Biotechnology company Biocon’s profits fell 23 percent in Q2

Mumbai Indian biotechnology and generic drug maker Biocon reported on Friday that its net profit fell 23 per cent to Rs 195 crore during the second quarter (July-September) of FY 2020-21.

In the information given to the stock market, Biocon Pharma said that the company’s profit in the second quarter had fallen by 23 per cent, compared to a net profit of Rs 253.8 crore during the July-September quarter of the previous year. The company said its total income was Rs 1,760.3 crore during the quarter under review, compared to Rs 1,605.7 crore in the year-ago period.

After the announcement of the second quarter, Biocon executive chairman Kiran Mazumdar-Shaw said in a tweet that our profits have been affected due to increase in R&D expenses, increase in staff costs and other expenses and loss due to exchange rate. However, our main EBITDA was much better at 32 per cent.

It is noteworthy that Biocon Limited is an Indian biotechnology company based in Bangalore. It exports generic drugs to 120 countries worldwide. Its main markets are Europe and America. Its executive chairman is Kiran Mazumdar Shaw.

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