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Biocon Q3 net profit falls 19 per cent to Rs 186.6 cr

Executive Chairperson Kiran Mazumdar-Shaw said the consolidated revenue for Q3 FY21 was driven by 13 per cent growth in research services and 11 per cent in biosimilar business segments.

India TV Business Desk India TV Business Desk
New Delhi Updated on: January 22, 2021 11:38 IST
Biocon reports 17 per cent dip in Q3 net profit at Rs 169 cr
Image Source : ANI

Biocon reports 17 per cent dip in Q3 net profit at Rs 169 cr

Biotechnology major Biocon has reported an 18.97 per cent fall in consolidated profit at Rs 186.6 crore for the quarter ended December 31, 2020 on account of higher expenses. The company had posted a profit of Rs 230.3 crore for the corresponding period of the previous fiscal.

The company's revenue from operations rose to Rs 1,851 crore for the quarter under consideration, up 7.81 per cent, as against Rs 1,716.8 crore during the same period a year ago, Biocon said in a late night regulatory filing on Thursday.

Expenses rose to Rs 1,642.6 crore for the December quarter, an increase of 14.52 per cent, as against Rs 1,434.3 crore in the year-ago period.

Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, said: "2020 has been one of the most challenging years for the world with an unprecedented pandemic impact on the global economy. We continue to face headwinds across operational, regulatory and commercial functions which have been deterrents to our planned market expansion. However, we expect normalisation by next fiscal".

Shares of Biocon Ltd were trading 8.44 per cent lower at Rs 404.64 apiece on the BSE.

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