Panacea Biotec Q1 loss narrows to Rs 28.27 cr

Drug firm Panacea Biotec has reported narrowing of its consolidated net loss to Rs 28.27 crore for the quarter ended June 30, 2019.

The company had posted a net loss of Rs 35.26 crore from continuing and discontinued operations for the corresponding period of the previous fiscal, Panacea Biotec said in a regulatory filing.

Revenue from operations stood at Rs 125.78 crore for the quarter under review as against Rs 99.28 crore for the same period a year ago.

"The company's remediation measures have now started paying off. The company has registered impressive financial performance during the quarter ended June 30, 2019 with 28 per cent topline growth and earning positive earnings before interest, taxes, depreciation and amortization (EBITDA) of Rs 26.9 crore," Panacea Biotec MD Rajesh Jain said.

This performance is expected to continue in future periods as well, he added.

During the quarter, the company received United States Food and Drug Administration (USFDA) approval for Oncology Parenteral Formulations facility at Baddi in Himachal Pradesh for the manufacture and supply of Azacitidine injection 100 mg/vial in the US market and has launched this product in US, Panacea Biotec said.

Shares of Panacea Biotec were trading at Rs 144 per scrip on BSE, down 2.64 per cent from the previous close.