New Delhi: Biotech firm Biocon reported a 13 percent dip in net profit for October-December quarter at Rs 91 crore and said it will sell 10-15 percent stake in its research services arm Syngene.
The company had clocked Rs 105 crore net profit in the corresponding quarter of the last fiscal. Revenues stood at Rs 779 crore, up 8 per cent over the corresponding quarter last fiscal.
Bio-pharmaceuticals contributed Rs 541 crore and research services Rs 220 crore to revenue for the reporting quarter.
Other income contributed the remaining, it said in a release. While approving listing of Syngene through offer for sale route, Biocon Board has also gave approval to initiate the process of appointing merchant bankers. The company would offload 10-15 per cent stake from present holding of 85.54 percent.
"The timing of listing of Syngene on the Indian stock exchanges will be dependent on regulatory approvals and market conditions," the company said.
Biocon, through its wholly owned subsidiary Biocon Research, had sold 10 per cent stake in Syngene International (Syngene) earlier this month.
"Biocon continues to invest in its uniquely differentiated Biosimilars portfolio, which straddles both Insulins and Monoclonal Antibodies. We are confident this will deliver short term growth in the emerging markets and drive long term value creation across global markets," said company Chairman and Managing Director Kiran Mazumdar-Shaw.
The company also inducted former TEVA CEO Jeremy M Levin and Harvard Medical School Professor Vijay K Kuchroo, as the additional independent directors on its Board.