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Last Updated : Aug 13, 2019 12:58 PM IST | Source: Moneycontrol.com

Indoco Remedies up 7% on strong Q1, Hyderabad unit clears USFDA review

Revenue rose 16 per cent to Rs 252.7 crore from Rs 217.8 crore in Q1 2018

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Shares of Indoco Remedies rose more than 7 per cent intraday on August 13 after the company reported returning to profit in the quarter ended June 2019.

The company reported consolidated net profit of Rs 1.8 crore in Q1FY20 against a loss of Rs 12.2 crore in the same quarter last fiscal.

Revenue jumped 16 per cent to Rs 252.7 crore against Rs 217.8 crore in the year-ago period, the company said.

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Earnings before interest, tax, depreciation and amortization (EBITDA) was up 96.5 per cent at Rs 22.4 crore against Rs 11.4 crore, while margin was up 370 bps at 8.9 per cent, it added.

The company said in a statement that its clinical research organisation, Anacipher, located at Hyderabad, had come under a walk-in surveillance inspection by the United States Food and Drug Administration (division of New Drug Bioequivalence Evaluation) between August 5 and August 9, 2019.

The inspection was concluded successfully with no adverse observations or issue of form 483, the statement said.

Aditi Kare Panandikar, Managing Director, Indoco Remedies, said, "This is the fourth successive USFDA inspection with zero 483 for its CRO (clinical research organisation), Anacipher. We are committed to strict adherence to regulatory guidance and maintaining highest standards in delivering quality services to our clients."

At 12:28 hrs Indoco Remedies was quoting at Rs 158.85, up Rs 6.25, or 4.10 per cent on the BSE.

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First Published on Aug 13, 2019 12:58 pm
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