Indoco Remedies gains after Q2 PAT rises 19% YoY to Rs 49 cr

Indoco Remedies rose 1.86% to Rs 361.45 after the pharma company's standalone net profit jumped 19.41% to Rs 49.64 crore on 8.58% increase in revenue from operations to Rs 404.60 crore in Q2 FY23 over Q2 FY22.

Profit before tax rose 3.69% to Rs 67.20 crore in Q2 FY23 as against Rs 64.81 crore recorded in the corresponding quarter previous year.

EBIDTA stood at Rs 87.76 crore in Q2 FY23, rising 1.67% from Rs 86.32 crore posted in Q2 FY22. EBIDTA margin declined to 21.7% in Q2 FY23 as compared with 23.2% reported in the same period last year.

Total expenses spiked 13.33% year on year to Rs 365.83 crore in Q2 FY23. Cost of raw materials consumed was at Rs 106.05 crore (up 23.04%) and employee benefits expenses stood at Rs 80.03 crore (up 7.41%), during the quarter.

Commenting on the Q2 FY23 results, Aditi Panandikar, managing director of Indoco Remedies, said, An excellent performance driven by international formulation sales and ably supported by domestic business has helped us deliver improved margins this quarter.

Indoco Remedies is a fully integrated, research-oriented pharma company with presence in 55 countries.

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