Panacea Biotec Q4 net profit dips ******

NEW DELHI, May 14 (PTI): Panacea Biotec Ltd Friday said its net profit has declined by 25.19 per cent to Rs 430 million for the fourth quarter ended March 31, 2011, mainly because of foreign exchange related gains in the year-ago quarter. The company had a net profit of Rs 571 million in the same period last fiscal, the company said in a filing to the Bombay Stock Exchange (BSE). The company's total income for the quarter ended March 31, 2011, stood at Rs 3.45 billion, compared to Rs 3.29 billion during the corresponding period in the previous fiscal. For the year ended March 31, 2011, the company's net profit rose to Rs 1.35 billion, as against Rs 800 million in the last fiscal. Commenting on the results, Panacea Biotec Joint Managing Director Rajesh Jain said, "Our focus on the business strategy backed by seamless execution has helped us deliver this excellent growth." Panacea's consolidated net profit for the year stood at Rs 1.32 billion, as against Rs 720 million in the last fiscal. The company's board has recommended a dividend of Re 0.75 (75 per cent) for the financial year 2010-11. Shares of Panacea Biotec today closed at Rs 185.05 on the Bombay Stock Exchange, down 2.09 per cent from its previous close