Indoco Remedies, a Rs 325 crore Mumbai-based pharma major, has achieved impressive performance during the third quarter ended March 2008. The company's net profit went up sharply by 248 per cent to Rs 7.31 crore from Rs 2.10 crore in the corresponding period of last year. Its net sales improved by 18.3 per cent to Rs 87.08 crore from Rs 73.60 crore. With better growth in profitability, its earning per share moved up to Rs 7.27 from Rs 1.78 in the last period.
The domestic sales of formulations increased by 13.7 per cent to Rs 61.24 crore during the quarter ended March 2008 from RS 53.87 crore in similar period of last year and domestic sales of APIs went up to Rs 2.71 crore from Rs 0.89 crore. The company's total exports increased by 22.8 per cent to Rs 23.13 crore from Rs 18.83 crore. Out of total exports, exports to highly regulatory markets increased by 42 per cent to Rs 17.47 crore from Rs 12.30 crore. Its formulation exports increased by 31.6 per cent to Rs 21.81 crore.
Indoco's Baddi plant has stabilized production output at optimum capacity thus resulting in operating efficiencies. The company has also considerably reduced payout due to loan licensing production thus resulting in better profitability and expansion of EBIDTA margins. Its operating profit increased by 115 per cent to Rs 8.28 crore from Rs 3.85 crore.
The company has decided to change its accounting year from July-June to April-March and close the books of accounts for nine months period. Accordingly current quarter is the last quarter for the FY 2007-08.
For the nine months period ended March 2008, the company's net profit increased by 50.3 per cent to Rs 30.01 crore from Rs 19.97 crore in the corresponding period of last year as the company has taken credit of Rs 3.55 crore for MAT. Its sales increased by16.4 per cent to Rs 262.69 crore from Rs 225.67 crore. Its exports increased by 21.9 per cent to Rs 60.18 crore from Rs 49.38 crore.
The company received approval from Ministry of Health, Uganda and TGA, Australia for its Goa plant. Validation batches for carprofen injection were successfully completed in Goa Plant II. Indoco has registered new products in countries like Peru, Ethiopia, Uganda and Tanzania. The company commenced the international marketing of Doclofenac Ophthalmic solution from March 2008.
To meet the requirement of domestic market, the company has decided to put up additional production facilities for formulations at Baddi, Himachal Pradesh. The commercial production is expected to start during 2009-2010. This will help the company to cater its requirement of international business from the Goal plant, as well as the existing plant at Baddi.