Indoco Remedies slumps after dismal Q3 performance

Indoco Remedies tumbled 8.60% to Rs 369.95 after the company's net profit declined 15% to Rs 27.9 crore despite an 18% rise in net revenues to Rs 410.6 crore in Q3 FY23 over Q3 FY22.

EBIDTA fell by 16% YoY to Rs 61.7 crore while EBIDTA margin contracted by 610 bps to 15% during the quarter.

Operating profit in Q3 FY23 stood at Rs 57.3 crore, down by 15% from Rs 67.5 crore in Q3 FY22.

Aditi Panandikar, managing director, Indoco Remedies, said, A good performance in domestic business and an excellent growth in export business has allowed us to post good results this quarter.

 

Indoco Remedies, headquartered in Mumbai, is a fully integrated, research-oriented pharma company with presence in 55 countries.

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