Today, the Piramal Healthcare announced its net profit of Rs 89.23 for the period of first quarter of FY12. The company’s spokesperson informed that the Company was able to book a profit as it was successful in recovering its contract research and manufacturing services (CRAMs) business.

During a TV interview, the Chairman of the Company, Ajay Piramal informed that the profit of the Company grew almost 40 %. He said that although the Company was successful in booking profit for the period of FY12, in the FY11, the company’s rivals made it difficult for them to book a profit. However, the Company now seems to be recovering.

Ajay Piramal further highlighted company’s intentions of growing its over-the-counter (OTC) by 60% in the current quarter. He said, “For the long term, we believe that this is a sector where we can play on the consumer story of India. Therefore, we are investing significantly in brand building”.

It has further been revealed that the Company is also looking forward to diversify into financial services, insurance and infrastructure using the cash it received from selling the domestic formulations business. In the coming years, the Company won’t be dealing in the pharmaceuticals alone; rather it will be expanding its business by touching the diversified products which are useful in the lives of people.