Biocon Shares Fall After Profit Declines In December Quarter
Shares of drug maker - Biocon - fell as much as 10 per cent to hit an intraday low of Rs 399 on the BSE after its consolidated net profit declined 19 per cent to Rs 187 crore in quarter ended December 2020 from Rs 230 crore during the corresponding period a year ago. Its consolidated revenue from operations however, rose 8 per cent to Rs 1,851 crore.
On a standalone basis, Biocon's profit plunged 72 per cent annually to Rs 33 crore from Rs 121 crore during the same period last year.
Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, said: "Consolidated revenue for Q3FY21 increased 7% year on year to Rs 1,879 Crore driven by 13% growth in Research Services, and 11% in Biosimilar business segments. EBITDA for the quarter stood at Rs 427 Crore and Net Profit was at Rs 169 Crore. Our Core EBITDA margins stood at 31%."
"The two recent investments of $225 million in Biocon Biologics by Goldman Sachs and ADQi endorse the value creation of our biosimilars business. These investments augur well for our business and will enable us to invest in expanding our research and manufacturing capacities across segments," Ms Shaw added.
As of 11:21 am, Biocon shares traded 9 per cent lower at Rs 401.75, sharply underperforming the Sensex which was 0.71 per cent.