New Delhi, Feb 1: Panacea Biotec has reported a 234 per cent jump in net profit to Rs 11.94 crore for the third quarter ended December 1999. Net profit at Rs 17.63 crore has already surpassed the full year figure of Rs 10.66 crore reported during 1998-99.The company has announced a dividend of 50 per cent or Rs 5 per share. Turnover for the third quarter was up 108 per cent to Rs 84.67 crore and for the nine-month period at Rs 142.71 crore it exceeded the 1998-99 figure of Rs 113.54 crore. Export turnover for the nine-month period stood at Rs 50 crore.
Recent product launches by the company have been partially responsible for a spurt in the bottomline. The company plans to introduce some more new branded formulations as well. Its highly focused R&D thrust has yielded results with the grant of product patents in the US and Europe in seven categories. Some of the patents are in drug categories which command sales of over $1.5 billion worldwide.
The company, in the recent past, launched products like mouth dissolving Nimulid and diabetic drug, Glizid M, which have been accepted well in the medical fraternity. Better realisations from exports, reduction in interest and depreciation cost further boosted the bottomline.
The company's Hepatitis B vaccine, Enivac HB has contributed to the growth in its bottomline. The company is in the process of opening overseas marketing offices to boost its share in the international markets.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.