Despite a revenue rise of 4.5%, Indian pharma firm Indoco Remedies Limited started off the 2023 financial year with a rough Q1 as rising costs, lower income and a higher effective tax rate saw year-on-year profits plunge 37%.
Indoco Underperforms Amid Difficulties At Goa Plants
Company Now Facing Losses Following Fire At Waluj Facility
Difficulties at two of its manufacturing facilities in Goa have led to a disappointing Q1 for Indoco, as the firm saw milestone payments delayed after receiving official action indicated status from the FDA.
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