CMP : 277
Target Price : 240
Indoco Remedies posted sales of Rs276cr vs. Rs248cr in 2QFY16, up by 11.6% yoy,
mainly on back of domestic sales (Rs168.8cr, which grew by 22.0% yoy). Overall,
the formulations, which posted sales of RS261.4cr grew, by 13.0% yoy. The
API (Rs135.9cr) dipped by 11.0% yoy. On the operating front, the gross margin
came in at 64.9% (65.0% expe..