Net revenues up by 16 per cent Q-o-Q
Indoco Remedies posted total revenues of Rs 252.7 crores for the first quarter of Apr 16-June16, up by 15.8 per cent, as against Rs 218.2 crores for the same period last year. Profit After Tax (PAT) for the quarter was at Rs 19.8 crores compared to Rs 20.8 crores for the corresponding quarter last year.
The company has received the US FDA approval for its Abbreviated New Drug Application (ANDA) for Allopurinol 100 mg and 300 mg tablets. Allopurinol is indicated for treatment of Gout. The market size of this product in the US is $169 million.
Commenting on this development, Aditi Panandikar, Managing Director, Indoco Remedies, said, “Double digit growth in Domestic formulation business is encouraging and the numbers of the emerging markets for the quarter are also impressive. The Company is fully integrated to manufacture Allopurinol (API & tablets) and will be soon launching this product in the US market.”
The company’s domestic formulation business introduced 14 new products, six in Anti-diabetic category, two each in gynaec and stomatologicals, one each in anti-infective, gastro intestinal, ophthalmic and urological respectively.