Biocon shares on Friday dropped nearly 3 per cent after the company reported a 26.30 per cent decline in its consolidated net profit for the quarter ended June 30, 2020, owing to higher R&D spend and lower profit share biosimilars business.
At 2.45 pm, BIOCON was down 3.07 per cent to Rs 417.10 at NSE.
On the BSE, it was down 3 per cent to Rs 417.40.
Biocon has reported a 26.30 per cent decline in its consolidated net profit at Rs 167.8 crore for the quarter ended June 30, 2020.
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 spend, lower profit share in the biosimilars business, and lower profitability in the research services segment,” Biocon Executive Chairperson Kiran Mazumdar-Shaw said.