Panacea Biotech Q3 net zooms 422%

New Delhi, Jan 18 (UNI) Panacea Biotec today posted a 422 per cent increase in its net profit for the period ended December 31, 2006 at Rs 27.1 crore as against Rs 5.2 crore during the corresponding period last year.

The company's net turnover rose to 79 per cent at Rs 197 crore during the quarter, as against Rs 110 crore during same period of previous financial year.

''The continuous improvement in financial performance of Panacea Biotec 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 during the quarter under review,'' Panacea Biotec Joint Managing Director Rajesh Jain said.

During the nine months ended December 2006, the net profit grew by 150 per cent to Rs 123 crore from Rs 49.5 crore during the corresponding nine months of previous year.

The net turnover registered 51 per cent increase to Rs 605 crore as against Rs 401 crore in nine months of previous year.

UNI