Biocon Ltd., one of India's leading biopharmaceutical companies, reported a steep 95% year-on-year decline in its consolidated net profit for the first quarter, totaling Rs. 31 crore. The significant drop in earnings was primarily driven by a challenging cost environment, margin compression, and a sharp fall in other income. Despite stable revenues, the company faced headwinds in its generics and biosimilars businesses, alongside rising expenses that weighed on profitability.