Indoco Remedies has posted satisfactory performance during the year ended March 2011 and its net profit went up by 21.3 per cent to Rs.51.05 crore from Rs.42.09 crore in the previous year. The net sales increased by 20.1 per cent to Rs.478.47 crore from Rs.398.29 crore. With improvement in bottom line, its earnings per share moved up to Rs.41.55 from Rs.34.26. in the last year.
Indoco's domestic formulation sales increased by 13.5 per cent to Rs.307.25 crore from Rs.270.67 crore and its domestic API sales surged by 66.6 per cent to Rs.14.71 crore from Rs.8.83 crore. Export sales of formulations improved by 29.9 per cent to Rs.141.61 crore from Rs.109.04 crore, which includes exports to regulated market of Rs.111.14 crore. Export of formulations to semi-regulatory region improved by 59.7 per cent to Rs.30.47 crore from Rs.19.08 crore. Its APIs exports touched to Rs.14.90 crore as against Rs.9.75 crore in the previous year, a growth of 52.8 per cent. The emerging market division has achieved 6 new product registrations in Kenya and Philippines in the last quarter of 2010-11.
The manufacturing contracts signed off between Aspen and Indoco saw major extensions to increase the solid dosage product folio taking the number to 12 products for the year. These products will cater Aspen's requirement in the Latin American and Sub-Saharan African markets. This deal will give a major boost to the contract manufacturing business of Indoco from its MCC approved facility in Goa. It also signed off contract research deals with Aspen where Indoco will be developing products for Aspen's global requirements. Its third facility in Goa for oral solids will be operational by June 2011. The UK-MHRA audit at Baddi went off successfully and the German audit of its plant I is slated to take place in the next quarter.
The company's profit before depreciation, interest and taxation increased by 24.5 per cent to Rs.72.40 crore. Its R&D expenditure declined to Rs.9.33 crore from Rs.10.22 crore. Its employees cost increased by 18.7 per cent to Rs.67.02 crore from Rs.56.46 crore. So far, the company filed 7 ANDAs and 9 DMFs with US FDA.