Biocon reports 19% drop in Q3 net in pa ndemic hit

MUMBAI: Biotechnology major Biocon has reported an 18.97% 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%, 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%, 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".