Biocon share price falls 9 percent after Q3 profit
Biocon share price fell over 9 percent intraday on January 22 after the company declared its Q3 results.
The pharma major reported 18 percent fall in consolidated net profit YoY at Rs 186.6 crore for the third quarter of FY21. Biocon's consolidated revenue for Q3 of FY21 increased by 7.20 percent at Rs 1878.9 crore as against Rs 1752.6 crore for the said quarter last year.
The generics business reported a 3 percent dip in the third quarter at Rs 561 crore, as against Rs 576 crore in the corresponding period last year.
"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 normalization by next fiscal," said Biocon's executive chairperson Kiran Mazumdar-Shaw.
The company's consolidated revenue growth was led by a 13 percent rise in research services and 11 percent in biosimilar business segments on a YoY basis, along with core EBITDA margins of 31 percent, she added.
The stock was trading at Rs 401.60, down Rs 40.35, or 9.13 percent. It has touched an intraday high of Rs 424.00 and an intraday low of Rs 399.50.