Infosys announces Kiran Mazumdar-Shaw’s retirement from its board
The company’s board has selected D Sundaram to take over as the lead independent director of the company in her place.
Biocon on Friday posted a 26.30 per cent decline in its consolidated net profit at Rs 167.8 crore for the first quarter of FY21 ended June 30, 2020- account of higher R&D spend and lower profitability.
The biotechnology major’s decline of 21 per cent when compared with the corresponding quarter of previous financial year.
According to a BSE filing by the company. The company’s revenue, however, saw double-digit growth of 13.9 per cent as compared to Q1 of FY20 driven by growth in biosimilars and generics segments.
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“Profitability for the quarter was impacted due to higher R&D spend, lower profit share in the biosimilars business, and lower profitability in the research services segment,” said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon.
“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 per cent from its previous close.
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