Business

Biocon Q1 net plunges 44% to ₹84 crore

Biocon reported a 44% decline in net profit to ₹84 crore for the quarter ended June on account of losses at an associate firm. Revenue grew 6% to ₹1,808 crore.

Profit was impacted by a share of loss in its Boston-based associate entity Bicara Therapeutics Inc., it said. Before including losses incurred by Biscara, the firm had a net profit of ₹142 crore. “Biocon has seen a strong 41% year-on-year growth in research services and a steady growth in its biosimilars business, reporting a revenue of ₹758 crore, up 10% over the same period last year” said Kiran Mazumdar Shaw, executive chairperson.

Consolidated revenue saw a muted growth on account of COVID-related operational challenges at its API (active pharmaceutical ingredient) facilities in Bengaluru and Hyderabad, she added.


Our code of editorial values

This article is closed for comments.
Please Email the Editor

Printable version | Sep 27, 2021 4:42:41 AM | https://www.thehindu.com/business/biocon-q1-net-plunges-44-to-84-crore/article35499728.ece

Next Story