Biocon reports 95% YoY decline in net profit, operating revenue up 15%

Biocon’s Q1 net profit declined 95% year-on-year, but on a like-for-like basis, profit after tax increased by 65%. Revenue grew 15% to Rs 3,942 crore, fueled by Biocon Biologics’ 18% growth and Syngene’s 11% increase. A recent QIP of Rs 4,500 crores will strengthen Biocon’s balance sheet and increase its ownership in Biocon Biologics.