Posts net profit of Rs 20.3 crore compared to Rs 18.7 crore
Indoco Remedies 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, Indoco Remedies.
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 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. During the year, the company launched 19 new products across various therapeutic segments. 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 US FDA 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 compared to Rs. 18.7 crore for the preceding January-March quarter. Revenue for the quarter is Rs 216 crore compared to Rs 211 crore, sequentially for the preceding quarter.
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