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  • Biocon net profit...

Biocon net profit falls 26 percent to Rs 167.8 crore in Q1

Medical Dialogues BureauWritten by Medical Dialogues Bureau Published On 26 July 2020 4:15 AM  |  Updated On 26 July 2020 4:15 AM
Biocon net profit falls 26 percent to Rs 167.8 crore in Q1
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Bengaluru: Biotechnology major Biocon has reported a 26.30 percent 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.

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.

Read Also: Biocon Biologics, Voluntis collaborate for digital therapeutics for diabetics patients

"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.

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 percent from its previous close.

Read Also: Biocon Itolizumab gets DCGI nod to treat COVID-19 patients

BiotechnologyBiotechnology Industry Research Assistance Councilbioconbiocon newsbiocon financial resultsbiocon profitbiocon revenuebiocon shares
Source : PTI
Medical Dialogues Bureau
Medical Dialogues Bureau

    Medical Dialogues Bureau consists of a team of passionate medical/scientific writers, led by doctors and healthcare researchers.  Our team efforts to bring you updated and timely news about the important happenings of the medical and healthcare sector. Our editorial team can be reached at editorial@medicaldialogues.in.

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