January 24, 2019 / 12:29 PM / 23 days ago

Biocon quarterly profit more than doubles, beats estimate

An employee of Biocon Ltd works inside the company's research and development centre in Bengaluru, October 16, 2015. REUTERS/Abhishek N. Chinnappa/File Photo

(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

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