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Indoco Remedies, a Rs.1,000 crore plus pharma major from Mumbai, has suffered a setback during the fourth quarter ended March 2017 and its net profit declined by 14.4 per cent to Rs.17.94 crore from Rs.20.95 crore in the corresponding period of last year. Its net sales increased only by 3 per cent to Rs. 265.55 crore from Rs.257.79 crore. With lower net profit, EPS declined to Rs.1.95 from Rs.2.27 in the last period.
Commenting on financial performance, Aditi Panandikar, managing director, said, “We have closed FY17 with a revenue growth of 9 per cent at Rs.1,067 crore. This is despite a muted fourth quarter growth, which was largely caused by headwinds both in domestic and international business.”
For the full year ended March 2017, Indoco's net sales crossed Rs.1,000 crore mark for the first time and reached at Rs.1,069 crore as against Rs.984 crore in the previous year. Despite lower interest cost its net profit declined by 6 per cent to Rs.77.06 crore from Rs.81.94 crore. Interest cost declined by 49.9 per cent to Rs.6.21 crore from Rs.12.39 crore. EBIDTA declined to Rs.160.43 crore from Rs.171.98 crore. Its R&D expenditure increased by 19.8 per cent to Rs.51.71 crore from Rs.43.18 crore.
Indoco introduced 4 new products in the India market, two in dermatology and one each in vitamins/minerals/nutrients & gastro intestinal category respectively. The company received approval from UK-MHRA for its solid dosage plant I at Goa, which was inspected in December 2016. The plant contributes to 40 per cent of the company's international business.
The company has 9 manufacturing facilities, 6 of which are for FDFs and 3 for APIs, supported by a state-of-the-art R&D centre and CRO facility. It generates more than 70 million prescriptions annually from around 1.50 lakh doctors belonging to various specialties. It has 10 domestic marketing divisions with a strong brand portfolio in various therapeutic segments.
Indoco remedies
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