Biocon quarterly net profit up 25 percent

Friday, 29 April 2011, 05:08 Hrs
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New Delhi: Biotechnology firm Biocon posted a 25 percent increase in its consolidated net profit at 100.81 crore for the quarter ended March 31 as against 80.62 crore during the same period of the last fiscal.

The total income of the company stood at 703.23 crore during the quarter under review as compared to 658.21 crore during the like period of the corresponding fiscal.

"Financial year 2010-11 has delivered strong multi-sectoral growth. Licensing income from Pfizer and and others has contributed to profit generation this fiscal," said Kiran Mazumdar Shaw, chairman and managing director, Biocon.

The company also said that it would divest its stake in its German subsidiary AxiCorp by the end of June.

AxiCorp was the licensee for Biocon's biosimilar insulin and glargine in Germany and has the sole responsibility for commercialising these products.

"AxiCorp intends to focus keenly on growing the present businesses and during a transition period will continue to provide services to Biocon related to the clinical development of insulin and glargine in Europe," the company said in a regulatory filing.

In order to support its expanding business, the company also has plans to increase its employee strength by around 1,000 in financial year 2012.

At the Bombay Stock Exchange the shares of the company closed down 3.61 percent at 370.90.
Source: IANS
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