Biotechnology major Biocon has reported an 18.97 percent fall in consolidated profit at Rs 186.6 crore for the quarter ended December 31, 2020 on account of higher expenses. The company had posted a profit of Rs 230.3 crore for the corresponding period of the previous fiscal.
The company’s revenue from operations rose to Rs 1,851 crore for the quarter under consideration, up 7.81 percent, as against Rs 1,716.8 crore during the same period a year ago, Biocon said in a late-night regulatory filing on Thursday. Expenses rose to Rs 1,642.6 crore for the December quarter, an increase of 14.52 percent, as against Rs 1,434.3 crore in the year-ago period.
Kiran Mazumdar-Shaw, Executive Chairperson, Biocon, said: ”2020 has been one of the most challenging years for the world with an unprecedented pandemic impact on the global economy. We continue to face headwinds across operational, regulatory and commercial functions which have been deterrents to our planned market expansion.
However, we expect normalisation by next fiscal”. Shares of Biocon Ltd were trading 8.44 percent lower at Rs 404.64 apiece on the BSE.
First Published: Jan 22, 2021 11:53 AM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Why Priyanka Gandhi Vadra chose bypoll over poll
Jun 19, 2024 1:15 PM
Priyanka Gandhi — Congress strategist, campaigner, crisis manager, says expert
Jun 18, 2024 8:22 PM
EVM row: Meet Ravindra Waikar, Shiv Sena MP at the centre of controversy
Jun 17, 2024 1:26 PM
EVM unlocking controversy in Mumbai North West Lok Sabha seat — What we know so far
Jun 17, 2024 10:25 AM