Indoco Remedies Q3 net up 53% at Rs 22 crore

Company's net revenues in the December quarter grew by 13%

Indoco Remedies Ltd today reported a 53% growth in its profit after tax (PAT) at Rs 21.6 crore during the third quarter of FY15 as against Rs 14.1 crore in the corresponding period last year.

Its net revenues in the December quarter grew by 13% to Rs 212.9 crore from Rs 188.4 crore for the same period last year, a company statement said here.

The company's domestic formulation business has introduced three new products taking the tally of new products launched to 17, till December 14.

International business revenues grew by 22.9% at Rs 83.3 crore, up from Rs 67.7 crore for same quarter a year ago.

In the regulated markets, contribution of Europe is 35.9%, followed by US at 31.7%, it said.

Earnings per share in Oct'14-Dec'14 rose to Rs 2.35 from Rs 1.53 in the same quarter last year.

Commenting on the performance, Chairman, Indoco Remedies, Suresh G Kare said, "The company has consistently improved the EBIDTA margins quarter after quarter and is hopeful to continue this trend further. For the third quarter, EBIDTA margin to net sales is at 20.1% at Rs 42.7 crore as against 15.8% at Rs 29.8 crore during the same quarter last year."

Indoco Remedies is on track to file Abbreviated New Drug Applications (ANDAs) during the current year, as planned.

The company has also commenced supplies to Watson (Actavis) during the third quarter against the approvals received for two ANDAs, he said.