Indoco Remedies Q1 net up 118%

Net revenues for the first quarter under review grew by 33.7% to Rs 198.0 crore as against Rs 148.0 crore for the same period last year.  EBITDA in Apr’14-Jun’14 rose to Rs 40.9 crore from Rs 27.1 crore in the corresponding quarter last year. As a result, EBITDA margin enhanced to 20.6% from 18.3% over the same quarter last year. Net profit margin is at 10.1% as against 6.2% over the same quarter last year. Earnings per share in Apr’14-Jun’14 rose to Rs 2.17 from Re 1 in the same quarter last year. Suresh G Kare, chairman, Indoco Remedies Ltd said, “Indoco will not be significantly impacted from the National Pharmaceutical Pricing Authority (NPPA) order in July 2014 that brought 39 formulations under price-control. The order impacts the ceiling prices of molecules falling in chronic segment”. Kare also announced the company’s intent to expand its R&D activities in Goa for which acquisition of land is in the final stage. Indoco Remedies has recently added 20,000 sqft of space to its existing 1,00,000 sqft R&D facility at Rabale in Navi Mumbai.