Indoco Remedies Ltd Share Price – NSE  /  BSE

Pharmaceuticals, Small Cap

Net profit of Indoco Remedies declined 89.26% to Rs 2.62 crore in the quarter ended June 2024 as against Rs 24.39 crore during the previous quarter ended June 2023. Sales rose 1.79% to Rs 424.29 crore in the quarter ended June 2024 as against Rs 416.81 crore during the previous quarter ended June 2023.

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Indoco Remedies will hold a meeting of the Board of Directors of the Company on 23 July 2024.

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Indoco Remedies announced the receipt of tentative approval from the USFDA for Abbreviated New Drug Application (ANDA) for Canagliflozin and Metformin Hydrochloride Tablets, 50 mg/500 mg, 50 mg/1000 mg, 150 mg/500 mg and 150 mg/1000 mg, a generic equivalent of Invokamet® Tablets, 50 mg/500 mg, 50 mg/1000 mg, 150 mg/500 mg and 150 mg/1000 mg.

This product, Canagliflozin and Metformin Hydrochloride Tablets, will be manufactured by Indoco Remedies, at their manufacturing facility located at L-14, Verna Industrial Area, Verna, Goa - 403722 in India.

Canagliflozin and Metformin Hydrochloride Tablets are used to treat type 2 diabetes mellitus.

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Canagliflozin and Metformin Hydrochloride Tablets are used to treat type 2 diabetes mellitus. The product will be manufactured by the company at its manufacturing facility located at Goa. Canagliflozin and

Aditi Panandikar, managing director said, “We are excited to receive the tentative approval from the USFDA for our Canagliflozin and Metformin Hydrochloride Tablets. This milestone underscores our commitment to bringing affordable and effective treatment options to patients managing type 2 diabetes.”

Indoco is a fully integrated, research-oriented pharmaceutical company. The company has 11 manufacturing facilities, 7 for FDFs and 4 for APIs, supported by an R&D Centre and a CRO facility.

Indoco Remedies consolidated revenue grew by 2.4% YoY to Rs 439.08 crore while the profit after tax declined by 14.6% YoY to Rs 22.03 crore.

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