Indoco Remedies Q2 PAT grows by 40 per cent

Domestic formulation business revenues grew by 14 per cent at Rs 137.4 crores

Indoco Remedies has reported a 40 per cent growth in Profit After Tax (PAT) during second quarter of FY15 at Rs 22.4 crores compared to Rs 16 crores in the corresponding quarter last year. Net revenues during the quarter under review grew by 16.1 per cent to Rs 226.4 crores as against Rs 195 crores for the same period last year. Earnings before interest, taxes, depreciation, and amortization (EBIDTA) margins to net sales for the quarter improved to 21.5 per cent at `48.6 crores as against 16.9 per cent at Rs 33 crores during the same quarter last year.

During Q2 September 2014, the domestic formulation business revenues grew by 14 per cent at Rs 137.4 crores as against Rs 120.6 crores for same quarter last year. The company’s domestic growth rate has exceeded the pharma industry growth rate of 12.3 per cent for the quarter. In this quarter, six new products were launched by the company in the domestic market. International business revenues grew by 21.1 per cent at Rs 81.7 crores as against Rs 67.5 crores for same quarter last year. In the regulated markets, contribution of Europe was at 61.9 per cent, followed by the US at 21.9 per cent. Earnings per share in July’14 – Sept’14 rose to Rs 2.43 from Rs 1.74 in the same quarter last year.

Suresh G Kare, Chairman, Indoco Remedies said, “The company started the current financial year well and the second quarter has also delivered promising results. Apart from the boost in revenue growth, the net profit for the second quarter was also driven by improved operational efficiency which has enhanced the EBITDA margin to 21.5 per cent compared to 16.9 per cent for the corresponding quarter last year. Well laid down strategies on all business fronts have helped us in delivering good performance.”

EP News BureauMumbai