Parenteral Drugs Q3 net zooms twofold to Rs 18 cr

Parenteral Drugs today said its net profit zoomed over twofold to Rs 18.28 crore for the quarter ended December 31, 2010 from the same period previous fiscal.

The company had posted a net profit of Rs 8.11 crore in the third quarter last fiscal, Parenteral Drugs said.

"Over the years, we have diligently invested into an integrated business model, scaled up capacities, built credible client relationships and created a promising product pipeline," Parenteral Drugs (India) Chief Executive Anil Mittal said.

Consolidated net sales of the company for the third quarter this financial year rose by 49.66 per cent to Rs 157.03 crore from Rs 104.92 crore for the same period last fiscal.

"The efforts and investments will not only sustain the pace of growth but also continue to create and deliver value to our stakeholders," he added.

The company said it has recently started manufacturing Paracetamol based IV fluid under the brand name of 'Tamolgan'.

"PDIL is the first Indian Company to get manufacturing and marketing approval for this product from the Drug Controller General of India (DCGI)," it said.

Shares of Parenteral Drugs today closed at Rs 236.05 on the Bombay Stock Exchange, down 0.59 per cent from its previous close.