Mumbai: Biocon Ltd’s consolidated net profit fell 51.2% year-on-year to Rs81.3 crore in the quarter ended June, missing analyst estimates, mainly due to weakening of the US dollar and destocking ahead of implementation of goods and services tax (GST). The Bengaluru-based company’s sales were down 5.9% at Rs933.7 crore on account of lower sales of small molecules and branded formulations. More From Livemint »A Bloomberg poll of seven brokerages had pegged the company’s net profit at Rs108.4 crore and sales at Rs991.9 crore for the quarter. Biocon’s small molecules business shrank 17% to Rs363 crore, while branded formulations sales fell 17% to Rs130 crore. However, biologics business grew 15% to Rs184 crore and research services business, which is under its listed subsidiary Syngene International, grew 6% to Rs291 crore.

Source: Mint July 27, 2017 15:40 UTC