Biocon shares decline nearly 4 pc after Q1 earnings

Biocon shares decline nearly 4 pc after Q1 earnings
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Biocon Executive Chairperson Kiran Mazumdar-Shaw

Highlights

Shares of biotechnology major Biocon on Friday dropped nearly 4 per cent after the company reported a 26.30 per cent decline in its consolidated net profit for the quarter ended June 30, 2020.

New Delhi: Shares of biotechnology major Biocon on Friday dropped nearly 4 per cent after the company reported a 26.30 per cent decline in its consolidated net profit for the quarter ended June 30, 2020.

The stock fell 3.52 per cent to close at Rs 415.15 on the BSE. During the day, it dipped 3.84 per cent to Rs 413.75. On the NSE, it was down 3.69 per cent to close at Rs 414.40. Biocon has reported a 26.30 per cent decline in its consolidated net profit at Rs 167.8 crore for the quarter ended June 30, 2020.

The company had posted a net profit of Rs 227.7 crore for the corresponding period of the previous fiscal, Biocon said in a late night filing to the BSE. Consolidated revenue from operations of the company stood at Rs 1,671.3 crore for the quarter under consideration as against Rs 1,458.9 crore for the same period a year ago, it added.

"Profitability for the quarter was impacted due to higher research and development spend, lower profit share in the biosimilars business, and lower profitability in the research services segment," Biocon Executive Chairperson Kiran Mazumdar-Shaw said.

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