Indoco Remedies has suffered minor setback during the third quarter ended December 2011 on account of higher staff cost, material cost and marketing expenses. Its net profit declined by 6.2 per cent to Rs.8.26 crore from Rs.8.81 crore in the corresponding period of last year. However, the company's net sales grew by 23.8 per cent to Rs.141.52 crore from Rs.114.31 crore. The earnings per share moved down to Rs.6.72 from Rs.7.17 in the last period.

Its revenues from domestic business improved to Rs.90.2 crore from Rs.77.9 crore and international revenues increased to Rs.51.3 crore from Rs.36.4 crore. Domestic revenues contributed almost 64 per cent to its total sales and international revenues 36 per cent during the quarter ended December 2011. Respiratory, Stomatologicals, pain/analgesics and gastro intestinal therapies contributed to the growth in the domestic formulation business. Respiratory performed well and achieved growth of 23.6 per cent and Stomatological segment notched up growth of 23.1 per cent. The domestic API achieved a growth of 34.3 per cent to Rs.5.3 crore.

The exports of formulation has performed well during the quarter and reported a growth of 35.5 per cent. The regulated market revenues improved to Rs.37 crore from Rs.26.7 crore in the same quarter of last year. The API export sales improved to Rs.5.8 crore from Rs.2.8 crore.

For the nine months period ended December 2011, Indoco's net profit declined by 13.1 per cent to Rs.33.81 crore from Rs.38.89 crore in the similar period of last year. Its net sales improved by 15 per cent to Rs.411.81 crore from Rs.358.03 crore.