Panacea Biotec achieved excellent financial performance during the third quarter ended December 2006 due to strong growth in exports. Its net profit has taken a quantum jump of over 422 per cent to Rs 27.1 crore from Rs 5.19 crore in the corresponding period of last year. The net sales also increased by 79.1 per cent to Rs 197.12 crore from Rs 110.03 crore. Earning per share worked out to Rs 4.5 as against Rs 0.7 in the last period.
Rajesh Jain, joint managing director, said, "The financial performance is one he best indicators of a company's health. The continuous improvement in performance of the company is the result of concerted efforts to integrate the business opportunities with its internal strengths. The company continues to expand its geographic reach by exporting the branded formulations and vaccines in several countries and total export turnover has grown by 138 per cent during the quarter under review."
The company recorded all round growth in business with both the vaccines segment and pharmaceutical formulations segment registering phenomenal growth. The vaccine segment registered 93 per cent growth in turnover to Rs 150 7 crore as compared to Rs 78.3 crore in the corresponding quarter of last year. Similarly, pharmaceutical formulation segment registered a growth of 47 per cent and clocked a turnover of Rs 46.4 crore as compared to Rs 31.7 crore in the last period.
The company has launched several new brands during Q3, including Metlong P-15 & P-30 for type II diabetes, Threpro 5 & 2.5 for management of hypertension, Myelogen Forte for prevention/delaying of diabetic neuropathy, Kondro OD for prevention/delaying the progression of osteoarthritis, Nimulid HF for high fever, Dolzero for treatment of severe pain in conditions such as post surgical, dental extraction/procedure, etc.
For the nine months period ended December 2006, its net profit increased by 149.5 per cent to Rs 123.39 crore from Rs 49.40 crore in the previous nine months of last year. Its net sales increased by 48.9 per cent to Rs 611.22 crore from Rs 410.50 crore.