Biocon Declines Over 3% After Net Profit Increased 105% In March Quarter

Share price of Biocon declined more than three per cent on Friday, April 30, a day after the biopharmaceutical company announced its January-March quarter results for the financial year 2020-21. On Friday, Biocon opened on the BSE at Rs 392, touching an intra day high of Rs 392 and an intra day low of Rs 380.55, in the trading session so far. According to a regulatory filing by the firm to the BSE, Biocon's net profit soared 105 per cent to Rs 254 crore in the March quarter of fiscal 2020-21. (Also Read: Biocon Net Profit Jumps 105% To ₹ 254 Crore In March Quarter )

Biocon is the country's leading biopharmaceutical company based in Bengaluru and is engaged in the manufacture of generic active pharmaceutical ingredients. Biocon's revenue during the January-March quarter of the financial year 2020-21 grew 26 per cent to Rs 2,044 crore, registering strong growth in its biosimilar, generic business, and research services. The revenue stood at Rs 1,621 crore in the corresponding quarter last year.

According to the statement, the company's board of directors have decided not to declare any dividend for fiscal 2020-21 due to the uncertainty amid the raginf second wave of the COVID-19 pandemic in the country, and also due to the investments in R&D.

On the NSE, Biocon opened at Rs 391.80, touching an intra day high of Rs 391.80 and an intra day low of Rs 380.50, in the session so far. It was last trading 3.17 per cent lower at Rs 381.40 on the NSE.

Biocon was last trading 3.24 per cent lower at Rs 381.35 on the BSE.