Biocon Q3 net profit plunges 46% to Rs 920 million on higher interest

Depreciation costs at its Malaysia plant and drop in licensing revenue due to temporary shutdown of its biologics plant also led to lower numbers

India's largest biopharma firm Biocon said third quarter net profit dropped 46 per cent to Rs 920 million as it saw higher interest and depreciation costs at its Malaysia plant and drop in licensing revenue due to temporary shutdown of its biologics plant to adhere to regulatory needs.

Bengaluru-based Biocon reported revenues remain flat at Rs 10.92 billion, impacted by drop  in sales of biologics and small molecules, besides a dip in other income.

"Our Branded Formulations and Research Services segments reported a healthy double-digit growth during this quarter. We expect growth in other segments to revive from early next