Pharma player IPCA Laboratories said that its formulations manufacturing facility at SEZ Indore has received the Establishment Inspection Report from the US Food and Drug Administration (US FDA).
Shares of the company were trading marginally up at Rs 985.75 at 9.55 am on NSE.
The regulator classified the , Pithampur, Madhya Pradesh, unit as voluntary action indicated (VAI). This means that the facility is considered to be in a minimally acceptable state of compliance with regard to current good manufacturing practice (CGMP). The inspection was conducted from June 15 to June 23. At that time, the company had received eight Form 483 observations.
A CNBC-TV18 report had said that labs at the unit did not have scientifically sound and appropriate test procedures and that procedures applicable to the quality control unit were not fully followed.
IPCA Labs will release its Q2 results on November 10. The company had a 14 percent growth in consolidated net profit to Rs 162.82 crore in the first quarter of FY 24 from Rs 143.06 crore in the year-ago period.
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