Biocon Q1 profit slips 44% to Rs 84 crore

BENGALURU: Biocon reported a 44% decline in its net profit for the first quarter to Rs 84 crore, due to a share of loss in Bicara Therapeutics, its Boston-based associate startup. Excluding this, profit before tax was Rs 224 crore. Last quarter, a valuation gain in Bicara resulted in a one-time gain of Rs 160 crore.

Revenue from operations was up just 4% to Rs 1,761 crore, hurt by the generics business which was impacted as the second wave of the pandemic resulted in operational and supply chain challenges that impacted API manufacturing in both facilities in Bengaluru and Hyderabad.