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