Indoco Remedies, a Rs.550 crore plus Mumabi based pharma major, has suffered a setback during the third quarter ended December 2012 and its net profit declined by 10.7 per cent to Rs.7.38 crore from Rs.8.26 crore in the corresponding period of last year. Its EBDITA also moved down by 11.4 per cent to Rs.19.66 crore from Rs.22.18 crore. EPS worked out to Rs.0.80 for the face value of Rs.2 each.
Its net sales increased by 6 per cent to Rs.150.26 crore in third quarter from Rs.141.75 crore in the similar period of last year. Its domestic sales increased by 8.8 per cent to Rs.98.19 crore from Rs.90.23 crore. The sales of domestic Formulations increased by 11 per cent to Rs.94.34 crore. Respiratory, stomatological, anti-infectives, life style and gastro intestinal segments performed well. However, domestic API sales declined by 26.9 per cent to Rs.3.85 crore from Rs.5.27 crore.
Total exports increased by 1.2 per cent to Rs.51.92 crore from Rs.51.28 crore. Though the exports to regulated markets went up by 14.4 per cent to Rs.42.22 crore, that in semi-regulated markets declined sharply by 47.9 per cent to Rs.4.44 crore due to slowdown in emerging markets (tender business and delay in starting execution of orders for new products from AOK tender. Its first shipment to Watson, USA, sent against pre-launch activities importation request will be commercialized as soon as the plant approval and ANDA approval received. The company also received a purchase order from another US customer for an anti-diabetic product. It filed three new patent applications during the quarter. With these filings, the number of patent applications filed stand at 56, out of which 38 pertains to API processes and 18 pertain to finished dosages.
For the nine months period ended December 2012, Indoco's net sales increased by 13 per cent to Rs.465.95 crore from Rs.412.47 crore in the corresponding period of last year. However, its net profit declined by 11.8 per cent to Rs.29.81 crore from Rs.33.81 crore. The company launched 36 products during the first nine months period.