Latest News | Biocon Q1 Net Profit Declines 26 pc to Rs 167.8 Cr

New Delhi, Jul 24 (PTI) Biotechnology major 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 mainly on account of higher R&D spend and lower profitability in the Research Services segment.

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.

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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 year ago, it added.

"Profitability for the quarter was impacted due to higher Research and development (R&D) 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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It has been a breakthrough quarter for Biocon as it made a significant contribution to the global efforts aimed at addressing the pandemic through its innovative science, she added.

Research and development spend for the quarter stood at Rs 142 crore, as against Rs 110 crore for the year-ago quarter, Biocon said.

Shares of Biocon Ltd were trading at Rs 418.85 per scrip on BSE, down 2.66 per cent from its previous close.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)