Biocon second-quarter profit more than halves

Profit slumped to 688 million rupees ($10.62 million) in the quarter ended Sept. 30, from 1.47 billion rupees a year earlier, the Bengaluru-headquartered drugmaker said.

Biocon second-quarter profit more than halves BIOCON-RESULTS Employees of Biocon Ltd work inside the company's research and development centre in Bengaluru Employees of Biocon Ltd work inside the company's research and development centre in Bengaluru | Re

India's Biocon Ltd posted a 53 percent fall in quarterly profit on Thursday, missing estimates, as higher costs at its Malaysia plant and pricing pressures in its active pharmaceutical ingredients business weighed.

Profit slumped to 688 million rupees ($10.62 million) in the quarter ended Sept. 30, from 1.47 billion rupees a year earlier, the Bengaluru-headquartered drugmaker said.

Analysts on average expected a profit of 1.14 billion rupees, according to Thomson Reuters Eikon data.