Revenue from operations grew by 4.63% year on year to Rs 413.19 crore in the quarter ended 30 June 2023.

Profit before tax in Q1 FY24 was at Rs 35.67 crore, down 26% as against Rs 48.20 crore reported in Q1 FY23.

Total expenses rose 7.42% YoY to Rs 387.62 crore in Q1 FY24. Cost of materials consumed was at Rs 99.62 crore (up 13.13% YoY) and employee benefit expenses stood at Rs 90.32 crore (up 8.75% YoY) during the quarter.

EBIDTA stood at Rs 62.9 crore in the first quarter of FY24, registering a de-growth of 11.78% from Rs 71.3 crore posted in Q1 FY23. EBIDTA margin reduced to 15.2% in Q1 FY24 as compared to 18.1% recorded in the same period a year ago.

Aditi Panandikar, managing director, Indoco Remedies, said, “Our first quarter results demonstrate good growth in API business, complemented by steady performance in the Domestic Formulation business. We remain optimistic for the rest of the year and are committed to building and further strengthening our position in the market.”

Indoco Remedies is engaged in the manufacturing and marketing of Formulations (finished dosage forms) and active pharmaceutical ingredients (APIs).

Shares of Indoco Remedies were up 0.09% to Rs 329.80 on the BSE.