Parabolic sees revenues to touch Rs 900 cr by FY12

Parabolic Drugs today said it expects its revenues to touch Rs 900 crore in the next fiscal, up 25 per cent from an expected Rs 700 crore in 2010-11, on the back of enhanced manufacturing capacity and large orders from Europe.

The company today announced the commissioning of its first of the four plants, which has come up at Derabassi in Punjab with an investment of Rs 25 crore.

Apart from the newly commissioned facility at Derabassi in Punjab, work is going on in three more plants with an outlay of nearly Rs 75 crore.

"The newly commissioned cephalosporin (anti-biotic) facility will add another 40 per cent in our capacity. This will help us close this fiscal at around Rs 700 crore and expect the revenues to touch Rs 900 crore in FY12," Parabolic Drugs Director Vineet Gupta told PTI.

With the commissioning of the new plant, the company's capacity has increased by 325 tonnes per annum to 773 tonnes per annum.

The company, which got approval from European Union for its active pharmaceutical ingredients (API) facility in July last year, is also expecting a large contract manufacturing order from Europe.

"It's going to be a supply contract for Cephalosporin range of APIs. Its close to finalisation, that's all I could divulge at this moment," Gupta said.

The company is also eying orders from Japan and is in the process of getting its facility validated from Japanese authorities.

The Delhi-headquartered firm is also eying revenue of Rs 200 crore by FY13 from its supply contract with Ranbaxy Laboratories.

The two firms signed a supply agreement last year. As per the pact, Parabolic is manufacturing two anti-biotic molecules for Ranbaxy.

"We are already supplying to them (Ranbaxy) and the increase in capacity will further lead to enhanced supplies and revenues," Gupta said.

Shares of Parabolic Drugs today closed at Rs 59.85 on the Bombay Stock Exchange, down 0.75 per cent from its previous close.