Sharekhan Maintains " Buy" On This Midcap Pharma Stock Amid Strong Q 3 performance
Sharekhan is bullish on Biocon Ltd, a pharmaceuticals sector midcap stock.
The brokerage assigns " Buy" on the stock with a target price of Rs 266/ share.
According to the given target price by the brokerage, the stock is likely to give a healthy return of 16% if it is purchased at the current market price.
Biocon registered strong operating performance in Q 3, with revenue growing in strong double digits.
Biocon on NSE last traded at Rs 229.60/ share. It has a market capitalisation of Rs 27,565.78 crore.
Delivered Strong Q 3 performance
Biocon Limited ( Biocon) reported strong Q 3 FY 2 0 2 3 performance.
The company's revenue grew at a strong pace of 35% on account of broad- based growth across key verticals, while higher cost continued to pressurise the profitability, somewhat.
Overall revenue grew by 35% y- o- y to Rs. 2,941 crore with 54% growth in biosimilars, 23% in research services, and 18% growth in the generic business.
Valuation & Key Risks - Maintain Buy with a revised PT of Rs. 266
Sharekhan is trading at a reasonably attractive valuation level of 29 .7 x/ 16 .9 x its FY 2 0 2 4 E/ FY 2 0 2 5 E earnings.
We maintain our Buy rating with a revised PT of Rs. 266."
The stock has been picked from the brokerage report of Sharekhan.
Greynium Information Technologies, the Author, and the respective Brokerage house are not liable for any losses caused as a result of decisions based on the article. advises users to consult with certified experts before making any investment decision.
By Shubham Kumar Goodreturns source: Dailyhunt