Indoco Remedies Q1 net marginally down at Rs 19.8 cr

Indoco Remedies today reported a marginal decline in net profit at Rs 19.8 crore for the June quarter against Rs 20.8 crore in the corresponding period last fiscal.
The company posted total revenue of Rs 252.7 crore for the first quarter, up 15.8 per cent compared to Rs 218.2 crore for the same period last year.
The company has received USFDA approval for its Abbreviated New Drug Application (ANDA) for Allopurinol 100 mg and 300 mg tablets. The medicine is indicated for treatment of gout. The market size of this product in the US is USD 169 million.
Indoco Remedies Managing Director Aditi Panandikar said: "Double digit growth in domestic formulation business is encouraging and the numbers for the emerging markets for the quarter are also impressive. The company is fully integrated to manufacture Allopurinol (API and tablets) and will be soon launching this product in the US market."

The company's domestic formulation business introduced 14 new products, six in anti-diabetic category, two each in gynaec and stomatologicals, one each in anti-infective, gastro intestinal, ophthalmic and urological respectively, Panandikar said.
The company manufactures a wide range of pharmaceutical products for the domestic and international markets.
It generates more than 60 million prescriptions annually from around 2,00,000 doctors in India.