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Indoco Remedies aims to triple its revenue in less than five years

Indoco Remedies aims to triple its revenue in less than five years

Indoco Remedies aims to triple its revenue in less than five years
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By CNBCTV18.com Nov 22, 2022 11:01:19 AM IST (Published)

In a meeting with analysts, the company said that it plans on achieving this target through both organic and inorganic routes.

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Formulations and API manufacturer Indoco Remidies is aiming for full-year revenue of Rs 5,000 crore in less than five years.
The figure is more than triple the Rs 1,500 crore revenue it clocked in financial year 2022.

In a meeting with analysts, the company said that it plans on achieving this target through both organic and inorganic routes.

The management said that growth in the US and the European Union is on the back of an order book worth Rs 150 crore each.

Indoco Remedies is a company primarily engaged in the manufacturing and marketing of pharmaceutical Formulations (Finished Dosage Forms) and Active Pharmaceutical Ingredients (APIs).

The company said that it was looking to launch 2-3 injectables for the US along with a few ophthalmic products in the next 6 months.

For the India business, the company is estimating revenue growth of 5 percent for the current financial year, despite a Covid base and revenue declining 5 percent during the first half of the current financial year. The company is also hopeful of receiving a large order for Brinzolamide eye drops

On the margin front, Indoco Remedies expects the same to touch the figure of 23-24 percent in the next three years. For the September quarter, EBITDA margin stood at 21.7 percent.

For the September quarter, Indoco Remedies reported a 11.9 percent jump in overall sales while net profit grew 20 percent from last year.

Shares of Indoco Remedies have given up most of the gains and are trading little changed at Rs 377.10.

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