Indoco Remedies has recorded revenues at Rs 1480.5 million during the first quarter of FY 2013-14 as compared to Rs 1511.6 million over the same quarter last year. Profit Before Tax has been reported at Rs 110.0 million and Profit After Tax at Rs 91.8 million. The un-audited results for the first quarter of the financial year 2013-14 were announced by the Board of Directors of Indoco Remedies at their meeting held in Mumbai.
Suresh G Kare, Chairman, Indoco Remedies said, “Slowdown in the domestic market and pre implementation pangs of pricing policy had an overall impact on our sales. With announcement of the new pricing policy and onset of monsoon, the growth momentum is expected to pick up in the coming quarters. International business revenue and margins will improve with the commencement and ramp up of sales of sterile formulations in the US markets and take the company on high growth trajectory.”
EP News Bureau – Mumbai