Biocon quarterly profit more than doubles to $30.54 million, beats estimate

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.

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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)