Indoco Remedies Q2 net profit flat at Rs 22.6 crore

MUMBAI: Research-oriented pharma company Indoco Remedies today said it has registered marginal rise in its net profit at Rs 22.6 crore for the second quarter ended September 30, 2015-16.

It had posted net profit of Rs 22.4 crore in the July-September quarter of last fiscal.

The company posted net revenues of Rs 247.7 crore for the quarter under review, up 9.4 per cent from Rs 226.4 crore for the year-ago period, a company statement said here.

Indoco Remedies MD Aditi Panandikar said, "The company's re-structuring process of domestic marketing divisions including field force expansion, taken up in the beginning of the year is expected to yield good results in the future. Performance of new products and prescription trend as per market data ( CMARC & AWACs) have already started indicating positive trend."

The international business has also done well by recording a growth of 24 per cent during the second quarter, Panandikar said.

The company's domestic formulation business introduced six new products during the quarter, it said.

The company's two of the new products are in pain/ analgesics, two in stomatological and one each in gynaec and anti-diabetic segment.

For the US markets, the company has 61 Abbreviated New Drug Applications (ANDAs) at various stages, including 9 approvals, 19 pending for approvals and 33 under development, the release said.