Indoco Remedies, a Rs.980 crore plus pharma major, has registered lower net profit of Rs.19.79 crore during the first quarter ended June 2016 as against Rs.20.82 crore in the similar quarter of last year. Its EBDITA declined by 1.8 per cent to Rs.42.11 crore from Rs.42.87 crore. EPS worked out to Rs.2.15 as against Rs.2.26 in the last period.
Its net sales improved by 15.8 per cent to Rs.252.72 crore from Rs.218.25 crore. Its domestic sales improved by 13.4 per cent to Rs.152.52 crore from Rs.134.45 crore and international sales moved up by 19.6 per cent to Rs.100.20 crore from Rs.83.80 crore. The company launched 14 new products in domestic market, six in anti-diabetic category, two each in gynaecology and stomatologicals, one each in anti-infective, gastro intestinal, ophthalmic and urological respectively. Its R&D expenditure increased sharply to Rs.11.99 crore from Rs.7.83 crore.
Aditi Panandikar, managing director, said, “Double digit growth in domestic formulation business is encouraging and the numbers of the emerging markets for the quarter are also impressive. The company is full integrated to manufacture Allopurinol (API and tablets) and will be soon launching this products in the US market.”
Currently, Indoco has 8 manufacturing facilities, 5 of which are for FDFs and 3 for APIs, supported by a state-of-the-art R&D centre and CRO facility. The facilities have been approved by US FDA, UK-MHRA, TGA-Australia, MCC-South Africa, etc.