Biocon share price falls over 4% as coronavirus hits Q4 earnings

Biocon share price fell in early trade today after the firm reported a 42 per cent decline in its Q4 net profit. Share price of Biocon lost up to 4.29% to Rs 320.9 against previous close of Rs 335.30 on BSE. The stock touched an intraday low of Rs 320.9 down 4.29%.

The stock has lost 9.65% in the last 5 days. The  large cap stock opened with a loss of 3.06% at Rs 325.05 today. The share trades higher than 50 day, 100 day and 200 day moving averages but lower than 5 day and 20 day moving averages. It has risen  22.19% during the last one year and gained 10.48% since the beginning of this year. Total 1.83 lakh shares changed hands amounting to turnover of Rs 5.97 crore.

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The stock hit its 52-week low of Rs 211.30 on August 20, 2019 and 52-week high of Rs 367 on April 20, 2020. Market capitalisation of the firm fell to Rs 38,892 crore on BSE.

Net profit fell to Rs 123 crore in Q4 compared to the same period in the previous fiscal following muted revenue growth due to COVID-19 related impact on its biologics business. Revenue rose six per cent in Q4 to Rs 1,644 crore. FY20 revenue climbed 15 per cent at Rs 6,529 crore, while net profit (before exceptional item) rose four per cent to Rs 760 crore.

Kiran Mazumdar-Shaw, Executive Chairperson, said Q4FY20 witnessed a muted growth of six per cent with revenues at Rs 1,644 crore due to operational challenges including one-time COVID-19 related impact on the company's biologics business.

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"We are dealing with unprecedented challenges related to COVID-19 and as a science-led company we are engaged in several initiatives spanning diagnostic tests, vaccines and therapies towards combating COVID-19," Mazumdar-Shaw added