Biocon Q1 Net Profit Declines 35% to Rs 108.4 Crore

Biocon has reported a 35.39 per cent decline in its consolidated net profit at Rs 108.4 crore for the quarter ended June 30, 2021, mainly on account of its share of loss in associate startup entity Bicara Therapeutics Inc. The company had posted a net profit of Rs 167.8 crore for the corresponding period of the previous fiscal, Biocon said in a late-night filing on Thursday.

Consolidated revenue of the company stood at Rs 1,807.8 crore for the quarter under consideration. It was Rs 1,712.1 crore for the same period a year ago, it added.

“Consolidated revenues, at Rs 1,808 crore, saw a muted growth on account of COVID-related operational challenges at Biocon’s API facilities, both in Bengaluru and Hyderabad,” Biocon Executive Chairperson Kiran Mazumdar-Shaw said.

Q1FY22 P&L was also impacted by a share of loss in its Boston-based associate start-up entity, Bicara Therapeutics Inc, she added.’

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