Indoco Remedies has registered impressive financial performance during the third quarter ended December 2013 and its net profit has taken quantum jump of 91.3 per cent to Rs.14.12 crore from Rs.7.38 crore in the corresponding period of last year. Its net sales also moved up by 25.4 per cent to Rs.188.41 crore from Rs.150.26 crore. EBDITA went up by 101 per cent to Rs.29.96 crore from Rs.14.83 crore. Its domestic sales increased by 22.7 per cent to Rs.120.67 crore and its international sales increased by 30.5 per cent to Rs.67.74 crore.
Commenting on the performance, Suresh G Kare, chairman said, “Our well formulated strategy and investments made over the years have started giving expected returns, as is obvious from the impressive results for the consecutive quarters. The company is clearly on fast track with both domestic and international businesses registering a good growth in this quarter. Our domestic formulation business growth has surpassed the industry average, and our research pipeline ensures consistent growth of the International Business which is spread across the globe”
For the nine months period ended December 2013, Indoco's net sales increased 14.9 per cent to Rs.531.51 crore from Rs.465.95 crore in the similar period of last year. Its EBDITA improved by 28.3 per cent to Rs.87.94 crore from Rs.68.52 crore and its net profit moved up by 32 per cent to Rs.39.34 crore from Rs.29.81 crore. Earnings per share worked out to Rs.4.27 as against Rs.3.23 in the last period. The company's sales in India improved by 13.4 per cent to Rs.352.27 crore from Rs.310.79 crore and that in international market increased by 15.5 per cent to Rs.179.24 crore from Rs.155.16 crore.
Indoco Remedies Ltd., headquartered in Mumbai, is a fully integrated, research-oriented pharma company with a global presence in 80 countries including USA and UK. Indoco, a USD 120 million company, employs over 4400 people including 200 skilled scientists.
The company has 8 manufacturing facilities, 5 of which are for FDFs and 3 for APIs, supported by a state-of-the-art R&D centre. The facilities have been approved by UK-MHRA, US FDA, TGA-Australia, JAZMP- Slovenia, MCC-South Africa, Darmstadt – Germany, NDA-Uganda, TFDA-Tanzania, SBD-Yemen, MOH-Ukraine, PPB-Kenya, FDB-Ghana, etc. Indoco manufactures a wide range of pharmaceutical products for the Indian and international markets. It generates more than 70 million prescriptions annually from over 2,00,000 doctors in India.