Biocon - Comfortable beat - Kotak

Biocon reported a strong quarter with sales and EBITDA 7% and 9% ahead of estimates. The recovery in biopharmaceuticals (excluding India branded) was driven by an improved performance across segments. Research services have sustained the momentum while India branded sales are expected to rebound in 4QFY13E.

The strong performance in base business is comforting and we view the potential partnership for biosimilar insulin in regulated markets to be a key trigger.

ADD with increased TP at Rs300(from Rs287).

Source : Equity Bulls

Keywords