Indoco Remedies Q1 net profit at Rs. 20.3 crore
Thursday,
India Infoline News Service | Mumbai | July 30, 2015 11:33 IST
The total income for the quarter stands at Rs.223.4 crore.
Indoco Remedies Ltd has posted results for the first quarter ended 30th June, 2015.
The net profit for the quarter stands at Rs. 20.3 crore.
The total income for the quarter stands at Rs.223.4 Crore.
Revenue for the quarter is Rs. 216 crore compared to Rs. 211 crore, sequentially for the preceding quarter.
The company has planned an investment of Rs. 125 crore for expansion of its sterile ophthalmic facility
at Goa and for setting up a green field API facility at Patalganga. The investment will also cover an
additional pilot plant for finished dosages at Goa, said Suresh Kare, Chairman of the Company.
Addressing shareholders at the 68th annual general meeting of the company, Kare said, "This investment,
in sync with the Government of India's 'Make in India' initiative, will be funded through a mix of debt
and internal accruals".
Stating that the company is on a high growth trajectory, Kare pointed out that Indoco's domestic
formulation business was 14.7% as per AWACS data of March 2015 surpassing the industry average of 13.3%.
"Top 3 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," Kare 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.
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