Gross and net turnover in the same year also fell marginally to Rs 834.22 crore and Rs 830.44 crore from Rs 839.79 crore and Rs 831.55 crore respectively.
Rajesh Jain, joint managing director attributed rupee appreciation as the major reason for a fall in turnover and net profit.
However, the formulations turnover grew by 17.6 per cent at Rs 197.60 crore during the financial year 2007-08, against Rs 168.05 crore during the previous financial year. Income from vaccine business was better by $10 million due to marginal improvement in demand of the vaccines.
Panacea Biotec achieved new milestones by filing 143 patent applications internationally this year, taking the tally to 828 patent applications so far. The company also achieved WHO pre-qualification for its two innovative combination vaccines Easyfour (DPT-Hib) and Ecovac-4 (DPT-HepB). Panacea Biotec has also become market leader in the private Indian combination vaccine market, with 45 per cent market share.