(Reuters) - Indian biotechnology firm Biocon Ltd’s quarterly profit more than doubled, handily beating analysts’ estimates, largely driven by strong performance of its biologics businesses.
Profit rose to 2.17 billion rupees ($30.54 million) in the third quarter ended Dec. 31, compared with a profit of 919 million rupees a year earlier, the company said on Thursday.
Nine analysts on an average had expected a profit of 1.76 billion rupees, according to Refinitiv Eikon data.
Revenue from operations grew 45.6 percent to 154.08 billion rupees, while revenue from its biologics segment more than doubled.
($1 = 71.0580 Indian rupees)
Reporting by Krishna V Kurup in Bengaluru; Editing by Subhranshu Sahu