Revenue from operations grew by 6.94% year on year to Rs 428.05 crore in the quarter ended 31 March 2023.

Profit before tax in Q4 FY23 was at Rs 38.33 crore, down 35.77% as against Rs 59.68 crore reported in Q4 FY22.

Total expenses rose 11.48% YoY to Rs 389.62 crore in Q4 FY23. Cost of materials consumed was at Rs 92.40 crore (down 29.69% YoY) and employee benefit expenses stood at Rs 76.38 crore (up 3.9% YoY) during the quarter.

EBIDTA stood at Rs 64.2 crore in the fourth quarter of FY23, registering a de-growth of 20.25% from Rs 80.5 crore posted in Q4 FY22. EBIDTA margin reduced to 15% in Q4 FY23 as compared to 20.1% reported in the same period a year-ago.

On full year basis, the company's net profit declined 8.52% to Rs 141.36 crore despite of 9.01% increase in revenue to Rs 1,638.13 crore in FY23 over FY22.

Aditi Panandikar, managing director of Indoco Remedies, said, “Our performance this year is a function of a predictable performance of India business, free of COVID impact, accompanied by a good performance of Export business”.

Meanwhile, the company's board has recommended a dividend of Rs 2.25 per equity share for FY23, subject to the approval of the members at the ensuing 76th AGM.

The pharma company said that Suresh G Kare's term as chairman and whole-time director of the company will end on 30 June 2023,

Further, Kare was reappointed as chairman of the company in the capacity of non-executive non independent director with effect from 1 July 2023, subject to the approval of shareholders.

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

Shares of Indoco Remedies were down 0.85% to Rs 345.45 on the BSE.