Indoco Remedies Ltd.

Message From the Top Management

Dear Stakeholders,

It has been an incredible journey of 76 years of touching lives and spreading smiles with our quality and affordable medicines. We express our sincere appreciation for your continuous support and trust in the organization. The Financial year 2022-2023 has been a year of opportunities and challenges, however, we have been consistent in our performance with annual total revenues of ₹ 1638 crores.

The Company grew by 9 % with revenues at ₹ 1638 crores, as against ₹ 1503 crores in the previous year. Domestic Formulation Business was flat as we had covid impact during previous year. International Formulation Business grew by 22 % with revenues at ₹ 754 crores, as against ₹ 620 crores of previous year. API business grew by 11% with revenues at ₹ 71 crores, as against ₹ 63 crores of previous year.

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBIDTA) to net sales is 17.4% at ₹ 285 crores, compared to 21.8 % at ₹ 327 crores, last year.

We are constantly striving to expand our research and development capabilities and are investing in innovative technologies, strategic partnerships and nurturing a culture of innovation to address the unmet health needs of patients across the globe.

Recently, Indoco acquired 85% of equity stake of the US based FPP Holding Company, LLC (“FPP Holding”) for USD 4 Million from Contract Pharmacal Corp. (“CPC”). FPP Holding is the holding company of Florida Pharmaceutical Products, LLC (“FPP”) which is based in Florida and engaged in marketing and distribution of generic pharmaceutical products in the USA. This strategic investment marks a significant milestone for the Company, solidifying its position as a key player in the US market. The smart synergy between Indoco and FPP will enable the Company to commercialize its registered generic products with a direct presence in the USA.

The Indian pharmaceutical industry, like any other, is subject to various uncertainties, including regulatory changes, pricing pressures, intellectual property issues and global economic fluctuations. India's growing middle class, increased healthcare awareness, and rising disposable incomes are driving the demand for pharmaceutical products within the country.

We are dedicated to upholding our CSR mission by actively supporting the underprivileged, with a significant focus on improving the well-being of women, the elderly and children. Our relentless efforts are geared towards making a meaningful and positive difference in the society, aiming to enhance lives and build a brighter future for all.

We extend our deepest gratitude to all Indocoites, our stakeholders, shareholders, customers, bankers and the medical fraternity for their unwavering dedication and support. Together, we can create a brighter, healthier future for all. We are excited about the journey ahead and look forward to our shared success.

Thanking you all,


Suresh G. Kare
   Chairman  

Aditi Panandikar
Managing Director

Sundeep V. Bambolkar
Jt. Managing Director