EP News Bureau – Mumbai
Arvind Remedies has announced its financial results for the quarter ended December 31, 2012. Net sales for Q3FY13 stood at Rs 179.90 crores, registering a growth of 65.95 per cent, as against Rs 108.40 crores in Q3 FY12. Earnings before interest, taxes, depreciation, and amortisation for the quarter has grown to Rs 35.19 crores up by 104.89 per cent, as against Rs 17.18 crores in the same period of the last year. Net profit for Q3FY13 stood at Rs 12.21 crores, registering a growth of 69.11 per cent, as against Rs 7.22 crores in same period of the last year.
Commenting on the financial performance of the third quarter, Dr B Arvind Shah, Managing Director and Chief Executive Officer, Arvind Remedies said, “The Q3FY13 numbers have been in line with our expectations on the back of higher demand. We are confident of better performance going ahead as we plan to launch new products and aim at improving our utilisation levels. We are in the process of ramping up the production at our US FDA plant at Irungattukottai, Tamil Nadu, which was commissioned earlier this year.”
Updating on anti-arthritic products, Shah commented, “Arvind Remedies has completed the first phase of clinical trial and are entering the second phase, in association with Department of Science & Technology, Government of India and Sri Ramachandra Medical College, Chennai.”