Biocon stock falls 2 pc after 28 pc fall in Q1 net profit
Jul 24, 2020
Mumbai (Maharashtra) [India], July 24 : Shares of Biocon Ltd fell by nearly 2 per cent on Friday morning after the biopharmaceutical major posted 28 per cent fall in its June quarter (Q1 FY21) net profit at Rs 149 crore.
The fall was due to higher research and development spend, lower profit share in biosimilars business and lower profitability in the research services segment. The company had posted a profit of Rs 206 crore in the year-ago period.
However, revenue from operations of the company rose by 14 per cent at Rs 1,690 crore versus Rs 1,483 crore in Q1 FY20.
Biocon said the COVID-19 national lockdown resulted in a temporary suspension of operations in all divisions. Since restarting, the expansion of shift working and other protection measures for employees allowed the divisions to return to near-normal levels of operation and get client projects largely back on schedule.
At 11 am, Biocon stock was trading 1.98 per cent lower at Rs 421.80 per unit.
