Indoco Remedies Q2 net flat at Rs 22.1 cr

Pharma firm Indoco Remedies today registered a marginal rise in net profit at Rs 22.1 crore for the quarter ended September 2016.
Its net profit stood at Rs 21.5 crore in the corresponding quarter a year ago.
The company posted total revenues of Rs 276.4 crore for the second quarter, up 11.1 per cent, as against Rs 248.7 crore for the same period last year, a company statement said here.
Aditi Panandikar, Managing Director, Indoco Remedies, said, "The company's sales registered a double digit growth as a result of impressive performance in domestic formulation business, which grew by 21.4 per cent, almost twice the industry growth rate."

Domestic formulation business introduced three new products, one each in stomatologicals, gastro intestinal and pain/analgesics segments during the quarter.
During the quarter, international sales and margins were under pressure due to currency volatility following Brexit referendum, it said.

USFDA audited its Goa Plant II and III in September 2016, the company said.
The inspection was triggered on account of injectable filings. The company has submitted the compliance with documentary evidence to USFDA on all the observations covered in the inspection report, it said.
The company acquired a solid oral dosage manufacturing facility located at Baddi from Micro Labs Ltd, a Bengaluru-based company. The facility is spread over an area of 18,000 sq metres, with 11,000 sq metres built-up area. It has a capacity to produce 4.3 billion tablets and 50 million capsules per annum, the company said.