Biocon shares decline over 4 percent after Second-Quarter earnings

On Friday, Shares of Biocon declined over 4 per cent after the company's net profit declined 18 per cent for the second quarter ended September 30. The stock plumetted 4.17 per cent to Rs 330.70 on the Bombay Stock Exchange. Similarly at the National Stock Exchange,  it declined 4.16 per cent to Rs 330.60.

Biotechnology major Biocon on Friday said its consolidated net profit declined 18 per cent to Rs 138 crore for the second quarter. The Bengaluru-based company had reported a net profit of Rs 169 crore in the July-September quarter of the previous fiscal. Revenue from operations increased 5 per cent in the second quarter to Rs 1,840 crore from Rs 1,750 crore in the year-ago period, Biocon Ltd said in a statement.

The company said it has made provisions under exceptional item regarding modification of the optionally convertible debentures of a PE investment in Biocon Biologics, and reversal of Services Export Incentive Scheme claims relating to a prior period.

 

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