The Hindu Business Line : Panacea Biotec net up 42 pc

NEW DELHI: Panacea Biotec has recorded net sales of Rs 240 crore for the nine-month period ended December 31, 2004 compared to Rs 164 crore registered the previous year - a growth of 47 per cent.

Operating profit during the period was Rs 49 crore against Rs 29 crore during the corresponding period the previous year.

Net profit after providing for appropriations and tax during nine months of the current fiscal year was also higher at Rs 23 crore - up by 42 per cent, against Rs 16 crore during the corresponding period last year.

For the third quarter ended, revenues were at Rs 68 crore and operating profit was Rs 9 crore.

During the quarter, Panacea Biotec entered into a joint venture with UK-based Chiron Vaccines. The new joint venture company, Chiron Panacea Vaccines Pvt Ltd, is focusing on providing breakthrough vaccines in the country.

In the first half of the next financial year, Panacea Biotec will commission an ultra-modern formulation plant at Baddi, Himachal Pradesh, meeting US FDA and UK MCA requirements, involving a total project cost of around Rs 44 crore.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page