NEW DELHI: The disruption in business due to covid-19 has proven to be acute for Biocon Ltd. With its Q4 figures trailing far behind Street estimates, the firm may struggle to show growth in the coming two quarters as well.
Needless to say, the stock dipped about 3% on Friday. The fall in revenues is worrisome. Revenues were about 13% lower than what analysts had estimated, who assumed there was some notable pre-buying among consumers.
This can also be seen in the about 12% year-on-year fall in its branded formulations in Q4. A huge concern has been the bigger dent in revenues of the biologics division which fell 21% year-on-year.