Biocon shares rally nearly 8% after Q4 earnings

New Delhi: Shares of Biocon climbed nearly 8 per cent on Wednesday after the biotechnology major's consolidated net profit increased 31 per cent for the March quarter.

The stock gained 7.12 per cent to Rs 259.50 on the BSE.

At the NSE, it rallied 7.61 per cent to Rs 260.60.

Biocon on Tuesday said its consolidated net profit increased 31 per cent to Rs 313 crore for the March quarter on the back of robust sales.

The company had reported a net profit of Rs 239 crore in January-March 2021-22.

Total revenue increased to Rs 3,929 crore in the fourth quarter as against Rs 2,476 crore in the year-ago period, Biocon said in a statement.

For the year ended March 31, 2023, the company reported a consolidated net profit of Rs 463 crore as against Rs 648 crore in 2021-22.

Total revenue, however, increased to Rs 11,550 crore as compared with Rs 8,397 crore in FY22.