BackBiocon sees margins rising post divestment of German unit
Biocon sees margins rising post divestment of German unit
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Bangalore: Indian biotechnology firm Biocon Ltd expects operating margins to rise after the divestment of its stake in German unit AxiCorp, chairwoman Kiran Mazumdar-Shaw told a television channel on Thursday.
Operating margins were at 22% in the fourth quarter, but came in at 32% when excluding AxiCorp.
Also Read |Biocon Q4 net profit up 25% on strong sales
The total value of the divestment of AxiCorp was €40 million ($58.2 million), Shaw said.
The company said it would divest its stake in AxiCorp, after roughly meeting estimates with a 25% rise in the fourth-quarter net profit.
In 2008, Bangalore-based Biocon had agreed to buy 70% of German marketing firm AxiCorp for $43.7 million to boost its business in overseas markets.
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