Panacea Biotec reports lower loss at Rs 28 crore during first quarter
Panacea Biotec has reported lower quarterly loss at Rs 28 crore compared to the same period last year. The company has managed to reduce its losses and increase its sales revenue to Rs 125 crore compared to Rs 99 crore for the same period last year.
The company also informed that it has received United States Food and Drug Administration (USFDA) approval for Oncology Parenteral Formulations.
Talking about the results, Panacea Biotec MD Rajesh Jain 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 per cent topline growth and earning positive earnings before interest, taxes, depreciation and amortization (EBITDA) of Rs 26.9 crore."
The stock was down on BSE after the company announced quarterly results.