Biocon Shares Fall 7% As Q1 Profit Slumps

New Delhi: Bio-pharmaceutical firm Biocon's shares dropped 7 per cent on Friday, a day after the company reported a 51.20 per cent decline in consolidated net profit for the quarter ended June 30. Shares of the company opened the day on a disappointing note and further declined 6.86 per cent to Rs 371.70 on the Bombay Stock Exchange (BSE). On the National Stock Exchange (NSE), Biocon shares fell 7 per cent to Rs 371.20.

Biocon had post-market hours on Thursday reported a 51.20 per cent decline in consolidated net profit at Rs 81.3 crore for the quarter ended June 30.

The company had posted a net profit of Rs 166.6 crore for the corresponding quarter of the previous fiscal year.

Comments

Total income of the company stood at Rs 987.7 crore for the quarter under consideration, as against Rs 1,032.9 crore a year ago.

Commenting on the results, Biocon chairperson and MD Kiran Mazumdar-Shaw said: "Financial performance was muted largely due to a combination of factors: weakening of US Dollar, GST (Goods and Services Tax) impact and inclusion of operational and fixed costs of Malaysia."