Daijiworld Media Network – Panaji (VM)
Panaji, Jan 25: Indoco Remedies today announced its financial results for the quarter ended December, 2006. The company's financial year ends June, 2006.
Indoco Remedies, an Indian Pharma-giant, has registered impressive growth in turnover and net profit for the half year ended December 2006, says company officials.
Net Sales at Rs 152.07 crore was higher by 32 per cent over the earlier year's sales of Rs 115.06 crores, says the release. “Net Profit at Rs 17.87 crore was up by 26 per cent for the half year. The earnings per share (fully diluted) stood at Rs.15.12 for the half year,” it adds.
The performance for the quarter ended December `06 was equally encouraging. Net Sales at Rs 79.42 crores was higher by 28% over the earlier year's sales of Rs.62.15 crores. Net Profit at Rs 9.63 crores. was up by 24% for the quarter. Earnings per share (fully diluted) stood at Rs 8.15 for the quarter.
Suresh G Kare, Chairman and Managing Director, Indoco Remedies Limited said, "Our performance in H1 has effectively demonstrated our commitment to grow the business globally. Exports grew impressively by 84%. This can mainly be attributed to the sustained exports to the regulated markets of Europe which have grown by 120%.
Apart from commenting on the financial performance, Kare also shared some major developments within the company. Indoco received USFDA approval for their ophthalmic product, Ciprofloxacin and the first shipment will be effected in February `07.
The company has launched a new division by name Warren Excel in the southern states of the country to focus on ophthalmic and derma products. The division will soon cover the rest of the country.
About Indoco Remedies Ltd.
Indoco is in the take off stage having plants approved by USFDA, UKMHRA, Darmstadt Germany and the acquisition of La Nova Chem, having a USFDA approvable plant near Patalganga Mumbai. Two of the company's manufacturing facilities are located in Goa, two in Mumbai and a new one in the tax exempted area of Baddi in H.P.
Indoco Remedies is a fast growing Indian Company involved in Research & Development, Manufacturing, Marketing and Distribution of Pharmaceutical products and services in the Domestic and International Market.