Biocon shares edge lower post-Q1 earnings; net profit falls 11% to Rs 148.9 crore

Biocon share price: The company had posted a consolidated net profit of Rs 167.4 crore in the corresponding quarter of the previous fiscal.

Representative image. Source: Unsplash

Biocon share price: Shares of Biocon traded around half a per cent lower at Rs 260.35 apiece on the BSE on Friday, a day after the company reported an 11 per cent decline in consolidated net profit at Rs 148.9 crore for the quarter ended June 30, 2023 (Q1FY24).

The company had posted a consolidated net profit of Rs 167.4 crore in the corresponding quarter of the previous fiscal.

Consolidated revenue from operations during the quarter under review stood at Rs 3,422.6 crore as compared to Rs 2,139.5 crore in the corresponding period a year ago. Total expenses were higher at Rs 3,299.2 crore as against Rs 1,977.5 crore in the year-ago period, the company said.

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On a standalone basis, Biocon said its net profit was Rs 46.6 crore, up from Rs 14.9 crore in the same quarter of the previous fiscal. Standalone revenue from operations stood at Rs 513.2 crore as compared to Rs 441.7 crore in the year-ago quarter, the filing said.

The company said its board approved the appointment of Nicholas Robert Haggar as an Additional Non-Executive, Independent Director, subject to registration of his name in the Independent Director's databank. The databank is maintained by the Indian Institute of Corporate Affairs (IICA), and accordingly, his appointment on the board will be effective from that date.

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