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Indoco Remedies Ltd Research Report - 10th Nov 2016

Pharmaceutical | Published on Nov 10th 2016

IT

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% expected) vs. 64.4% in 2QFY2016, with EBIDTA margin coming in at 13.5% (15.5% expected) vs. 15.5% in 2QFY2016. Consequently, the PAT came in at Rs22.1cr vs. Rs21.5cr, a yoy growth of 2.7%. This was against the expectations of Rs25cr. We maintain our reduce rating on the stock, on back of expensive valuations.

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CMP 277
Target Price 240
Investment Period12 Months

Stock Info

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Shareholding Pattern (%)

Promoter59.0
Public & Others17.0
Foreign13.0
Institution8.0
Corporate3.0
Grand Total100.0

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