Indoco Remedies, a Rs.975 crore Mumbai based pharma major, has posted marginal growth of 2.7 per cent in net profit during the second quarter ended September 2016 to Rs.22.13 crore from Rs.21.54 crore due to lower interest and taxation. Its EBDITA declined by 4.4 per cent to Rs.42.97 crore from Rs.44.97 crore. Its net sales moved up by 11.1 per cent to Rs.276.39 crore from Rs.248.72 crore. EPS improved slightly to Rs.2.40 from Rs.2.34 in the last period.
Though its domestic sales increased to Rs.181.08 crore during the second quarter ended September 2016, its international sales declined by 5.7 per cent to Rs.95.31 crore from Rs.101.02 crore. Its R&D expenditure increased to Rs.12.04 crore from Rs.11.09 crore in the similar quarter of last year. Taxation provision declined to Rs.2.59 crore from Rs.5.88 crore and interest cost came down to Rs.1.57 crore from Rs.2.66 crore. The company acquired the finished dosage plant of Micro Labs, Bengaluru at Baddi. With this acquisition, Indoco will now have 6 facilities for finished dosage and 3 fore API.
For the first half ended September 2016, Indoco's net profit declined by one per cent to Rs.41.92 crore from Rs.42.36 crore. Its net sales went up by 13.3 per cent to Rs.528.89 crore from Rs.466.60 crore. EPS worked out to Rs.4.55 as against Rs.4.60 in the previous period.