Panacea Biotec Q3 net up fivefold to Rs 43 cr

Panacea Biotec today said its net profit zoomed over fivefold to Rs 42.60 crore for the third quarter ended December 31, 2010, over the same period previous fiscal.

The company had a net profit of Rs 7.34 crore in the same period last fiscal, Panacea Biotec said in a statement.

Its net sales rose to Rs 284.06 crore for the third quarter ended December 31, 2010, compared to Rs 228.10 crore in the same period last fiscal.

"Panacea Biotec continues to register significant and sustainable growth during the quarter and nine months ended December 31, 2010 both in terms of revenues and profits as expected," Panacea Biotec Joint Managing Director Rajesh Jain said.

The company's pharmaceutical formulations segment grew by 12 per cent with a net turnover of Rs 71 crore for the third quarter, as compared to Rs 63.2 crore during the same period previous fiscal.

The vaccine segment grew by 29 per cent with a net turnover of Rs 212.1 crore as compared to Rs 164.4 crore during the same period last fiscal.

Shares of Panacea Biotec today closed at Rs 191.20 on the Bombay Stock Exchange, down 2.40 per cent from its previous close.