Stockgram

Indoco Remedies Ltd slipped into the red in the March quarter, posting a consolidated net loss of ₹40.4 crore compared to a net profit of ₹22.7 crore in the same quarter last year.





The sharp reversal in profitability was partly driven by a 12.5% year-on-year decline in revenue, which fell to ₹384 crore from ₹439 crore a year ago.





“While this has been a challenging year for Indoco, there are several optimistic triggers which give us confidence for a better future, both in the short as well as long term,” said Aditi Panandikar, Managing Director.





The board of directors has recommended a final dividend of ₹0.20 per equity share (face value ₹2), subject to shareholder approval at the upcoming Annual General Meeting.





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Following the earnings announcement, shares of Indoco Remedies saw sharp fall. The stock fell over 12% from its day’s high of ₹273.75 to hit a low of ₹240.25.





As of 3:13 PM, the stock was trading at ₹242.40 on the BSE, down 7% for the day.