Sharekhan Maintains "Buy" On This Midcap Pharma Stock Amid Strong Q3 
performance

Sharekhan Maintains " Buy" On This Midcap Pharma Stock Amid Strong Q 3 performance { "selector": ".imagebox-wrapper", "duration": "5000ms", "easing": "ease-out", "fill": "forwards", "keyframes": { "transform": ["scale(1)", "scale(1.15)"] } }

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. { "selector": ".imagebox-wrapper", "duration": "5000ms", "easing": "ease-out", "fill": "forwards", "keyframes": { "transform": ["scale(1)", "scale(1.15)"] } }

Delivered Strong Q 3 performance

Biocon Limited ( Biocon) reported strong Q 3 FY 2 0 2 3 performance. { "selector": ".imagebox-wrapper", "duration": "5000ms", "easing": "ease-out", "fill": "forwards", "keyframes": { "transform": ["scale(1)", "scale(1.15)"] } }

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. { "selector": ".imagebox-wrapper", "duration": "5000ms", "easing": "ease-out", "fill": "forwards", "keyframes": { "transform": ["scale(1)", "scale(1.15)"] } }

We maintain our Buy rating with a revised PT of Rs. 266."

The stock has been picked from the brokerage report of Sharekhan. { "selector": ".imagebox-wrapper", "duration": "3912ms", "easing": "ease-out", "fill": "forwards", "keyframes": { "transform": ["scale(1)", "scale(1.11736)"] } }

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By Shubham Kumar Goodreturns source: goodreturns.in Dailyhunt View more