Indoco Remedies Q2 net profit grows by 40 pc

Indoco Remedies Ltd has reported a 40 per cent growth in net profit during the second quarter at Rs 22.4 crore as compared to Rs 16 crore in the corresponding quarter last year.
Net revenues during the quarter under review grew by 16.1 per cent to Rs 226.4 crore as against Rs 195 crore for the same period last year. EBIDTA margins to net sales for the quarter improved to 21.5 per cent at Rs 48.6 crore as against 16.9 per cent at Rs 33 crore during the same quarter last year, a company statement said here.
During the September quarter, the domestic formulation business revenues grew by 14 per cent at Rs 137.4 crore as against Rs 120.6 crore for the same quarter last year.

The company's domestic growth rate has exceeded the pharma industry growth rate of 12.3 per cent for the quarter. In this quarter, six new products were launched by the company in the domestic market.
International business revenues grew by 21.1 per cent at Rs 81.7 crore as against Rs 67.5 crore for the same quarter last year. In the regulated markets, contribution of Europe was at 61.9 per cent, followed by US at 21.9 per cent.
Earnings per share in July-September quarter rose to Rs 2.43 from Rs 1.74 in the same quarter last year.

Commenting on the quarterly performance, Indoco Remedies chairman Suresh G Kare said, "Apart from the boost in revenue growth, the net profit for the second quarter was driven by improved operational efficiency which has enhanced the EBITDA margin to 21.5 per cent compared to 16.9 per cent for the corresponding quarter last year. Well laid down strategies on all business fronts have helped us in delivering good performance."

For the half year ended September'14, net profit has grown by 68 per cent at Rs 42.4 crore as against Rs 25.2 crore in the same period last year. Net revenues have grown by 24 per cent at Rs 424.4 crore as against Rs 343.1 crore in same period last year. EBIDTA has grown by 48 per cent at Rs 85.2 crore as against Rs 57.4 crore in the same period last year.
Indoco Remedies is planning to file 10 Abbreviated New Drug Applications (ANDAs) from its sites during the current year. MHRA (Medicines and Healthcare Products Regulatory Agency) UK, inspected company's oral (solid and liquid) dosages and creams & ointments facility at Goa plant in August'14. The facility received MHRA re-approval with no critical and no major observations.

During the quarter, approval for two ANDAs was received by Watson (Actavis) and Indoco expects to commence supplies against these approved products (ANDAs) soon. Watson (Actavis) also received a tentative approval for a Para IV application filed from Indoco's site, the release said.