Indoco Remedies, a Rs.400 crore pharma
company from Mumbai, has posted impressive growth in sales and profit
during the second quarter ended September 2010. Its net profit has taken
quantum jump of 65 per cent to Rs.15.26 crore from Rs.9.25 crore in the similar period of last year. Its net sales went up by 38.7 per cent to Rs.132.34 crore from Rs.95.43 crore.
Its domestic business has grown by 38.6 per cent to Rs.92 crore from Rs.66.4 crore over the same quarter previous year. Export increased by 39 per cent to Rs.40.34 crore from Rs.29.03 crore and the sales in emerging market went up by 140.4 per cent to Rs.8.15 crore. The growth in business in terms of US dollar was 48 per cent. The exports to regulated markets stood at Rs.27.12 crore as against Rs.22.65 crore, despite the low exchange rate realizations from all major currencies.
The
company received nod for Levocetirizine tablets from Hungarian
regulatory authority. It also filed new product applications in
Australia, UK and some other markets in the EU region via its marketing
partners in these regions. Its paracetamol tablets got registered in
Denmark and the commercial supplies will begin from third quarter. The
company signed manufacturing contracts with Aspen for a number of
products, in the liquid orals, tablets & cream range to cater
Aspen's requirement in the Latin American and Sub-Sahran African Markets
including South Africa. The company filed 8 DMFs and 5 ANDAs with US
FDA. The emerging market division has achieved 11 new product
registrations in the quarter.
The domestic formulation business
showed a growth of 37.2 per cent and several products like Cyclopam
tablets, Febrex Plus tablets and syrup, Sensodent -K, ClobenG cream
achieved significant sales growth in the quarter under review. The
company launched new products like Osteochem, Gemsharp, Zolorab/d,
Pgb-12, Deflachek, Lorchem P, Lorchek MR during the quarter ended
September 2010.
For the first half ended September 2010, Indoco's net sales increased by 25.8 per cent to Rs.243.72 crore from Rs.193.77 crore in the corresponding period of last year. Its net profit increased by 15.1 per cent to Rs.30.08 crore from Rs.26.13 crore.