Biocon shares drop over 4% on lower profit

PTI New Delhi | Updated on January 25, 2018

Shares of Biocon today dropped over 4 per cent as the company has reported a 46.35 per cent dip in consolidated net profit for the quarter ended December 31, 2017.

The scrip declined 4.30 per cent to end at Rs 607.30 on the BSE. During the day, it tanked 5.41 per cent to Rs 600.25. On the NSE, shares of the company went down by 4.27 per cent to close at Rs 607.45. In terms of equity volume, 4.73 lakh shares of the company were traded on the BSE and over 77 lakh shares changed hands on the during the day.

Biocon had yesterday reported a 46.35 per cent dip in its consolidated net profit at Rs 91.9 crore for the quarter ended December 31, 2017 due to increase in interest and depreciation costs related to Malaysia operations and lower licensing income.

The company had posted a net profit of Rs 171.3 crore for the corresponding period of the previous fiscal. Consolidated revenue from operations of the company stood at Rs 1,057.9 crore for the quarter under consideration against Rs 1,044.4 crore in the same period year ago.

Published on January 25, 2018

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