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Biocon Shares Fall 7% As Q1 Profit Slumps

Biocon shares opened the day on a disappointing note and further declined 6.86 per cent to Rs 371.70 on the BSE.

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Biocon Shares Fall 7% As Q1 Profit Slumps

Biocon posted a 51.20% drop in consolidated net profit in Q1

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.

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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."

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