Indoco Remedies Q3 net marginally down at Rs 20.4 cr

Pharma firm Indoco Remedies today reported a marginal dip in net profit at Rs 20.4 crore for the third quarter ended December 31.
The company had posted a net profit of Rs 21.6 crore in the same period last year, Indoco said in a BSE filing.
Sales grew 19.6 per cent in the October-December period to Rs 254.6 crore.
"The first signs of benefits from strategic restructuring implemented in domestic formulation business are now becoming visible."
"During the quarter, the company's domestic formulation business reported a double-digit growth of 10.5 per cent after posting 3.2 and 1.2 per cent growth in the first two quarters respectively. International business grew 35 per cent over the same period last year," Indoco Managing Director Aditi Panandikar said in a statement here.

The flat profit growth was due to rise in input and staff costs.

The company filed three ANDAs (abbreviated new drug applications) in the US market. In the domestic market, Indoco launched four new products -- in pain, analgesics, ophthalmic, anti-infectives and vitamin/minerals/nutrients -- segments.
With this, the tally of new products launched in the first nine months of the current fiscal has gone up to 17, Panandikar said.
For the nine-month period ended December 31, Indoco posted a net profit of Rs 63.3 crore, down from Rs 64.1 crore in the corresponding period last year. Net revenue grew to Rs 718.2 crore, up 12.7 per cent over last year.

Earning per share for the third quarter was Rs 2.22 and Rs 6.87 for the nine-month period.
Indoco has eight manufacturing facilities. The company develops and 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.