Indoco Remedies, a Rs.700 crore plus pharma major from Mumbai, has posted satisfactory performance during the second quarter ended September 2014 and its net profit moved up by 39.7 per cent to Rs.22.41 crore from Rs.16.04 crore in the corresponding period of last year. Its EBDITA also improved sharply by 73.9 per cent to Rs.49.19 crore from Rs.33.44 crore. The company's standalone net sales improved by 16.1 per cent to Rs.226.42 crore from Rs.195.05 crore. With higher profit, its EPS worked out to Rs.2.43 as compared to Rs.1.74 in the last period.
The company's domestic sales increased to Rs.144.69 crore from Rs.127.59 crore, a growth of 13.4 per cent and its international sales went up by 21.2 per cent to Rs.81.73 crore from Rs.67.46 crore. The company launched six new products in the domestic market. Indoco's European sales contributed 61.9 per cent and US sales 21.9 per cent to its international sales.
Suresh G Kare, chairman, said, “The company started the current financial year well and the second quarter has also delivered promising results. Apart the form the boost in revenue growth, the net profit for the second quarter was also driven by improved operational efficiency which has enhance the EBITDA margin to 21.5 per cent compared to 17.9 per cent for the corresponding quarter of last year. Well laid down strategies on all business fronts have helped us in delivering good performance.”
The company is planning to file 10 ANDAs from its sites during the current year. MHRA, UK inspected its oral (solid and liquid) dosages and creams & ointments facility at Goa (Plant I) in August 2014. The facility received MHRA re-approval with no critical and no major observations. The company has 8 manufacturing facilities, 5 of which are for FDFs and 3 for APIs, supported by a state-of-the-art R&D centre. It has tie-ups with large generic companies like Watson (Actavis), USA and Aspen, South Africa and DSM, Austria.
For the first half ended September 2014, Indoco's net sales increased by 23.7 per cent to Rs.424.37 crore from Rs.343.10 crore in the similar half of last year. Its net profit went up sharply by 68.3 per cent to Rs.42.45 crore from Rs.25.22 crore. EPS improved to Rs.4.61 from Rs.2.74 in the same period of last year.