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Stock Report
Panacea Biotec Reports Excellent Financial Results for Quarter & Half Year Ended September 30, 2006
Posted On : 2006-10-19 14:02:49( TIMEZONE : IST )
Panacea Biotec, the 3rd largest biotechnology company of India, today announced its unaudited financial results for the Second Quarter and Half Year ended 30.09.2006. The unaudited financial results were reviewed by the Audit Committee and approved by the Board of Directors in their meetings held on 19th October 2006.The excellent growth momentum observed so far continued in the second quarter also and the Company registered 32.0% growth in net turnover and 103.5% growth in net profit during the quarter ended September 2006.
Explaining the key growth drivers, Mr. Rajesh Jain, Joint Managing Director, Panacea Biotec said, "The continuous improvement in financial performance of Panacea Biotec is the result of concerted efforts to convert opportunities into business. The Company has expanded its geographic reach by exporting the branded formulations and vaccines to several countries. The Company’s Joint Venture with Novartis Vaccines is doing well with profitable growth and now commands around 25% market share* in the combination vaccines market"
FINANCIAL HIGHLIGHTS
The Net Turnover grew to Rs. 1,742.7 Million during the QE 30.09.06 as compared to Rs. 1,320.0 Million during the QE 30.09.05. The Company earned Net Profit of Rs. 465.3 Million with during QE 30.09.06 as compared to Rs. 228.7 Million in the corresponding quarter of previous year.
During the QE 30.09.06 the Company’s Earnings before Depreciation, Interest & Tax (EBITDA) increased to Rs.751.9 Million registering growth of 89.7% and the Profit before Tax (PBT) also increased to Rs 634.8 Million registering growth of 96.4% as compared to corresponding quarter of previous year.
During the Half Year Ended September 2006 the net turnover registered 40% growth to Rs. 4,076.6 Million as compared to Rs. 2,912.0 Million during corresponding Half Year of Previous Year and the net profit grew by 117.5% to Rs. 962.9 Million during the Half Year Ended September 2006 as compared to Rs. 442.7 Million during the corresponding Half Year of Previous Year.
