Biocon posts 22% fall in Q2 net profit on high R&D expenses, staff costs

Biopharmaceutical major Biocon on Friday posted a 22 per cent fall in consolidated net profit for the September quarter of the current financial year (Q2), to Rs 169 crore, on account of higher research & development (R&D) expenses, staff costs, forex losses and other expenses. The company’s gross R&D spend was up 35 per cent on a y-oy- basis at Rs 165 crore in Q2. 

The Bengaluru-headquartered company posted 10 per cent growth in consolidated revenue on a y-o-y basis to Rs 1,760 crore in Q2 of FY21. In the second quarter of the previous financial year, the consolidated revenue