Biocon Q2 net profit down 53 percent at Rs 68.8 cr

New Delhi: Bio-pharmaceutical firm Biocon reported a 53.10 percent dip in its consolidated net profit to ₹68.8 crore for the quarter ended September, mainly on account of plant modifications, Malaysia facility costs and pricing pressures in Active Pharmaceutical Ingredients (APIs) business.

The company had posted a net profit of ₹146.7 crore for the corresponding period of the previous fiscal, Biocon said in a BSE filing.

Consolidated total income of the company stood at ₹1,019.4 crore for the quarter under consideration as against ₹992.5 crore for the same period a year ago.

Commenting on the development, Biocon Chairperson and MD Kiran Mazumdar-Shaw said the company's overall earnings performance was muted on account of several specific factors.

"In particular, plant modifications undertaken to comply with regulatory requirements led to production disruptions.

Additionally, we experienced regulatory and tender delays in some emerging markets for our biosimilars business. Malaysia facility costs and pricing pressures in our APIs business continue to weigh on our P&L," she added.

The company expects these headwinds to ease by the end of this fiscal, Mazumdar-Shaw said.

Shares of Biocon today closed 0.31 per cent down at ₹365.60 per scrip on BSE.