Latest News | Biocon Shares Decline Nearly 4 Pc After Q1 Earnings

New Delhi, Jul 24 (PTI) 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.

Also Read | How to Identify and Stop Bully Friends Online.

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.

Also Read | Faustbatal's Music Video 'Enemies' Crossed Over a Million Views on Online Streaming Platforms.

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.

(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)