Shares of Biocon on Friday dipped over 4 per cent after the company's net profit declined 18 per cent for the second quarter ended September 30.

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The stock tumbled 4.17 per cent to Rs 330.70 on the BSE. At the NSE, it declined 4.16 per cent to Rs 330.60.

 

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Biotechnology major Biocon on Friday said its consolidated net profit declined 18 per cent to Rs 138 crore for the second quarter.

The Bengaluru-based company had reported a net profit of Rs 169 crore in the July-September quarter of the previous fiscal.

Revenue from operations, however, increased 5 per cent in the second quarter to Rs 1,840 crore from Rs 1,750 crore in the year-ago period, Biocon Ltd said in a statement.

The company said it has made provisions under exceptional item regarding modification of the optionally convertible debentures of a PE investment in Biocon Biologics, and reversal of Services Export Incentive Scheme (SEIS) claims relating to a prior period.

Net Profit for the second quarter, before such exceptional items, stood at Rs 188 crore, up 11 per cent from the year-ago period, it added.