Recommends 10 per cent final dividend in addition to 70 per cent interim dividend announced earlier
Indoco Remedies has reported a 6.7 per cent growth in Jan-Mar net profit at Rs 20.0 crores compared to Rs18.7 crores in the corresponding quarter last year aided by increased revenue from international markets.
Total revenue for the fourth quarter grew by 25.5 per cent to Rs 263.4 crores compared to Rs 209.9 crores in the corresponding quarter last year.
The board has also recommended a final dividend of 10 per cent that along with the interim dividend of 70 per cent declared earlier in the year gives a total dividend of 80 per cent for the financial year under review.
“The approval from US FDA for Goa I in the month of March and recent approval for Goa II facility has validated the strength of our quality systems. The re-affirmation by the US drug regulator will give further boost to our presence in regulated market, revenues from which have grown by 53 per cent during the quarter,” said Aditi Panandikar, MD, Indoco Remedies.
During the quarter, international revenues constituted 46.2 per cent of the total revenue pie compared to 38.7 per cent in the corresponding quarter last year. For the entire year, international revenues constituted 42.6 per cent of the total revenue pie compared to 37.3 per cent in the previous year. For the year ended March 31, 2016, the company posted a net profit at Rs 83.32 crores and a total revenue of Rs 1000.4 crores.
The company’s domestic formulation business introduced three new products of which two were in vitamin/minerals/nutrients segment and one in Gynaec during the quarter, taking the tally of new product launches to 20 in the just concluded financial year of 2015-16.
In January 2016, the company received ‘Best Process Patent Award 2014-15’ from Indian Drug Manufacturers Association (IDMA) at their 54th Annual Day celebration in January 2016, for manufacturing process of Lacosamide and Tapentadol.