹2,102 crore, accounting for 56% of the total revenue.

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The company’s EBITDA for the review quarter stood at ₹997.3 crore, up close to 69% from the year-ago period. The company’s net profits rose 31.2%YoY to ₹313.2 crore in the March quarter beating street estimates of around ₹250 crore. The company also declared a ₹1.50/share dividend for the year ended March 2023.

The company in a statement also informed that it was raising ₹800 crore from Edelweiss Alternate Asset Advisors through the issuance of NCDs worth ₹500 crore by Biocon Limited and CCDs worth ₹300
crore by Biocon Biologics Limited.

Price Action: Biocon’s share price was up 4.05% to trade at ₹251.95 in the early hours of trading on Wednesday.

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