Indoco Remedies, a Rs.850 crore pharma major from Mumbai, has suffered set back during the third quarter ended December 2015 and its net profit declined by 5.5 per cent to Rs.20.42 crore from Rs.21.61 crore in the corresponding period of last year. EBIDTA improved marginally by one per cent to Rs.43.34 crore from Rs.42.89 crore. Its R&D expenditure increased to Rs.8.87 crore from Rs.5.03 crore. With lower profit, EPS declined to Rs.2.22 from Rs.2.35 in the last period.
Its net sales increased by 19.6 per cent to Rs.254.61 crore from Rs.212.93 crore in the similar period of last year. Domestic sales contributed 59 per cent and exports 41 per cent.to its total net sales. Its total domestic sales improved by 9.8 per to Rs.141.88 crore from Rs.129.25 crore and its international sales by 34.6 per cent to Rs.112.13 crore from Rs.83.28 crore. Though, domestic formulation sales increased by 10.5 per cent to Rs.135.73 crore, its domestic API. sales declined by 5.9 per cent to Rs.6.02 crore. Formulations exports increased by 35.8 per cent to Rs.104.30 crore from Rs.76.80 crore and API exports moved up by 12 per cent to Rs.7.26 crore.
Its US business grew by 22 per cent to Rs.29.70 crore from Rs.24.30 crore in the same period of last year. US sales worked out to 28.4 per cent of its international formulation sales. It filed three ANDAs in US and received 6 approvals. The company is set to file 49 products and yet to receive approval for 21 products. The company has filed total 67 patents during first nine months ended December 2015. Out of these, 21 are for finished dosages and 46 are for API manufacturing processes. During the quarter, US FDA audited its finished dosage (Plant I) at Goa and establishment inspection reports are awaited. Europe region contributed to 35.8 per cent of international formulation sales, South Africa 11.9 per cent, Africa 9.6 per cent and RoW 14.3 per cent.
The company launched 4 new products each in pain/analgesics, ophthalmic, anti-infectives and vitamin/minerals/nutrients. Febrex plus brand registered net sales of Rs.13.78 crore as against Rs.12.48 crore, a growth of 10.4 per cent and Cyclopam brand achieved sales of Rs.11.02 crore as compared to Rs.10.62 crore during the quarter under review.
For the nine months ended December 2015, Indoco's net sales increased by 12.7 per cent to Rs.718.25 crore from Rs.637.31 crore in the same period of last year. Its exports increased by 26.4 per cent to Rs.296.94 crore from Rs.234.95 crore and its domestic sales moved up by 4.6 per cent to Rs.419.48 crore from Rs.400.95 crore. Its net profit declined by 1.2 per cent to Rs.63.31 crore from Rs.64.06 crore.