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MUMBAI: KOLAR Biotech Ltd, engaged in IT and bioinformatics-related services, has reported a net profit of Rs 6.27 crore for the first quarter of the current fiscal against Rs 1.88 crore in the corresponding previous period.

During the quarter, the company's sales turnover touched Rs 17.56 crore, up from Rs 5.82 crore in the first quarter of the last fiscal.

The company has recommended two bonus shares for every share held by its shareholders.

The company is also planning to invest Rs 7.5 crore in research-based activities in the biotech sector.

It will be marketing biotech products under its own brand name and is in the process of registering the patent.

Kolar Biotech will be also undertaking offshore testing of drug synthesised by pharmaceutical companies in the US and Europe by setting up offshore testing centres.

More Stories on : Bonus Announcements | Bio-tech & Genetics

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