Biocon net falls 22

Biotech major Biocon Ltd posted poor results for the first half of the financial year with a 3 per cent year-on-year revenue increase from Rs 367 crore to Rs 377 crore. The company8217;s profit after tax dropped 22 per cent to Rs 82 crore for the current year from Rs 105 crore posted during the same period last year Company officials said the operating results were largely affected by 8216;8216;challenging price conditions in the European statins market8217;8217; and a higher tax charge.

Quarter-on-quarter for the company, however, saw improved results with revenues up by 15 per cent and profit after tax up 13 per cent.