Indoco Remedies rallies on successful inspection at Goa plant

Mumbai based Indoco Remedies on Monday informed the bourses about successful inspection at Goa plant II.

The company’s sterile manufacturing facility at Verna, Goa, plant II has successfully completed an inspection conducted by the UK Health Regulator, MHRA. The inspection was held from 16th to 20th September 2019 and resulted in 2 observations.

As per the management, the sterile manufacturing site is expected to receive the EUGMP certification soon, following this recent inspection.

Indoco Remedies has 9 manufacturing facilities, 6 of which are for FDFs and 3 for APls, supported by a state-of-the-art R&D centre and a CRO facility.

For the recent quarter Q1FY20, the company had posted revenues of Rs. 247.2 as compared to Rs. 212.5 crores for the same quarter last year, registering a yoy growth of 16 per cent. The company posted a profit of Rs. 2.2 crores for Q1FY20 as against loss of Rs. 12.0 crores same quarter last year.

Reacting to this positive announcement, the stock price gained nearly 7 per cent and made an intraday high of Rs. 168.85 on the BSE. The stock had hit 52-week high of Rs. 238 on November 26, 2018 and made 52-week low of Rs. 133.80 on August 29, 2019 on the BSE.