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Panacea Biotec announces Q1 FY20 results

Posted On: 2019-08-16 13:40:09

Panacea Biotec Limited ("the Company") one of India's leading Biotechnology Company announced its unaudited standalone and consolidated financial results for the quarter ended June 30, 2019. These results were reviewed by the Audit Committee of the Board and approved by the Board of Directors at their respective meetings held on August 12, 2019.

Key highlights of the financial results for the quarter ended June 30, 2019 are as under:

- Pharmaceutical Business registered revenues of Rs. 969 million up by 13% during Q1FY20 as against Q1FY19.
- Vaccine Business registered revenues of Rs. 248 million up by 170% during Q1FY20 as against Q1FY19.
- Overall revenues were Rs. 1,217 million up by 28% during Q1FY20 as against Q1FY19
- Pharmaceutical Business registered EBITDA of Rs. 303 million up by 258% during Q1FY20 as against Q1FY19.
- Vaccine Business registered EBITDA of Rs. 9 million during Q1FY20 against operating loss during Q1FY19.
- Overall EBITDA of Rs. 269 million during Q1FY20 against operating loss of RS.184 million in Q1FY19.
- The Company's loss before taxes reduced by 51% to Rs. 267 million during Q1FY20 as against Q1FYI9.

During the quarter under review, the Company:

- Successfully closed fund raising of Rs. 7,750 million from India Resurgence Fund (IndiaRF), a JV of Bain Capital Credit and Piramal Enterprises Limited and settled its debts from the consortium lenders on bilateral basis and obtained no dues certificates from them;

- Received US FDA approval for Oncology Parenteral Formulations facility at Baddi, Himachal Pradesh, India for the manufacture and supply of Azacitidine Injection 100 mg/vial in the US market and has launched this product in USA. Azacitidine is a nucleoside metabolic inhibitor indicated for the treatment of patients with Myelodysplastic Syndrome (MDS), having annual sales of about US$ 140 million as reported by IMS MAT Dec 2017.

Explaining the results, Dr. Rajesh Jain, Managing Director of the Company said, "The Company's remediation measures have now started paying off. The Company has registered impressive financial performance during the quarter ended June 30, 2019 with 28% topline growth and earning positive EBITDA of Rs.269 million. This performance is expected to continue in future periods as well."

Shares of PANACEA BIOTEC LTD. was last trading in BSE at Rs.147.1 as compared to the previous close of Rs. 150.8. The total number of shares traded during the day was 3553 in over 195 trades.

The stock hit an intraday high of Rs. 149.1 and intraday low of 145. The net turnover during the day was Rs. 522291.

Source: Equity Bulls

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