The Hindu Business Line : Panacea Biotec Q4 net doubles

New Delhi June 14 Panacea Biotec has reported 104 per cent growth in net profit for the fourth quarter ended March to Rs 23.42 crore from Rs 11.48 crore in the corresponding previous period.

Net turnover grew 67.8 per cent to Rs 226.7 crore (Rs 135.12 crore).

Vaccines accounted for more than 83 per cent, with sales of Rs 188.72 crore.

Exports grew by 26.2 per cent to Rs 9.66 crore, while domestic turnover was up 69.4 per cent at Rs 216.74 crore.

Net profit for the whole year was up 140.9 per cent at Rs 146.81 crore (Rs 60.94 crore). Net turnover rose 55 per cent to Rs 831.55 crore (Rs 536.35 crore).

"The performance is the result of our approach to explore global business opportunities with enhanced domestic focus," said Mr Rajesh Jain, Joint Managing Director, in a statement.

"The company continues to expand its geographic reach by exporting branded formulations and vaccines to several new markets worldwide."

During the year, the company also acquired 10 per cent equity stake in UK-based Cambridge Biostability for Rs 17 crore.

Panacea Biotec also launched several new brands during the year including Glimtotal for diabetes, Mycept tablets prescribed during renal or liver transplants and Dolzero for acute pain.

Its facilities for pharmaceutical formulations for soft gelatin capsules, herbal formulation and anti-TB drug at Baddi, Himachal Pradesh were commercialised during the year.

Work is on to complete another facility for vaccines at Baddi and tetanus and bacterial vaccines bulk production facilities at Lalru in Punjab.

The company is also setting up a fifth R&D facility in Mumbai that it expects to be operational by September this year.