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.

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