Biocon shares decline 2 pc after co reports fall in Q4 profit

Shares of biotechnology major Biocon on Friday fell 2 per cent after the company reported a 42 per cent decline in its consolidated net profit for March quarter.

The stock slumped 2.06 per cent to close at Rs 328.40 on the BSE. During the day, it declined 4.29 per cent to Rs 320.90.

On the NSE, it fell 1.61 per cent to settle at Rs 329.75.

Biocon has reported a 42 per cent decline in its consolidated net profit to Rs 123 crore for the quarter ended March 2020, mainly on account of one-time coronavirus-related impact on its biologics business.

The company had posted a net profit of Rs 214 crore for the corresponding period of the previous fiscal, Biocon said in a statement.

Consolidated total income of the company rose 6 per cent to Rs 1,644 crore as against Rs 1,557 crore a year ago, it added.

"Q4FY20 witnessed a muted growth of 6 per cent with revenues at Rs 1,644 crore due to operational challenges including one-time COVID-19 related impact on our biologics business," Biocon Executive Chairperson Kiran Mazumdar Shaw said.