Biocon gains nearly 6% on robust Q1 show

The gross spend on research and development rose 78 percent YoY to Rs 79 crore.

Shares of Biocon gained nearly 6% in the early trade on July 26 after company reported robust numbers for the quarter ended June 2019 (Q1FY20).

The company reported an 86 percent year-on-year (YoY) jump in net profit at Rs 223 crore for the quarter ended June led by growth of biosimilars and small molecules businesses.

The company reported a net profit of Rs 120 crore in the year-ago period.

Total revenue for the quarter grew 25 percent to Rs 1,466 crore in the April-June period, Biocon said in a statement.

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