Indoco Remedies Ltd achieved satisfactory financial performance during the year ended June 2006 on account of significant growth in exports. Its consolidated net profit went up by 25.8 per cent to Rs 31.49 crore from Rs 25.04 crore in the previous year, despite fall in net profit during the last quarter of the year.
The consolidated net sales went up by 25.4 per cent to Rs 243.43 core from Rs 194.15 crore. The earning per share improved to Rs 26.64 from Rs 24.55. The board of directors recommended equity dividend of 62.5 per cent.
Commenting on financial performance, Suresh Kare, chairman and managing director, said, "With the infrastructure of a complete solution provider in place, and the strong business growth, Indoco is ready to leap to become a global player. In FY06, we focused on building our capabilities. Going forward, we will leverage our capabilities to increase business from CRAMS and generic space."
The company is focusing on exports to the regulated markets and entering the US market in the niche ophthalmology segment for business growth. In FY06, it received US FDA approval for sterile ophthalmic preparations facility at Goa. This will facilitate the production and export of the company's ophthalmic preparations to USA. The company signed agreements with two generic companies in USA and will supply products from the Goa facility.
The company set to file 7 ANDAs by December 2006. Its exports to regulated markets of Europe grew by 76 per cent during FY06. The company strengthened its API business by acquiring La Nova Chem's API manufacturing facility and starting an API R&D centre at Navi Mumbai. The new formulations facility at Baddi got fully operational during April 2006.