Biocon shares slump over 4% as profit declines 42% in March quarter

Shares of Biocon Limited dipped 4.11 per cent to Rs 321.50 on the BSE on Friday after the biotechnology major's net profit declined 42.2 per cent year-on-year (YoY) to Rs 123 crore in the fourth quarter of FY20 (Q4FY20).

The firm's profit before tax (PBT) declined 28.2 per cent to Rs 204 crore during the quarter when compared with the corresponding quarter of previous financial year. The company’s revenue, however, saw a muted growth of 6 per cent as compared to Q4 of FY19, according to a BSE filing by the company.

“Q4FY20 witnessed a muted growth of 6 per