Biocon shares drop 7 pc as Q1 net profit slumps

The scrip of bio-pharmaceutical firm Biocon today dropped by 7 per cent after the company reported a 51.20 per cent decline in consolidated net profit for the quarter ended June 30.
Shares of the company opened the day on a disappointing note and further declined 6.86 per cent to Rs 371.70 on BSE.
On NSE, shares of the company fell sharply by 7 per cent to Rs 371.20.
Biocon yesterday reported a 51.20 per cent decline in consolidated net profit to Rs 81.3 crore for the quarter ended June 30, 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 corresponding quarter of the previous fiscal.
Total income of the company stood at Rs 987.7 crore for the quarter under consideration, as against Rs 1,032.9 crore in the same period a year ago.
Commenting on the results, Biocon Chairperson & MD Kiran Mazumdar-Shaw said: "Financial performance was muted largely due to a combination of factors: weakening of US Dollar, GST impact and inclusion of operational and fixed costs of Malaysia".