Biocon, on July 23, reported a 44 percent year-on-year (YoY) drop in net profit to Rs 84 crore in the first quarter ended June due to subdued API business and an exceptional item. Profit for the same period last year was Rs 149 crore.
Net Profit stood at Rs 142 crore before excluding share of loss in Bicara. Bicara is a subsidiary of Biocon launched with a $40 million investment to develop bifunctional antibodies targeting both tumors and the immune system in cancer patients.
Revenues rose 6 percent YoY in Q1FY22 to Rs 1,808 crore from Rs 1,712 crore in Q1FY21.
News Source:- Moneycontrol