Parabolic Q2 net surges over two fold to Rs 14.29 cr

NEW DELHI: Parabolic Drugs on Tuesday said its net profit surged over two-fold to Rs 14.29 crore for the second quarter ended September 30, 2010, over the same period last fiscal.

The company had a net profit of Rs 5.42 crore in the same period previous fiscal, Parabolic Drugs said in a statement.

Net sales of the company rose to Rs 161.43 crore for the second quarter, compared to Rs 138.88 crore in the same period last fiscal.

"It is encouraging to note that our diligent investments in creating a global and diversified products company have started yielding results," Parabolic Drugs Director Vineet Gupta said.

He added: "We have remained focused on evolving client relationships, maintaining globally benchmarked quality standards and establishing presence in a segment that offers huge potential for future growth."

Further, the company's board has appointed Gurpreet Sandhu as a whole time director of the company, it said.

The company said its expansion plans were progressing well and its manufacturing plants at Derabassi and Chachrauli were expected to be commissioned by December 2010.

Shares of the company on Tuesday closed at Rs 58.90 on Bombay Stock Exchange, up 7.4 per cent from its previous close.