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Indoco Remedies Q3 Results Review — Regulated Market Performance Remains Subdued; Systematix Retains 'Hold'
Margins were lower due to higher-than-expected other expenses and employee cost margin, adds the brokerage.
22 Jan 2025, 09:46 AM IST 
Indoco Remedies’ Q3 FY25 revenue came higher than our expectations, while margins and net earnings were moderately lower than brokerages' estimates.
(Source: Tima Miroshnichenko/ pexels)
Indoco Remedies' revenues were lower on a YoY (~10.6%) & QoQ (~5.1%) basis due to underperformance in the regulated market sales, led by ongoing remediation efforts post U.S. Food and Drug Administration warning letter for its Goa Plant II, and refurbishment of existing plants under master manufacturing plan, affecting US, Europe and Emerging Markets sales.
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