INDOCO REMEDIES LTD - QTRLY RESULTS - FOR Q1 FY 2014-15 - (JUNE 2014) - NET PROFIT UP 118% - FUTURE OUTLOOK IMPRESSIVE

INDOCO REMEDIES LIMITED

QTRLY RESULTS FOR Q1 FY 15

(JUNE 2014)

INDOCO REMEDIES has reported impressive results for the first  quarter ending June 2014.

The results are in the table below (In Crores of Rs):

INDOCO Remedies	Q1 FY 15	Q4FY14	Dif% QoQ	Q1 FY14	Dif% YoY	FY 14
TOTAL INCOME	198.63	183.62	8.17	153.97	29.01	730.11
OPT	27.1	25.01	8.36	17.05	58.94	89.16
PBT	24.99	22.58	10.67	10.99	127.39	72.11
NPT	20.04	18.55	8.03	9.18	118.3	67.9
EPS	2.17	2.01	7.96	1	117	6.28
EQ-Rs.2FV	18.43

Financial Highlights

The net revenues for the first quarter of FY15 have shown a strong growth of 33.7 % at Rs.198.0 Crs as against Rs.148.0 Crs during the same period last year. During the quarter, the Domestic Business has grown by 23.1% at Rs.127.4 Crs as against Rs.103.5 Crs and International business by 58.8% at  Rs.70.0 Crs as against Rs.44.0 Crs during the same period last year.

Favourable product and business mix has brought down the material consumption to 36.7% of net sales during the quarter as against 40.3 % for the same period last year. The staff cost to net sales is 17.0 % as against 19.5 % for the same period last year. The depreciation / amortization are at Rs.9.5 Crs as against Rs.7.3 Crs for the same period last year. Research & Development expenses to net sales is 2.2% at Rs.4.3 Crs as against 1.9% at Rs.2.7 Crs for the same period last year. Other expenses to net sales are 26.0% at Rs.51.5 Crs and as against 25.9% at Rs.38.3 Crs during the same period last year.

Earnings before Interest, Depreciation, Tax & Amortization (EBIDTA) to net sales for the quarter is 20.6 % at Rs.40.9 Crs as against 18.3 % at Rs.27.1 Crs during the same quarter last year.

Profit after tax (PAT) to net sales for the quarter is 10.1 % at Rs.20.0 Crs as against 6.2% at Rs.9.2 Crs during the same quarter last year.

During the quarter, the company launched 7 products. Indoco has been consistently launching around 25 new introductions every year through its eight marketing divisions in India. These new introductions as well as focus on chronic segments will be key growth drivers for domestic business.

The international formulation business during the quarter grew by 62.7% at Rs.63.4 Crs as against Rs.39.0 Crs during the same period last year

Regulated Markets

The regulated market during the quarter grew by 69.8% at Rs.57.3 Crs as against Rs.33.7 Crs during the same quarter last year.

Indoco has received the Establishment Inspection Report (EIR) from USFDA for Sterile facility (Plant II) and Solid Dosages facility (Plant III) located in Goa. Currently Indoco has 22 ANDAs filed from its sites which includes 3 filings in this quarter.

Within Europe, both the major countries U.K and Germany have done well. New business from Spain, Australia and New Zealand has commenced which will boost the sales in the subsequent quarters.

Emerging Markets

The emerging markets for the quarter grew by 16.7% at Rs.6.1 Crs as against Rs.5.2 Crs during the same quarter last year. The focus on emerging markets is clearly on trade business and brand building. The emphasis is on strengthening Indoco’s presence in the niche segment of Opthalmics and Stomatologicals. 

INDOCO’S future outlook also is very impressive.

*  *  *  E  N  D  *  *  *