Indoco Remedies Ltd Share Price – NSE  /  BSE

Pharmaceuticals, Small Cap

Indoco Remedies has allotted 31,850 equity shares under ESOP on 29 March 2024. Consequent to this allotment, the paid-up capital of the Company stands increased from Rs. 18,43,00,710 (consisting of 9,21,50,355 equity shares of face value of Rs. 2 each) to Rs. 18,43,64,410 (consisting of 9,21,82,205 equity shares of face value of Rs. 2 each).

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Indoco Remedies announced that its wholly owned subsidiary, Warren Remedies has commenced its commercial production on 24 March 2024 from its greenfield manufacturing facility located at Aurangabad, Maharashtra to manufacture Pharmaceutical Intermediates and Active Pharmaceutical Ingredients (APIs).

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Indoco Remedies is acquiring land (which was previously held by the Company on leasehold rights) admeasuring 2,860.75 square meterssituated at Plot No.18/A of Mahal Industrial Estate, Village Mulgaon, Taluka Andheri, District Mumbai Suburban from an unrelated third-party seller “Saldanha Realty and Infrastructure LLP” for the expansion plans of the Company. Accordingly, the Company executed the Indenture of Conveyance for the purchase of the aforesaid land.

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However, revenue from operations grew by 9.2% year on year to Rs 448.38 crore in the quarter ended 31 December 2023.

Profit before exceptional items and tax was at Rs 35.22 crore in the December quarter, down 6.95% from Rs 37.85 crore reported in Q3 FY23. During the quarter, the company reported exceptional item of Rs 8.20 crore towards one time compensation to certain employees for their full & final settlement.

EBIDTA stood at Rs 65.3 crore in the third quarter of FY24, registering growth of 5.83% from Rs 61.7 crore posted in Q3 FY23. EBIDTA margin declined to 14.6% in Q2 FY24 as compared to 15% recorded in the same period a year ago.

On nine month basis, the company’s net profit fell 31.82% to Rs 79.08 crore despite of 9.65% increase in revenue to Rs 1326.81 crore in 9M FY24 over 9M FY23.

Aditi Panandikar, managing director of Indoco Remedies, said, “Our Q3 performance is primarily driven by International business - particularly US and Emerging Markets, API business and steady performance by India business.”

Indoco Remedies is engaged in the manufacturing and marketing of Formulations (finished dosage forms) and active pharmaceutical ingredients (APIs).

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