Panacea Biotec Q3 net up six fold to Rs 42 cr

Panacea Biotec today said its net profit jumped by nearly six fold to Rs 42.60 crore for the quarter ended December 31, 2010, compared to the same period last fiscal.

The company had posted a net profit of Rs 7.34 crore for the same quarter previous fiscal, Panacea Biotec said in a filing to the Bombay Stock Exchange (BSE).

Total income of the company for the third quarter ended December 31, 2010 stood at Rs 292.81 crore as against Rs 231.42 crore for the same period year ago.

The company's net profit for nine months ended December 31, 2010, grew to Rs 92.02 crore from Rs 22.50 crore for 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 and revenues and profits as expected," Panacea Biotec Joint Managing Director Rajesh Jain said.

The pharmaceutical segment grew by 12 per cent in the quarter with a net turnover of Rs 71 crore against Rs 63.2 crore in the same period last fiscal, the company said.

"The vaccine segment grew by 29 per cent with a net turnover of Rs 212.1 crore compared to Rs 164.4 crore during the corresponding period of the previous financial year," it added.

The company further said it expanded its product portfolio by launching new products in the period under review.

Shares of Panacea Biotec today closed at Rs 184.15 on BSE, down 3.18 per cent from its previous close.