Net profit of Indoco Remedies rose 178.68% to Rs 25.36 crore in the quarter ended December 2020 as against Rs 9.10 crore during the previous quarter ended December 2019. Sales rose 17.71% to Rs 333.66 crore in the quarter ended December 2020 as against Rs 283.45 crore during the previous quarter ended December 2019.

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Net revenue during the quarter rose 17.6% year-on-year (YoY) to Rs 333.3 crore. EBIDTA in Q3 December 2020 improved 70.8% to Rs 60 crore from Rs 35.1 crore in Q3 December 2019. EBIDTA margin was at 18% as on 31 December 2020 as against 12.4% as on 31 December 2019.

Profit before tax in third quarter stood at Rs 37.63 crore, up by 239.9% from Rs 11.07 crore in the same period last year.

Current tax outgo rose 5.23 times YoY to Rs 11.71 crore in Q3 FY21 from Rs 2.24 crore in Q3 FY20.

Commenting on the third quarter FY21 results, Aditi Panandikar, managing director, Indoco Remedies, said, While the revenue from International business has registered a robust growth of 73%, we are yet to see revival in the Domestic business. Uptrend in EBIDTA has continued in the 3rd quarter at 18% of net sales, which is highly encouraging.”

Indoco Remedies is a fully integrated, research oriented pharma company with presence in 55 countries.

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Indoco Remedies will hold a meeting of the Board of Directors of the Company on 9 February 2021.

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Indoco Remedies announced that it won major tendersworth Rs. 140 crore in Germany, including the AOK for Allopurinol Tablets.

The revenue expected from this business is Rs. 70 crore per annum. The supplies to Germany will begin from January 2021 and continue till end of 2022. API consumption will be approx. 100 metric tons per year for this supply.

Indoco manufactures Allopurinol API at its new API manufacturing site at Patalganga. The new API site has a capacity to manufacture 25 tons of Allopurinol per month or 300 tons annually.

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