Indian biotechnology major, Biotech has said on Friday that its net profit has risen by 9.38 per cent to Rs. 92.81 crore during the third quarter of the current financial year.

The Bangalore based biotechnology firm has recorded a net profit of Rs. 84.85 crore during the same period of the previous financial year. The net sales of the company was recorded at Rs. 634.22 crore in the third quarter from October to December, 2012 compared to Rs. 516.59 crore recorded during the third quarter of the previous year.

Biocon chairman and managing director Kiran Mazumdar-Shaw said in a company statement that,

"We have performed well across all our business verticals. We continue to gain market share for biosimilar insulins in ROW markets which now accounts for a significant part of our business."

The company said that it is aiming to generate higher income from Biosimilars, research services and branded formulations. It also said that the increasing investment in R&D activities indicates that the company's development aims are well on the development path.

Shares of the company were trading 0.89 per cent higher at Rs. 266 on the Bombay Stock Exchange (BSE) this afternoon.