The share price of this leading Pharma company increased by 3.5 percent after the firm received approval from The United States Food and Drug Administration ( USFDA) to produce new medicines.
With a market capitalization of Rs 2,850.73 crores, the shares of Indoco Remedies Ltd closed at Rs 316.85 a piece on Wednesday’s trading session . Comparing today’s high of Rs 320.35 per share to previous close of Rs 309.25 per share, the shares surged by 3.5 percent.
The changes in the share price were observed after the company received an approval from The United States Food and Drug Administration (USFDA) for the application of new tablets named Canagliflozin and Metformin Hydrochloride.
As per the company’s filings, Tablets will be manufactured by the company at their manufacturing facility located at L-14, Verna Industrial Area, Goa. The tablets are used to treat type 2 diabetes mellitus.
Taking a look into the financials of Indoco Remedies Ltd, The revenue from operations decreased by 1.9 percent from Rs. 459 crores in Q3FY24 to Rs. 450 crores in Q4FY24. On a year-on-year basis, it increased by 8.8 percent from Rs. 1,669 crores in FY22-23 to Rs 1,817 crores in FY23-24.
The net profits of the company increased by 37.5 percent from Rs. 16 crores in Q3FY24 to Rs. 22 crores in Q4FY24. On a year-on-year basis, it decreased by 31.6 percent from Rs. 142 crores in FY22-23 to Rs 97 crores in FY23-24.
As of March 2024, the ROE stood at 8.87 percent. The ROCE was 10.59 percent and the debt to equity stood at 0.61 times.
The company derives its revenues from the manufacturing and marketing of Formulations (Finished Dosage Forms) and Active Pharmaceutical Ingredients (APIs).
As of March 2024, its shareholding pattern stood at 58.72 percent for promoters,19.95 percent for the public, 19.41 percent for domestic institutional investors, and 1.91 percent for foreign institutional investors.
Headquartered In Mumbai, Indoco Remedies is a leading pharmaceutical company that focuses on formulations, with limited presence in contract manufacturing and research. The company has seven decades of presence in the Indian Pharma market and a strong foothold in the international market across 55 countries.
Written by Zahal
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