Biocon shares end over 2% lower after Q1 results

The scrip of bio-pharmaceutical firm Biocon today ended over 2 per cent lower after the company reported a 51.20 per cent decline in consolidated net profit for the quarter ended June.
Trimming much of its early losses, the stock ended at Rs 390.15, down 2.24 per cent, on the BSE. Intra-day, it slipped 6.86 per cent to Rs 371.70.
On the NSE, it fell 2.16 per cent to close at Rs 390.65.
On the volume front, 5.37 lakh shares of the company were traded on the BSE and over 47 lakh at NSE during the day.
Biocon yesterday reported a 51.20 per cent decline in consolidated net profit at Rs 81.3 crore for April-June on account of weakening of the US dollar and GST impact.

The company had posted a net profit of Rs 166.6 crore for the same quarter of the previous fiscal.
Total income stood at Rs 987.7 crore for the quarter in question, as against Rs 1,032.9 crore in the same period a year ago.
Biocon Chairperson and MD Kiran Mazumdar-Shaw said: "Financial performance was muted largely due to a combination of factors: weakening of the US dollar, GST impact and inclusion of operational and fixed costs of Malaysia.