Indoco Remedies reports net loss of ₹35.6 crore in Q1, margin contracts

Mumbai-based pharmaceutical company Indoco Remedies Ltd. reported a net loss of ₹35.6 crore for the quarter, compared to a net profit of ₹2.6 crore in the same period last year.

Revenue rose marginally by 1.5% year-on-year to ₹438 crore, up from ₹431.5 crore a year ago.

However, operating performance weakened sharply, with EBITDA plunging 62.8% year-on-year to ₹17.8 crore, compared to ₹47.8 crore in the corresponding quarter.

As a result, EBITDA margin contracted to 4.06%, down from 11.08% in the year-ago quarter.

Following the earnings announcement, shares of Indoco Remedies Ltd. fell to hit a day's low of ₹291. The stock has risen over 11% in the last one month.