Biocon net profit plunges 46 percent in Q3

New Delhi: Shares of biotechnology major Biocon dropped by over 4 percent after the company reported a 46.35 percent dip in consolidated net profit for the quarter ended December 31, 2017.

The scrip declined by 4.30 per cent to end at Rs 607.30 on BSE. During the day, it tanked 5.41 per cent to Rs 600.25.

On NSE, shares of the company went down by 4.27 per cent to close at Rs 607.45.

Biocon yesterday reported a 46.35 percent dip in its consolidated net profit at Rs 91.9 crore for the quarter ended December 31, 2017, due to increase in interest and depreciation costs related to Malaysia operations and lower licensing income.

The company had posted a net profit of Rs 171.3 crore for the corresponding period of the previous fiscal.

Consolidated revenue from operations of the company stood at Rs 1,057.9 crore for the quarter under consideration as against Rs 1,044.4 crore for the same period year ago.