New Delhi: Syngene International Ltd, the contract research services arm of India’s largest biopharmaceutical firm Biocon Ltd, reported an 18 percent increase in net profit at Rs 66.5 crore for the March quarter.

The total revenue rose 31 percent to Rs 334 crore as it earned from development and manufacturing services.

The company had posted a net profit of Rs 55.6 crore and revenue of Rs 254 crore for the corresponding period a year ago.

(Also Read: Artificial Intelligence the most promising businesses, says Google)

Syngene Chief Executive Jonathan Hunt said, “The growth has been driven by robust performances within all three of their key business verticals such as research and development; discovery and development services and manufacturing services.”

The company reported total revenue of Rs 1,113 crore in the last fiscal.

The stock also closed positively on Tuesday with Rs 7.25 or 1.95 percent up at Rs 378.55 on the Bombay Stock Exchange (BSE).

Syngene has set a sales target of USD 250 million by end of this financial year.

For all the latest Business News, download NewsX App