Indoco Remedies hit by lower domestic sales during the quarter ended June 2009 and its net profit declined sharply by 31.4 per cent to Rs 16.88 crore from Rs 24.60 crore in the similar period of last year. Despite higher exports its net sales declined by 10.2 per cent to Rs 98.34 crore from Rs 109.49 crore. The fall in profit impacted earning per share, which nosedived to Rs 13.74 from Rs 20.02 in the last period.
The company's exports increased by 16.1 per cent, but its domestic formulation sales declined by 17.5 per cent. The sales declined due to it introduction certain credit control measures in the current and previous quarters. However, the de-growth in domestic sales was much lower as compared to earlier quarters. The products like Cyclopam, Tuspel Plus, MCBM-69, Clokit, Febrex Plus Drops, etc., achieved positive trend during the quarter under review.
Exports to regulated market registered a growth of 15 per cent to Rs 22.47 crore from Rs 19.54 crore. Its Baddi facility received UK MHRA approval. The AOK (Germany) tender dispatches are in full swing and its API plant at Patalganga received approval for supply of metformin API for the OAK tender. The exports to emerging markets increased by 24.09 per cent to Rs 4.48 crore from Rs 3.61 crore.
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