Indoco Remedies to invest Rs 125 crore for biz expansion

Indoco Remedies Ltd today said it is looking at an investment of Rs 125 crore for expansion of its sterile ophthalmic facility at Goa and for setting up a greenfield API facility at Patalganga in Maharashtra.
"We are investing Rs 125 crore for expansion of our sterile ophthalmic facility at Goa and for setting up a greenfield API facility at Patalganga.
"The investment will also cover an additional pilot plant for finished dosages at Goa," Indoco Remedies chairman Suresh G Kare told shareholders at the 68th annual general meeting here.
"This investment, in sync with the government's 'Make in India' initiative, will be funded through a mix of debt and internal accruals," Kare said.

Stating that the company is on a high growth trajectory, he pointed out that Indoco's domestic formulation business was 14.7 per cent as of March, 2015, surpassing the industry average of 13.3 per cent.
"Top three brands of the company, Febrex Plus, Cyclopam and Sensodent-K feature amongst the top 500 brands in Indian pharma market. During the year, the company launched 19 new products across various therapeutic segments," Kare said.

"Going forward, the company will continue to launch around 20 new products every year. The company has re-structured the marketing divisions to sharpen the pattern of coverage of different doctor specialities and have added around 500 MRs, taking the total MR strength to 2800," he said.

During the year, the company received the USFDA approval for the sterile ophthalmic facility for the third consecutive time. With this approval, all the three finished dosage and two API facilities are now USFDA approved.
During the first quarter of the current financial year, Indoco Remedies reported a net profit of Rs 20.3 crore as compared to Rs 18.7 crore for the same period last year.
Revenue for the first quarter of FY16 stood at Rs 216 crore as compared to Rs 211 crore sequentially for the preceding quarter.