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Biocon Shares Plunge 6% on Profit Miss

31 Oct 2024 , 01:08 PM

The shares of Biocon, a biopharmaceutical business, dropped 6% to Rs 320.80 on Thursday’s BSE trading after the company revealed a second-quarter loss that was influenced by a deferred tax charge.

The company’s operating revenue climbed 3.7% to Rs 3,590.4 crore from Rs 3,462 crore in Q2 of FY24, despite the poor operational and financial results.

In Q2, the pharmaceutical company’s net profit fell 84.2% year-over-year (YoY) to Rs 27.1 crore, a significant decrease from the Rs 172 crore recorded in the same quarter of the prior fiscal year. The EBITDA margin dropped to 19% in Q2 from 21% in the same period previous year, indicating a decline in operational performance.

In the second quarter of this fiscal year, EBITDA at the operating level decreased 7.6% to Rs 685.5 crore from Rs 741.3 crore in the same period last year.

Based in Bengaluru, India, Biocon Limited is a biopharmaceutical business. Kiran Mazumdar-Shaw established it in 1978. The business produces generic active pharmaceutical ingredients (APIs), which are marketed in the US and Europe, among other nations.

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