Ipca Laboratories Ltd - Stock Valuation and Financial Performance

BSE: 524494 | NSE: IPCALAB | Pharmaceuticals & Drugs | Mid Cap

Ipca Laboratories Share Price

1,445.55 -51.75 -3.46%
as on 21-Feb'25 16:59

DeciZen - make an informed investing decision on Ipca Laboratories

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Ipca Laboratories stock performance -

P/E Ratio (SA):
46.98
Market Cap:
36,674.2 Cr.
52-wk low:
1,061
52-wk high:
1,757.7

Is Ipca Laboratories Ltd an attractive stock to invest in?

1. Is Ipca Laboratories Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Ipca Laboratories Ltd is a good quality company.

2. Is Ipca Laboratories Ltd undervalued or overvalued?

The key valuation ratios of Ipca Laboratories Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Ipca Laboratories Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Ipca Laboratories Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Ipca Laboratories:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Ipca Laboratories Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE %
13.5%4.5%9%9.5%16.8%20.8%30.5%19.3%11.8%12.8%-
Value Creation
Index
-0-0.7-0.3-0.30.20.51.70.70.10.1-

Growth Parameters

Growth Parameters Colour Code Guide

Sales
3,0882,8043,1023,1933,6064,3385,1145,4055,7756,1246,550
Sales YoY Gr.
--9.2%10.7%2.9%12.9%20.3%17.9%5.7%6.8%6.1%-
Adj EPS
9.84.56.9918.325.94434.220.123.330.8
YoY Gr.
--54%54.1%30.2%102.9%41.7%69.7%-22.3%-41.3%16.1%-
BVPS (₹)
88.590.598.1106.8124.1145.1187.3215.8231.7250.2276.2
Adj Net
Profit
2471131752274626551,116867509591781
Cash Flow from Ops.
4556962713244965611,096832762831-
Debt/CF from Ops.
21.22.61.90.90.80.20.91.91.4-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 7.9%11.2%6.2%6.1%
Adj EPS 10.1%5%-19.1%16.1%
BVPS12.3%15.1%10.1%8%
Share Price 15.6% 14.7% 14.6% 17.5%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity %
11.757.38.815.819.226.51799.711.7
Op. Profit
Mgn %
16.410.71313.419.421.128.722.91619.122.3
Net Profit
Mgn %
845.67.112.815.121.8168.89.711.9
Debt to
Equity
0.40.40.30.20.10.10.10.10.20.2-
Working Cap
Days
19120218720019618918619619218696
Cash Conv.
Cycle
11111110111110911111012613012755

Recent Performance Summary

No data to display

Return on Equity has declined versus last 3 years average to 11.70%

Sales growth has been subdued in last 3 years 6.19%

Net Profit has been subdued in last 3 years -19.07%

Sales growth is not so good in last 4 quarters at 8.10%

Latest Financials - Ipca Laboratories Ltd.

Standalone Consolidated
TTM EPS (₹) 30.8 28.8
TTM Sales (₹ Cr.) 6,550 8,726
BVPS (₹.) 276.2 275
Reserves (₹ Cr.) 6,981 6,952
P/BV 5.23 5.26
PE 46.98 50.28
From the Market
52 Week Low / High (₹) 1060.95 / 1757.65
All Time Low / High (₹) 2.83 / 1757.65
Market Cap (₹ Cr.) 36,674
Equity (₹ Cr.) 25.4
Face Value (₹) 1
Industry PE 37.5

Quarterly Results

 Mar'24 YoY Gr. Rt. %Jun'24 YoY Gr. Rt. %Sep'24 YoY Gr. Rt. %Dec'24 YoY Gr. Rt. %
Sales (₹ Cr.) 1,511 7.81,566 5.41,811 8.91,663 10.3
Adj EPS (₹) 5.2 54.58.1 22.59.6 28.810.6 95.7
Op. Profit Mgn % 19.35 682 bps22.56 253 bps22.20 125 bps24.72 660 bps
Net Profit Mgn % 8.66 261 bps13.04 182 bps13.48 207 bps16.09 702 bps

Management X-Ray of Ipca Laboratories:

Shareholding Pattern

JavaScript chart by amCharts 3.21.5
JavaScript chart by amCharts 3.21.5Promoters:44.72%Institutions:46.74%Non-Institutions:8.53%

Promoter's Holding & Share Pledging

JavaScript chart by amCharts 3.21.5Sep22Dec22Mar23Jun23Sep23Dec23Mar24Jun24Sep24Dec240%10%20%30%40%50%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of Ipca Laboratories

MRP
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MOS
spaceLock icon%
DP
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Base EPS
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DPS
spaceLock icon
MRP: ₹ 0
DP: ₹0
Base EPS ₹:
DPS ₹:
MOS (%):
Expected EPS Growth Rate:
0%
Base 0%
50%
Expected Rate of Return:
0%
Base 0%
50%
Future PE:
0
Base 0
200
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max

Event Update

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Analyst's Notes

Ipca Laboratories: Q1FY24 Result Update - 19 Aug 2023

Particulars

Q1FY24

YoY Trend

Comments

Revenue

1,588

+2%

 9% growth in formulations segment (domestic driven)   masked 23% decline in API segment  

EBITDA

308

+14%

 

EBITDA Margin

14.8%

+243 bps

 Decline in input costs as well as other expenses aided   margin expansion

PAT

164

+14%

 

Good results, with overall revenue growth and margin expansion.

 

IPCA Labs: Quarterly Result update - 18 Jun 2020

Results: Ipca Labs reported 22% growth in sales and 30% growth in operating profit. Due to

Key highlights: 

  • Overall formulation (finished drugs) business grew by 17% year on year during the quarter. Out of this domestic business grew by 21% and export business grew 11.4% during the same period.
  • The year on year growth in export was contributed by generics (40%) while branded and institutional formulations declined by -19% and -3% respectively.
  • API business  (ingredients) grew by 30% year on year. Out of this domestic growth was 41% and export growth was 27%.

Outlook: Ipca Labs says that HCQS sales due to Covid-19 contributed marginally. It doesn’t expect any impact due to ban on use of HCQS for Covid-19 treatment. The company has grown faster than peers in April and May in domestic market. Expected growth rate of 14-17% is expected in FY21.

In previous note we had said, we are recommending 50% SELL to take advantage of this rally, we are not recommending 100% SELL. We will like to see future prospects of the company over next few quarterly results as it has been delivering good growth in addition to current tailwind.”

We continue to recommend HOLD for now as we are seeing good traction in growth over medium term.

IPCA Labs: All positives baked in? - 09 Apr 2020

IPCA Labs has got USFDA exemption for HCQ supplies. The expectation is very high that this drug will be a game changer for IPCA Sales.

We do not find merit buying IPCA labs at current prices as we find that the stock was already trading on higher side of fair price. The company has been delivering very good growth rate in past few quarters, this was captured in higher than average valuation for IPCA versus its peers.

Current news of increase in HCQ API and formulations will have one-off. Recent move of 40-50% more than captures the upside from additional volumes. 

We are recommending 50% SELL to take advantage of this rally, we are not recommending 100% SELL. We will like to see future prospects of the company over next few quarterly results as it has been delivering good growth in addition to current tailwind. We had recommended IPCA Labs at average price of Rs. 450/share. Current price is 277% higher.

IPCA Labs: Prospects improving every quarter - 09 Sep 2019

Result Update

IPCA reported strong sales growth of 18% driven by non-recurring steep growth of 47% in APIs export and 13% growth in domestic business. IPCA, the largest producer of Losartan, benefited from steep growth in API business in the quarter, but this growth will reside in subsequent quarter. Operating profit grew by more than 70% year on year. The profit growth was attributable to low margin base in previous year, favourable operating leverage in APIs (more sales on similar costs). US formulations business is yet to revive as they haven’t received approval form USFDA for its plants. Hence R&D expenditures are lower as % of sales.

IPCA earns 50% sales from domestic and exports, earned 70% from formulations business and 30% APIs. The company has low cost manufacturing advantage from i) Scale & ii) Vertically integrated operations.

We continue to be optimistic on IPCA’s prospects and increase valuation in lines with earnings growth. There could be upside risk from USFDA clearing its plants for exports. Sales to other geographies/segments are intact and contributing to overall profits.

Valuation

At current price of Rs. 940/share, IPCA trades at P/E Ratio of ~23X. We recommend HOLD on IPCA Labs upto 3% of portfolio. If you’re overexposed, you can consider switching it to Sun Pharma, Cipla or Lupin in large cap Pharma.

We had recommended BUY on IPCA Labs between 450-520 in FY16-17 when IPCA Labs was out of favour due to USFDA ban on its plants. Buying during times of temporary pain rewards handsomely over 2-3 year period. 

IPCA Labs: Business normalizing - 07 Mar 2019

Results: Good

For Q3FY19, IPCA Labs reported net sales growth of 10% and operating profit growth of 44% year on year thanks to gross margin improvement from higher revenue share from branded business.

 

Currently we are estimating 13% CAGR net earnings growth over 3-5 years on normalized earning per share*. Management gave guidance that future growth is likely to come from Institutional business and Global tender business. US formulations business is yet to revive as they haven’t received approval form USFDA for its plants. Hence R&D expenditures are lower as % of sales. IPCA also has very good domestic business and vertically integrated with API manufacturing which will help it maintain margins. Key strength of IPCA is low cost manufacturing of paracetamol and malaria drugs like HCQS.

We had recommended BUY on Ipca Labs at Rs. 450-520/share in Jun 2016-Feb 2017. We had said, “Recently, due to lower sales in US and low traction in institutional and non-US business has led to severe impact on profitability of IPCA Labs…While we believe that all the negatives are priced in the stock price, the stock may be volatile in near future. Often, negative news gives us great opportunities in select stocks for limited period. We believe that over long term, the stock price catches up with earnings growth. Investors with 3-4 years horizon can consider buying the stock at current levels. Please restrict investment in this stock upto 3-4% of portfolio.”

At today’s price of Rs. 850/share, it is around 20-22% CAGR over 2.5-3 years. Based on our experience, any good business that undergoes a temporary slowdown, it tends to recover over 3-4 years. Some businesses recover faster, we may get lucky and earn very high CAGR. While some do not recover fully, our CAGR will be lower on those stocks. But buying stocks at low valuation when they are out of favour means low downside and more upside on an aggregate.

We prefer Dr. Reddy’s Labs, Lupin and Cipla over IPCA Labs due to better scale, product and geographical diversification. You can consider switching partially to above three. If you wish, you can continue holding small allocation to Ipca Labs.

 

*(Normalized earning per share = EPS during normal course of business. EPS can be depressed due to one off event /temporary down-cycle or inflated due to good upcycle. Businesses must be valued on normalized earning of that business. At times, we may see very elevated P/E ratio, like in case of Pharma where profit margins are currently down. However, normal course of business won’t have as low as today’s margins. Likewise, refineries are currently showing very low P/E ratio ~4-5x. While P/E ratio is around ~10-11x on normalized earning per share, as current margins are very high for refinery stocks due to lower crude oil benefit.)

IPCA Labs: Awaiting resolution on warning letter - 06 Jun 2016

Established in 1949, IPCA Labs is one of India's better managed mid-sized pharma companies by Prem Chand Godha. It has presence in (1) domestic branded formulations, (2) global branded and generic formulations, and (3) global APIs (active pharmaceutical ingredients). IPCA's core business strategy is to leverage its strength in manufacturing API to develop vertically integrated and highly competitive formulations. Most of the company's formulations are backed by its own APIs.

Several drug factories in India, including Ipca Labs, have been cited by the FDA over the last two years for violating manufacturing quality standards, as the FDA has increased its oversight of the industry, which is a key supplier to the United States.

Recently, due to lower sales in US and low traction in institutional and non-US business has led to severe impact on profitability of IPCA Labs. We believe that US API and formulation business and institutional sales will gain traction as soon as USFDA clearances are received. We shall see above average revenue growth from low base from Q1FY18 and profits rising faster due to favourable operating leverage.

While we believe that all the negatives are priced in the stock price, the stock may be volatile in near future. Often, negative news give us great opportunities in select stocks for limited period. We believe that over long term, the stock price catches up with earnings growth. Investors with 3-4 years horizon can consider buying the stock at current levels. Please restrict investment in this stock upto 3-4% of portfolio.

A portfolio must be held for the long term, which we define as at least 5-7 years. However, this does not mean every stock will perform in each year. Our performance should be judged on the basis of the overall portfolio over 2-3 years at least, not on the basis of short-term performance of individual stocks.

Key Ratios of Ipca Laboratories

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Company Name CMP(₹)
Change ₹(%)
Market Cap
Net Sales (₹ Cr.)
Latest EPS (₹)
Net Profit Margin %
Latest P/E
Latest P/BV
Lupin 1,906.2 -71.5 (-3.6%) Mid Cap 20,011 62.8 9.7 31.5 5.5
Glenmark Pharma 1,300.3 -48.8 (-3.6%) Mid Cap 11,813 -6.2 -10.2 - 4.3
Aurobindo Pharma 1,115.5 -5.4 (-0.5%) Mid Cap 10,646 33 17.2 34 3.2
Alkem Laboratories 4,605.7 -121.4 (-2.6%) Mid Cap 9,748 190.9 18.1 24.8 4.5
Mankind Pharma 2,326.8 -20 (-0.9%) Mid Cap 9,265 47.4 19.6 49.5 6.8
Ipca Laboratories 1,445.6 -51.8 (-3.5%) Mid Cap 6,124 30.8 9.7 48.7 5.4
Abbott India 28,944.2 -475.5 (-1.6%) Mid Cap 5,849 628 20.5 46.9 16.1
Glaxosmithkline Phar 2,508.8 -60.7 (-2.4%) Mid Cap 3,454 50.7 19 50.7 22.9
Biocon 322.1 -14 (-4.2%) Mid Cap 1,993 5 41.2 67 3.5

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales3,0882,8043,1023,1933,6064,3385,1145,4055,7756,124
Operating Expenses 2,5822,5462,7042,7662,9273,4393,6644,2204,8874,959
Manufacturing Costs571521549519538647703825903963
Material Costs9568919379661,0101,2921,4021,5631,8431,723
Employee Cost 5416036757137528719491,1021,1931,336
Other Costs 514531543568626630610730947937
Operating Profit 5052583994276798981,4501,1858881,165
Operating Profit Margin (%) 16.4%9.2%12.9%13.4%18.8%20.7%28.4%21.9%15.4%19.0%
Other Income 594657587284129109137160
Interest 293126272119111046123
Depreciation 177161171174172179188210229246
Exceptional Items 000000000-133
Profit Before Tax 3581112582835577851,3801,074750822
Tax 102197050102133239214245292
Profit After Tax 256931882334556521,141860506530
PAT Margin (%) 8.3%3.3%6.1%7.3%12.6%15.0%22.3%15.9%8.8%8.7%
Adjusted EPS (₹)10.23.77.59.218.025.845.033.919.920.9
Dividend Payout Ratio (%)5%0%7%5%8%10%9%12%20%19%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 2,2332,2832,4752,6953,1373,6664,7535,4765,8776,349
Share Capital 25252525252525252525
Reserves 2,2082,2582,4502,6693,1113,6404,7275,4505,8526,323
Minority Interest0000000000
Debt8226675294733303881577331,279911
Long Term Debt501484352234134789395652542
Short Term Debt321183177239196309147338627369
Trade Payables303415388415464538526492451423
Others Liabilities 466539576525527593574738840977
Total Liabilities 3,8243,9053,9684,1084,4585,1856,0107,4388,4478,659

Fixed Assets

Gross Block2,4662,1372,2772,3592,4132,6792,8883,3713,8804,166
Accumulated Depreciation7131613315046738381,0041,2021,4011,642
Net Fixed Assets1,7531,9771,9461,8551,7401,8411,8842,1692,4792,524
CWIP 26712995736684182297123175
Investments 82972122163226498681,3391,0572,654
Inventories9178328748731,0561,2671,5171,7801,6601,677
Trade Receivables3544415025946328397748249261,027
Cash Equivalents 113162181312601523075961,706113
Others Assets339266322366382352477434496489
Total Assets 3,8243,9053,9684,1084,4585,1856,0107,4388,4478,659

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity 4556962713244965611,096832762831
PBT 3581112582835577851,3801,074750822
Adjustment 182201162185175181173221206399
Changes in Working Capital -10412-95-87-129-258-215-27121-114
Tax Paid -74-29-54-57-108-146-242-192-215-277
Cash Flow From Investing Activity -686-214-146-119-123-499-560-814-710-1,355
Capex -554-240-133-71-66-260-347-448-401-357
Net Investments -144417-15-49-48-236-45-25
Others -11822-17-65-43-189-165-130-264-973
Cash Flow From Financing Activity 255-414-156-130-223-139-307426506-465
Net Proceeds from Shares 00005036000
Net Proceeds from Borrowing 19450-126-149-155-115-68347363-34
Interest Paid -31-28-23-22-17-14-6-6-40-117
Dividend Paid -37-150-15-15-122-102-101-101-51
Others 129-421-856-40113-168186284-263
Net Cash Flow 2568-3174150-76229444559-990
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)12.154.17.919.0215.619.1827.116.828.918.68
ROCE (%)13.484.528.979.5316.7620.8430.5419.3411.7712.78
Asset Turnover Ratio0.890.740.80.80.850.910.920.810.730.72
PAT to CFO Conversion(x)1.787.481.441.391.090.860.960.971.511.57
Working Capital Days
Receivable Days47515562626157545558
Inventory Days103112999997979911110899
Payable Days1051411461371401261231048386

Ipca Laboratories Ltd Stock News

Ipca Laboratories Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Ipca Laboratories on 21-Feb-2025 16:59 is ₹1,445.6.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 21-Feb-2025 16:59 the market cap of Ipca Laboratories stood at ₹36,674.2.
The latest P/E ratio of Ipca Laboratories as of 21-Feb-2025 16:59 is 46.98.
The latest P/B ratio of Ipca Laboratories as of 21-Feb-2025 16:59 is 5.23.
The 52-week high of Ipca Laboratories is ₹1,757.7 and the 52-week low is ₹1,061.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Ipca Laboratories is ₹6,550 ( Cr.) .

About Ipca Laboratories Ltd

Ipca Laboratories Limited incorporated in the year 1949, is integrated pharmaceutical company manufacturing and marketing various formulations and many API’s covering various therapeutic segments. The products of the company are sold in many countries across the globe. The company has numerous manufacturing units in India manufacturing API’s and formulations for the world market.

Ipca Laboratories is one of the largest suppliers of these APIs worldwide with manufacturing leadership in many APIs globally. It has various APIs and formulations manufacturing facility across the globe. The company has leading brands in Pain, Rheumatology, Antimalarials and Hair care therapy in India.

Business area of the company

Ipca Laboratories is engaged in manufacturing of active pharmaceutical ingredients and formulations.

Services and products

  • API- Ipca produces various APIs at its production facilities. Its core strategic focus has been on backward integration, resulting in superior supply chain reliability and cost competitiveness in a dynamic market. Ipca has also emerged as one of India’s top exporters of APIs, serving in many countries around the globe.
  • Branded Formulations- The company is leaders in Pain, Rheumatology, Antimalarials and Haircare therapies with a steadily growing portfolio.

Milestones

1976

  • The company started marketing of sugarcoated Chloroquine tablets, first time in India.

1978

  • Ipca launched formulations of Metoclopramide under brand name 'Perinorm' for the first time in India.
  • Launched 'Ipca Contact', company's in-house Magazine.

1980

  • Ipca launched formulations of Bromhexine for the first time in India.

1981

  •  R&D-API and R&D-Formulation development departments set up to provide technology based products.

1982

  • First company after Eli Lilly to develop a pre-constituted formulation of Erythromycin Estolate (Eltocin Liquid).

1984

  • First API plant commissioned at Ratlam
  • Ipca second Formulations manufacturing plant commissioned at Ratlam

1985

  • Production of Pyrantel Pamoate API commenced for the first time in India
  • Ipca commenced manufacturing of Injectables at the Ratlam formulations unit.

1986

  • Ipca first API Plant for manufacturing of Chloroquine Phosphate set up at Ratlam
  • Production of API Atenolol, for the first time in India, commenced at Ratlam.

1993

  • Acquired Hoechst India's formulations unit at Kandla

1994

  • Maiden Public Issue of shares
  • Ipca acquired API manufacturing plant from BDH Pharmaceuticals (a subsidiary of E-Merck) at Indore

1995

  • Ipca commissioned modern formulations plant at Athal (Silvassa)

1996

  • The company commissioned new API R&D Centre at Mumbai

1997

  • Launched 3C (Comprehensive Cardiac Care) Domestic Marketing Division, dedicated to promote cardiac care products
  • Ipca - Athal, Formulations manufacturing unit received prestigious approval from UK-Medicines and Healthcare products Regulatory Agency (MHRA) formerly known as UK- Medicines Control Agency (MCA)
  • Ipca - Athal, Ipca - Kandla and Ipca - Ratlam Formulations manufacturing plants received the prestigious approval from MCC (Medicines Control Council) South Africa.

1999

  • First to introduce formulation of Hydroxychloroquine Sulphate under brand name 'HCQS' in India

2000

  • Received ISO 9001 certification for Ipca Athal formulations Plant

2001

  • 'Trishul' the highest award was conferred on Ipca Laboratories Ltd. by CHEMEXIL (Basic Chemicals, Pharmaceuticals & Cosmetics Export Promotion Council) for outstanding export performance
  • Launched new domestic marketing division - Innova, to promote speciality products in therapeutic segments of Psychiatry, Neurology and Dermatology
  • Ipca acquired 'National Druggists (Pty) Ltd.' in South Africa
  • Ipca Pharma Nigeria Ltd.' incorporated in Nigeria.

2002

  • Launched new domestic marketing division - Intima, to promote established brands with a focus on micro-interior marketing.
  • Wholly owned subsidiary 'Laboratories Ipca Do Brasil Ltd.' incorporated in Brazil.

2003

  • Launched new domestic marketing division - Activa, dedicated to Rheumatology Care. First company in India to have such division for marketing super-speciality molecules.
  • Launched new domestic marketing division - Hycare, dedicated to Cardio-Diabetology segments.
  • Wholly owned subsidiary 'Ipca Pharmaceuticals Inc.' incorporated in United States of America.
  • Wholly owned subsidiary 'Ipca (UK) Ltd.' incorporated in United Kingdom.
  • Forbes, a leading US business magazine, selected Ipca among its top 200 successful, rising companies outside USA, with sales under $1 billion.

2004

  • Commissioned new Formulations manufacturing plant at Silvassa.
  • Ipca Laboratories Ltd. received 'Lifetime Achievement Award' for the year 2002-03 from CHEMEXIL (Basic Chemicals, Pharmaceuticals & Cosmetics Export Promotion Council) for export promotion over the years.
  • CDRI licenses novel Antimalarial compound to Ipca Ipca - Ratlam, API manufacturing facility inspected by US-FDA and the facility was found to be in compliance with global GMP requirements. The plant and the facilities have been recommended for manufacturing Atenolol, Propranolol Hydrochloride, Hydroxychloroquine Sulphate and Chloroquine Phosphate Forbes Asia, a leading US business magazine selected Ipca, for the second consecutive year as one among the first 200 'Best under a Billion Company' in Asia.

2005

  • Merger of Innotech Pharma Limited with Ipca in August, 2005.
  • Ipca acquires cardiac brand Isordil from Wyeth Limited.
  • Forbes Asia, a leading US business magazine selected Ipca, for the third consecutive year, as one among the first 200 'Best under a Billion Company' in Asia.

2006

  • Ipca launches Fixed dose ACT combination for treatment of malaria and stops manufacturing of single ingredient Oral Artemisinin derivatives.
  • Ipca enters into strategic alliance with Ranbaxy Pharmaceuticals Inc. for the U.S market.
  • Ipca new formulations plant at Dehradun commenced operation on May 05.

2007

  • January - Ipca - Ranbaxy Alliance receive U.S. FDA marketing approval for Atenolol Tablets.
  • March - Ipca launched eighth domestic marketing division - Altus which caters to intensivists and surgeons. New Biotech Research & Development Unit was inaugurated at Mumbai.
  • June - Ipca - Ranbaxy Alliance receive U.S. FDA marketing approval for Hydroxychloroquine Sulfate (HCQS) Tablets.
  • July - Ipca - Ranbaxy Alliance receive U.S. FDA marketing approval for Hydrochlorothiazide (HCTZ) Tablets.
  • August - Ipca - Ranbaxy Alliance receive U.S. FDA marketing approval for Metformin HCl Tablets.
  • September - Acquisition of 100% shareholding of Formulation Dossier registration holding companies in Australia and New Zealand. The Australian company is currently holding five formulation registration dossiers in that country.
  • October - Ipca Laboratories Ltd. has been awarded by Forbes Inc., as one of the 'Best under a Billion' Forbes Global's 200 Best Small Companies, 2007. In the past, company has received same award for three consecutive years' 2003, 2004 and 2005.
  • December - Ipca - Ratlam received 2nd prize in the 'National Energy Conservation Award-2007' in Drug and Pharmaceuticals sector from the Bureau of Energy efficiency under the Ministry of Power, Government of India, New Delhi.

2008

  • January - 'Ipca Who' Brochure wins ABCI Gold Award, (Association of Business Communicators of India) 48th annual Awards for Excellence in Creative Business Communications.
  • Altus division launches Gardcef, a novel combination of Ceftazidime plus Sulbactam.
  • February - Tonira Pharma's Nandesari unit (API plant at Baroda) receive US-FDA approval.
  • March - Ipca - Piparia, Formulations manufacturing unit receive MHRA-UK approval. This is the 3rd plant after Athal and Kandla receiving this approval.
  • April - WHO prequalify Ipca dossier of Artesunate plus Amodiaquine co-blister making Ipca the 2nd company in the world and the 1st Indian company to receive this pre-qualification.
  • Ipca - Piparia, Formulations manufacturing unit receive US-FDA approval. Ipca - Ratlam, API manufacturing unit receive US-FDA re-approval.
  • May - WHO Geneva re-approved Ipca - Ratlam, API manufacturing unit for the third time.
  • Ipca Laboratories Ltd. has been awarded third position in, case-study presentation during the '10th National Suggestion Summit' organized by INSSAN-Northern Indian Chapter (NIC), New Delhi.
  • Ipca - Ratlam, API manufacturing unit got approval from Pharmaceutical and Medical Devices Agency (PMDA), Japan
  • Ipca completes management acquisition of Tonira Pharma Ltd. through public offer.
  • Ipca - Ratlam, Formulations manufacturing unit receive approval from Colombia Invima.
  • June - Ipca became the first company to launch formulation brand HCQS (Hydroxy Chloroquine Sulphate) in Kenya after innovator brand.
  • June - Ipca Laboratories Ltd., bags D&B - ECGC Indian Exporters Excellence Award - Topmost Exporter of Pharmaceutical Large Sector. Ipca receives approval from US FDA to manufacture Propranolol Hydrochloride Tablets.
  • July - Clinton Foundation announces New Agreements on Supply of anti-malarial Drugs, inter-alia, with Ipca.
  • August - Dr. Paul Bacon, Professor Emeritus, University of Birmingham, UK, a world renowned authority in Rheumatoid arthritis addressed leading clinicians in six metro towns in India.
  • November -'Ipca Contact' wins Silver medal in ABCI's (Association of Business Communicators of India) 48th annual Awards for Excellence in Creative Business Communications.
  • December - Ipca Laboratories Ltd. - Hycare division wins 'The Best Participation Award' at the conference of CSI (Cardiological Society of India) 2008.
  • December - Tonira Pharma's API manufacturing plants situated at Ankleshwar and Nandesari receive PMDA-Japan approval.

2009

  • January - Study entitled 'Comparative Evaluation of Efficacy and Safety of Cefotaxime-Sulbactam with Amoxicillin-Clavulanic Acid in Children with lower respiratory tract infections' conducted by Clinical Research Department accepted for poster symposium by 2nd Congress of the European Academy of Pediatrics, held at Nice, France.
  • The first preclinical study conducted by Clinical Research Department entitled 'In Vivo Antimalarial Activity of Oral Beta-Arteether and Piperaquine Combination' published in Italian Journal 'Pharmacology Online'.
  • Clinical trial conducted by Clinical Research Department of Ipca entitled 'Comparative Evaluation of Efficacy and Safety of Cefotaxime-Sulbactam with Amoxicillin-Clavulanic.
  • Acid in Children with lower respiratory tract infections' published in 'Expert Opinion on Pharmacotherapy'.
  • Ipca's Green Technology Department published first research paper on 'Optimization of extract conditions and HPTLC-UV method of determination of quinine in different extracts of Cinchona spp. bark' in an international peer-reviewed Journal 'Records of Natural Products'. Green Technology Department is working on production of phytopharmaceuticals like, Artemisinin and Quinine sulphate. This department is also involved in contract farming of Artemisia annua.
  • European patent office has issued patent rights to Ipca for its method of making Carvedilol with patent number EP1741700.
  • United States patent office has issued patent rights to Ipca for its method of making Tramadol with patent number US7470816.
  • March - European Patent office has issued patent rights to Ipca for its method of making Alendronic acid with patent number EP1803727.
  • April - Clinical trial entitled 'A randomized, multicentric, comparative evaluation of aceclofenac-paracetamol combination with aceclofenac alone in Indian patients with osteoarthritis flare-up' has been published in 'Expert Opinion on Pharmacotherapy' journal in UK.
  • July - A randomized, comparative, multicentric evaluation of atenolol/amlodipine combination with atenolol alone in essential hypertensive patients was published in 'American Journal of Therapeutics' Philadelphia.
  • Aceclofenac-tizanidine in the treatment of acute low back pain: a doubleblind, double-dummy, randomized, multicentric, comparative study against aceclofenac alone was published in 'European Spine Journal', Switzerland.
  • A randomized, comparative study evaluating the efficacy and tolerability of losartan-low dose chlorthalidone (6.25 mg) combination with Losartan hydrochlorothiazide (12.5 mg) combination in Indian patients with mild-to-moderate essential hypertension was published in 'Expert Opinion on Pharmacotherapy' UK.
  • United States patent office has issued patent rights to Ipca for its method of making Ondansetron with patent number US7547791.
  • September - WHO/MMV organized 4th Antimalarial conference first time in India with Ipca as the primary partner.
  • October - Ipca Laboratories Ltd. received Pharmexcil 'Gold Patent award' for the year 2008-2009. Ipca Laboratories Ltd. bagged this award in recognition of commendable contribution in the field of API. Pharmexcil is setup by Ministry of Commerce and Industry, Govt. of India.
  • Clinical study entitled 'Antihypertensive Efficacy of Metoprolol XL/Low Dose Chlorthalidone Combination: A Randomized, Comparative study in Indian patients with mild-to-moderate Essential Hypertension' published in European Journal of Medical Research.
  • November - Ipca - Ratlam celebrates Silver Jubilee of its existence.
  • December - United States patent office has issued patent rights to Ipca for its method of making Methylphenidate with patent number US7459467.
  • IDMA's Quality Excellence Award 2009 - Silver Medal honored to Ipca - Dehradun plant.
  • Ipca - Dehradun formulations plant, received award for 'Energy Conservation' from Uttrakhand Renewable Energy Development Agency (UREDA) on the occasion of National Energy Conservation Day.

2010

  • January - Clinical study entitled 'Efficacy and Tolerability of a Fixed-Dose Combination of Metoprolol Extended Release/Amlodipine in Patients with mild-to-moderate Hypertension' published in Clinical Drug Investigation; an Adis publication.
  • The 'Clinical Drug Investigation' is an international peer-reviewed journal publishing original findings of the world's leading drug research.
  • February - New CRAMS division - Covenance, launched, which caters to the outsourcing needs of the pharma companies
  • March - New domestic Division, 'Ipca Nephrosciences' launched, which caters to Nephrologists and deals with kidney transplant and dialysis patients.
  • Ipca launches another domestic cardio-diabetic marketing division '3D'.
  • June - Ipca Laboratories Ltd., among the 100 Best Companies to work in India. The survey was conducted throughout India jointly by The Great Place to Work® Institute, India and The Economic Times across various organizations as a part of the 'India's Best Companies to Work For- 2010'. Study results were published in The Economic Times dated 20th June, 2010.
  • Clinical study entitled 'Efficacy and safety of Aceclofenac and Drotaverine fixed-dose combination in the treatment of primary dysmenorrhoea: a double-blind, double-dummy, randomized, comparative study with Aceclofenac' is published in European Journal of Obstetrics & Gynaecology and Reproductive Biology. It is the leading clinical journal which provides a forum for scientific and clinical professional communication in obstetrics and gynaecology throughout the world.
  • Clinical study entitled 'Evaluation of Efficincy and Tolarability of Gliclazide and Metformin Combination : A Multicentric Study in Patients with Type-2 Diabetes Mellitus, Uncontrolled on Monotherapy with Sulfonylurea or Metformin' is published in American Journal of Therapeutics.
  • July - Ipca - Aurangabad API manufacturing plant assessed by AFAQ-EAQA as complies with the Occupational Health & Safety Management System requirements of OHSAS 18001:2007.
  • AFNOR (Certification) certifies that the management system implemented by Ipca - Aurangabad, API manufacturing plant for manufacturing and supply of Bulk Drugs (Active Pharmaceutical Ingredients) has been assessed and found to meet the requirements of ISO 14001:2004.
  • Seventh Clinical Trial in Pain Management published in 'The Clinical Journal of Pain - official journal of eastern pain association' The Clinical Journal of Pain is a peer-reviewed journal that explores all aspects of pain and its effective treatment, bringing readers the insights of leading anaesthesiologists, surgeons, internists, neurologists, orthopaedists, psychiatrists and psychologists, clinical pharmacologists and rehabilitation medicine specialists.
  • August - United States Patent office has issued patent rights to Ipca for its novel process for manufacturing of API Isotretinoin. This is the Nineth patent granted by United States Patent office on API to Ipca.
  • September - Ipca Laboratories Ltd. received Pharmexcil Gold Patent award for the year 2009-2010, for the second consecutive year. This award was in recognition of commendable contribution in the field of API. The award was given for overall group of granted patents in API category during the year 2009-10.
  • Mint newspaper published 500 Best Performing midsize firms compiled by Inc. magazine and Ipca ranks at 51st position.
  • October - Ipca joins hands with BMC (Brihanmumbai Municipal Corporation) to fight against Malaria. BMC decided to release a film on 'Malaria & its Prevention'. Ipca was called to partner with them due to its long standing credibility and expertise in this field.
  • November - 'Ipca Contact', in-house quarterly magazine wins 'Bronze' medal in Headline Category in ABCI 50th Awards Nite.
  • December - Ipca - Ratlam formulations plant ranked third position in the National Energy Conservation Award 2010.
  • Ipca - Dehradun formulation plant at Dehradun receives 'Uttarakhand Energy Conservation Award 2010'. Ipca - Dehradun plant stood first in entire State of Uttarakhand.

2011

  • Launched, Laxtaz the new age laxative that combines Ispaghula with Lactitol.
  • Launched CTD (Chlorthalidone), a novel antihypertensive which has the longest half life and is more effective than Amlodipine and Lisinopril.
  • Launched new division Ipca-Dynamix, which will cater to cardiovascular, gastrointestinal, antibacterial, respiratory segments.
  • Launched Rapiclav 1g in West African countries of Ivory Coast, Mali, Senegal, Burkina Faso, Benin & Nigeria.

2013

  • Ipca received 'Corporate Citizen Award' for best corporate governance practice.

2019

  • IPCA Laboratories gets OAI status from USFDA for Piparia unit.
  • Ipca Laboratories has entered into an agreement with a leading product development partnership, Medicines for Malaria Venture (MMV), to co-develop a novel antimalarial co-formulation named ‘Atoguanil’.
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