November 2022, Mumbai:  IOL Chemicals and Pharmaceuticals Limited, a leading manufacturer of pharmaceutical (APIs) and specialty chemicals reported results for the second quarter ended September 30, 2022 as highlighted herein below:

Q2FY23 Financial Highlights

(Rs in Crore)

Commenting on the performance of the Company during the quarter, Dr Sanjay Chaturvedi, Executive Director & CEO said, “The global economy is going through a roller-coaster ride as central banks battle inflation through rate hikes. Apart from inflation, the global trade is also impacted by uncertain business environment following Russia’s invasion of Ukraine and frequent lockdowns in China, thereby leading to supply chain disruptions.

For the Indian API manufacturers and specialty chemicals players, the major challenge comes from volatile input costs with raw material and energy prices both impacting the profitability. However, we expect the headwinds to subside going into the second half of this financial year and strongly believe that the worst is behind us in terms of challenges. IOL Chemicals has improved the operational efficiency over last few quarters and we believe this would give us an edge in terms of expanding our margins next quarter onwards.”

During the quarter under review, the Company registered with REACH Certificate for Ethyl Acetate with a tonnage band of more than 1000 TPA in accordance with EU REACH Regulation on Chemicals and their Safe Use. This certification allows the Company to export Ethyl Acetate across all the countries in European Union.

The Company has invested US$2.1 million in USpharma Limited, an USA based Company that develop novel drug delivery technologies.

EDQM Authority issued CEP Certificate for Pantoprazole Sodium Sesquihydrate and Levetiracetam. This will enable the Company to export in European Market. The Company has been granted Patent on “Sitagliptin Process” from Indian Patent Office, Government of India on 2nd November 2022