Indoco Remedies surges on USFDA approval for its manufacturing facility at Goa

Indoco Remedies (IRL) bagged an approval from the US Food and Drug Administration (USFDA) for company’s solid dosage manufacturing facility in Goa. The company received the Establishment Inspection Report (EIR) approval for this manufacturing plant. The inspection by the USFDA is completed on October 2015. The previous USFDA inspection for IRL’s facility was held in August 2012.

According to the company’s management, IRL’s plant has a capacity to manufacture 2.2 billion tablets, 32 million bottles of liquid orals, 16 million tubes of creams and ointments and 60 million capsules of hard gelatin. Apart from approval from the USFDA, IRL’s Goa facility is also approved by UK-MHRA, MCC-South Africa, TGA-Australia and ANVISA-Brazil.

On the financial front, IRL’s revenue has increased by 19.71 per cent to Rs 259 crore in Q3FY16 as compared to the same period in previous fiscal year. The company’s EBITDA raised by 1 per cent to Rs 43.31 crore in Q3FY16 on yearly basis. However, its net profit declined by 5.55 per cent to Rs 20.42 crore in Q3FY16 as compared to same period in previous financial year. The share price of IRL is increased by 17.45 per cent on bourses in early trades and is trading at Rs 298.35 on intraday basis.

IRL is a manufacturer of pharmaceutical products. The company is engaged in the manufacturing and marketing of formulations and active pharmaceutical ingredients (APIs). It has 8 manufacturing facilities, five of which are for FDFs and 3 for APIs, supported by a state of the art R&D Centre and a CRO facility. The company develops and manufactures a wide range of pharmaceutical products for the Indian and international markets. IRL has a brand portfolio in various therapeutic segments, including respiratory, anti-ineffective, dental care, pain management, gastro-intestinal, ophthalmic, cardio vascular and anti-diabetics.