One of India’s leading biotechnology firms, Biocon Ltd, posted a 25% year-on-year rise in the net profit at Rs 101 crore for the quarter ended March.
The company also announced plans to divest its 70% stake in German arm AxiCorp by the end of June, which will improve profit margins."Emerging markets have realised significant and sustained growth for our APIs (active pharmaceutical ingredients), whilst our branded formulations have scripted business success in the Indian market place," said Kiran Mazumdar-Shaw, chairman and managing director, Biocon.
She added that licensing income from Pfizer and others also contributed to profit generation in 2010-11.
The company’s total income rose to Rs 703 crore during the quarter, compared to Rs 658 crore in the same period last year.
Commenting on other business verticals, Shaw said: “Our research services businesses supported by Syngene and Clinigene have signalled a turnaround.”
In order to cater to the growing business, the company said it will increase its employee strength. “We expect to increase our employee strength by around 1,000 in FY’12,” Shaw said. Biocon has nearly 5,500 employees.