Indoco Remedies net sales up by 9% to Rs. 216 cr, plans to invest Rs. 125 cr

Our Bureau, Mumbai

Thursday, July 30, 2015, 13:30 Hrs [IST]

Indoco Remedies, a Rs.850 crore fully integrated, research-orinted pharma company with presence in 55 countries,  has posted net sales growth of 9.1 per cent during the first quarter ended June 2015 to Rs.215.97 crore from Rs.197.95 crore in the corresponding period of last year. Its net profit, however, improved only by 1.2 per cent to Rs.20.27 crore from Rs.20.04 crore. EPS remained almost same at Rs.2.20 as against Rs.2.17 in the last period.

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.

Suresh Kare, chairman 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. Indoco's domestic formulation business was 14.7 per cent as per AWACS data of March 2015 surpassing the industry average of 13.3 per cent. Top 3 brands of the company, Febrex Plus, Cyclopam and Sensodent-K feature amongst the top 500 brands in Indian pharma market. Indoco launched 19 new products across various therapeutic segments."

He added, "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 medical representatives (MR), taking the total MR strength to 2800."

Indoco has 8 manufacturing facilities, 5 of which are FDFs and 3 for APIs, supported by a state-of-the-art R&D centre and CRO facility. The facilities have been approved by US FDA, UK-MHRA, TGA-Australia, MCC-South Africa, etc. It generates more than 60 million prescriptions annually from over 2 lakh doctors in India.