Biocon Q1 pre-tax profit declines 21% to Rs 252.30 crore, revenue up 14%

High R&D spend, low profitability in research services due to Covid-19 pull down net profit

Biotechnology major Biocon on Friday posted a profit before tax (PBT) of Rs 252.30 crore for the first quarter of FY21, a decline of 21 per cent when compared with the corresponding quarter of previous financial year.

The net profit for the period declined 26 per cent to Rs 167.8 crore on YoY basis, according to a BSE filing by the company. The company’s revenue however saw a double-digit growth of 13.9 per cent as compared to Q1 of FY20 driven by growth in biosimilars and generics segments.

“Profitability for the quarter was impacted due to higher R&D spend, lower