IOL Chemicals and Pharmaceuticals Limited on Tuesday reported results for the third quarter and nine months ended 31st December 2023.
According to the company’s statement, net profit of IOL Chemicals & Pharmaceuticals declined 39.73% to Rs 24.15 crore in the quarter ended December 2022 as against Rs 40.07 crore during the previous quarter ended December 2021.
Sales declined 5.70% to Rs 523.48 crore in the quarter ended December 2022 as against Rs 555.14 crore during the previous quarter ended December 2021.
In Q3FY23, EBITDA was at Rs. 50 Crore as compared to Rs. 37 Crore QoQ and Rs 68 Crore YoY. The company also stated that Paracetamol capacity expansion by 1,800 MTPA was completed. The Company is focusing on frugal manufacturing practices to reduce raw material costs and expand margins
The pharma major was granted a patent for “an improved safe process for the preparation of Sartan drugs of Formula I” by the Indian Patent Office. Recently received EUGMP Certification from the National Institute of Pharmacy and Nutrition, Hungary, which will help the Company in more penetration in the European market for its products.
“The quarterly performance reflects our commitment to control our costs and improve our margin trajectory. For the third quarter, EBITDA and Net Profit margins – both have improved sequentially. Apart from cost rationalisation, we have completed our capacity enhancement of Paracetamol by 1,800 MTPA to take total capacity to 3,600 MTPA with Backward integration of Para Amino Phenol (PAP) and we expect this capacity enhancement to boost volume growth from next quarter onwards,” Dr. Sanjay Chaturvedi, Executive Director & CEO said in a statement.
The Company’s product portfolio includes APIs; Ibuprofen, Metformin, Fenofibrate, Clopidogrel, Lamotrigine, Pantoprazole, Paracetamol and specialty chemicals such as Ethyl Acetate, Iso Butyl Benzene, Mono Chloro Acetic Acid and Acetyl Chloride.
The company is the World’s largest producer of Ibuprofen with an installed capacity of 12,000 TPA and having backward integrated manufacturing facility.
