Indoco Remedies posts 75% yoy rise in net profit for Q3; stock up 1.6%

Indoco Remedies posts 75% yoy rise in net profit for Q3; stock up 1.6%
Indoco Remedies posted revenues of Rs283.4cr during the third quarter of FY20 vs. Rs248.0cr for the same quarter last year, rising 14.3% yoy.

For the quarter, the company posted a profit of ~Rs9.3cr vs. Rs5.3cr same quarter last year, up 75% yoy.

Commenting on the third quarter results, Aditi Panandikar, Managing Director, Indoeo Remedies Ltd., said, "Durint; the third quarter, India Business continued the growth momentum by clocking a growth of 17%. International business registered a growth of 21% in the third quarter. Considering the planned product launches in US, we expect the growth momentum in International business to continue."

Indoco Remedies Ltd., headquartered in Mumbai, is a fully integrated, research-oriented pharma Company with presence in 55 countries. Indoco, a $140mn company, employs over 6000 people including more than 300 skilled scientists.
Indoco Remedies Ltd is currently trading at Rs231.25 up by Rs3.7 or 1.63% from its previous closing of Rs227.55 on the BSE.
The scrip opened at Rs230.85 and has touched a high and low of Rs236.35 and Rs227.40 respectively. So far 3,54,433 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs2,096.88cr.




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