Indoco Remedies, a Rs.400 crore plus Mumbai based pharma major, has generated satisfactory growth in revenues and profits during the third quarter ended December 2010. Despite rupee appreciation against several currencies and higher material costs, its net profit increased by 14 per cent to Rs.8.81 crore from Rs.7.73 crore and its net sales up by 19.5 per cent to Rs.114.31 crore from Rs.95.70 crore in the corresponding period of last year. Its EBDITA worked out to Rs.14.51 crore as compared to Rs.11.44 in the similar period, a growth of 26.8 per cent.

The domestic sales of formulation products touched to Rs.74 crore as against Rs.66.63 crore, representing a growth of 11.1 per cent. Its API sales amounted to Rs.3.92 crore during the quarter under review. Indoco's exports went up by 33.1 per cent to Rs.36.38 crore from Rs.27.34 crore. Total formulation exports increased by 26 per cent to Rs.33.60 crore from Rs.24.89 crore. The business from regulated markets showed a good growth of 28.3 per cent to Rs.26.68 crore as against Rs.20.80 crore.

The therapeutic segment like ophthalmic, dermatology, dental, gastro intestinal, diabetic & cardiac and vitamins/minerals/nutrients improved performance during the quarter under review. The company has initiated the expansion cum modernisation programme at its various plants at an estimated cost of Rs.65 crore to increase the output. The Goa plant III is almost ready with investment of Rs.48 crore and likely to go on stream in February 2011.

For the first nine months of 2010-11, Indoco has recorded net sales of Rs.358 crore as compared to Rs.289.47 crore in the same period of last year, a growth of 23.6 per cent. Its net profit moved up by 14.9 per cent to Rs.38.89 crore from Rs.33.86 crore.