Panacea Biotec Q4 net dips 25% to Rs 43 cr

Panacea Biotec Ltd today said its net profit has declined by 25.19% to Rs 43.03 crore for the fourth quarter ended March 31, 2011, mainly because of foreign exchange related gains in the year-ago quarter.

The company had a net profit of Rs 57.52 crore in the same period last fiscal, the company said in a filing to the Bombay Stock Exchange (BSE).

The company's total income for the quarter ended March 31, 2011, stood at Rs 344.93 crore, compared to Rs 328.67 crore during the corresponding period in the previous fiscal.

For the year ended March 31, 2011, the company's net profit rose to Rs 135.05 crore, as against Rs 80.02 crore in the last fiscal.

Commenting on the results, Panacea Biotec Joint Managing Director Rajesh Jain said, "Our focus on the business strategy backed by seamless execution has helped us deliver this excellent growth."

Panacea's consolidated net profit for the year stood at Rs 132.48 crore, as against Rs 72.40 crore in the last fiscal.

The company's board has recommended a dividend of Re 0.75 (75%) for FY11.

Shares of Panacea Biotec today closed at Rs 185.05 on the Bombay Stock Exchange, down 2.09% from its previous close.