Biocon Q2 net more than halves to Rs 69 cr

The company had posted a net profit of Rs 146.7 crore for corresponding period of previous fiscal

Bio-pharmaceutical firm Biocon on Thursday reported a 53.10 per cent dip in its consolidated net profit to Rs 69 crore for the quarter1 ended September, mainly on account of plant modifications, Malaysia facility costs and pricing pressures in APIs business.

The company had posted a net profit of Rs 146.7 crore for the corresponding period of the previous fiscal, Biocon said in a BSE filing.

Consolidated total income of the company stood at Rs 1,019.4 crore for the quarter under consideration as against Rs 992.5 crore for the same period a year ago.

Commenting on the development, Biocon Chairperson and MD Kiran Mazumdar-Shaw said the company's overall earnings performance was muted on account of several specific factors.

"In particular, plant modifications undertaken to comply with regulatory requirements led to production disruptions. Additionally, we experienced regulatory and tender delays in some emerging markets for our biosimilars business. Malaysia facility costs and pricing pressures in our APIs business continue to weigh on our P&L," she added.

The company expects these headwinds to ease by the end of this fiscal, Mazumdar-Shaw said.

Shares of Biocon today closed 0.31 per cent down at Rs 365.60 per scrip on BSE.