Biocon shares drop over 4 pc as Q3 net profit dips

Shares of biotechnology major Biocon today dropped by over 4 per cent after the company reported a 46.35 per cent dip in consolidated net profit for the quarter ended December 31, 2017.
The scrip declined by 4.30 per cent to end at Rs 607.30 on BSE. During the day, it tanked 5.41 per cent to Rs 600.25.
On NSE, shares of the company went down by 4.27 per cent to close at Rs 607.45.
In terms of equity volume, 4.73 lakh shares of the company were traded on BSE and over 77 lakh shares changed hands at NSE during the day.

Biocon yesterday reported a 46.35 per cent dip in its consolidated net profit at Rs 91.9 crore for the quarter ended December 31, 2017 due to increase in interest and depreciation costs related to Malaysia operations and lower licensing income.
The company had posted a net profit of Rs 171.3 crore for the corresponding period of the previous fiscal.
Consolidated revenue from operations of the company stood at Rs 1,057.9 crore for the quarter under consideration as against Rs 1,044.4 crore for the same period year ago.