4QFY2017 Result Update | Pharmaceutical
June 12, 2017
Indoco Remedies
SELL
CMP
`193
Performance Highlights
Target Price
`150
Y/E March (` cr)
4QFY17
3QFY17
% chg (qoq) 4QFY16
% chg (yoy)
Investment Period
-
Net sales
266
272
(2.4)
255
4.2
Other operating income
13
7
83.4
9
44.8
Stock Info
Gross profit
168
174
(3.2)
173
(2.4)
Operating profit
21
34
(37.5)
32
(34.5)
Sector
Pharmaceutical
Net profit
18
18
2.0
21
(14.4)
Market Cap (` cr)
1,778
Source: Company, Angel Research
Net Debt (` cr)
188
Indoco Remedies posted lower than expected numbers for 4QFY2017. In sales,
Beta
0.9
the company posted revenues of
`266cr
(`311cr expected) v/s. `255cr in
52 Week High / Low
360/262
4QFY2016, growth of 4.2% yoy. The formulation business posted sales of
Avg. Daily Volume
8,023
`251.6cr, up 3.3% yoy, while API at `12.0cr was down 4.7% yoy. The domestic
Face Value (`)
2
formulation at `130.1cr recorded a yoy de-growth of 2.2%. On EBITDA front, the
BSE Sensex
31,262
company posted an EBITDA of 8.0% (17.6% expected) v/s. 12.7% in 4QFY2016.
Nifty
9,668
The dip came in on the back of the high R&D expenses, which came in at 5.2% of
Reuters Code
INRM.BO
sales v/s. 7.4% of sales in 4QFY2016. Consequently, PAT came in at `18cr (lower
Bloomberg Code
[email protected]
than expectations) v/s. `39cr in 4QFY2016, de-growth of 14.4% yoy. On the back
of valuations, we maintain our SELL on the stock, on back of low profitability.
Shareholding Pattern (%)
Results lower than expected: In sales, the company posted revenues of `266cr
Promoters
59.1
(`311cr expected) v/s. `255cr in 4QFY2016, growth of 4.2% yoy. The formulation
MF / Banks / Indian Fls
10.1
business at `251.6cr was up 3.3% yoy, API at `12.0cr was down 4.7% yoy. The
FII / NRIs / OCBs
13.0
domestic formulation at `130.1cr recorded a yoy de-growth of 2.2%. On EBITDA
Indian Public / Others
17.8
front, the company posted an EBITDA of 8.0% (17.6% expected) v/s. 12.7% in
4QFY2016. The dip came in on the back of the high R&D expenses, which came
in at 5.2% of sales v/s. 7.4% of sales in 4QFY2016, along with the dip in the
Abs. (%)
3m 1yr 3yr
gross margins. The gross margins came in at 63.4% v/s. 67.7% in 4QFY2016.
Sensex
(18.2)
16.8
22.2
Consequently, PAT came in at `18cr (lower than expectations) v/s `39cr in
Indoco
(19.1)
(31.6)
23.6
4QFY2016, de-growth of 14.4% yoy.
Outlook and valuation: We expect net sales to post a CAGR of 10.8% to `1,310cr
3-Year Daily Price Chart
and EPS to post a CAGR of 23.0% to `12.7 over FY2017-19E. At the current
450
400
market price, the stock is trading at 17.4x and 15.4x its FY2018E and FY2019E
350
earnings, respectively. We maintain our SELL rating on back of the valuations and
300
the corresponding low profitability.
250
200
Key financials (Consolidated)
150
Y/E March (` cr)
FY2016
FY2017
FY2018E
FY2019E
100
50
Net sales
977
1067
1154
1310
0
% chg
14.6
9.2
8.2
13.6
Net profit
83.0
77.5
103.8
117.3
% chg
0.2
(6.7)
34.0
13.0
EPS (`)
9.0
8.4
11.3
12.7
Source: Company, Angel Research
EBITDA margin (%)
14.9
12.1
14.9
14.9
P/E (x)
21.7
23.3
17.4
15.4
RoE (%)
15.1
12.6
15.0
15.0
RoCE (%)
11.9
7.9
10.1
11.2
P/BV (x)
3.1
2.8
2.5
2.2
Sarabjit Kour Nangra
EV/Sales (x)
2.0
1.9
1.8
1.5
+91 22 39357600 - Ext: 6806
EV/EBITDA (x)
13.2
15.4
11.8
10.1
Source: Company, Angel Research; Note: CMP as of June 9, 2017
[email protected]
Please refer to important disclosures at the end of this report
1
Indoco Remedies | 4QFY2017 Result Update
Exhibit 1: 4QFY2017 (Consolidated) performance
Y/E March (` cr)
4QFY2017
3QFY2017
% chg (qoq)
4QFY2016
% chg (yoy)
FY2017
FY2016
% chg (yoy)
Net sales
266
272
(2.4)
255
4.2
1067
981
8.8
Other income
13.1
7.1
83.4
9
44.8
31
28
9.9
Total income
279
279
(0.3)
264
5.5
1097
1009
8.8
Gross profit
168
174
(3.2)
173
(2.4)
685
635
7.9
Gross margins (%)
63.4
63.9
67.7
64.2
64.7
Operating profit
21.2
33.9
(37.5)
32.3
(34.5)
129.2
145.2
(11.0)
OPM (%)
8.0
12.4
12.7
12.1
14.8
Interest
(2)
3
(152.9)
5
(133.3)
5
13
(58.5)
Dep & amortisation
15
14
7.1
15
1.0
63
60
5.4
PBT
20
24
(13.9)
21
(4.9)
91
100
(8.8)
Provision for taxation
2.4
5.8
(57.7)
1
69.4
14
18
(22.9)
Reported Net profit
18
18
2.0
21
(14.4)
77
82
(5.9)
Less : Exceptional items
0
0
-
0
0
0
PAT after exceptional items
18
18
2.0
21
(14.4)
77
82
(5.9)
EPS (`)
1.9
1.9
2.3
8.4
8.9
Source: Company, Angel Research
Exhibit 2: 4QFY2017 - Actual vs. Angel estimates
(` cr)
Actual
Estimate
Variation (%)
Net sales
266
311
(14.6)
Other operating income
13
7
83.9
Operating profit
21
55
(61.3)
Tax
2
6
(57.9)
Net profit
18
39
(53.7)
Source: Company, Angel Research
Revenues below expectations: In sales, the company posted revenues of `266cr
(`311cr expected) v/s. `255cr in 4QFY2016, growth of 4.2% yoy. The formulation
business at `251.6cr was up 3.3% yoy, API at `12.0cr was down 4.7% yoy. The
domestic formulation at `130.1cr recorded a yoy de-growth of 2.2%.
Domestic Formulation markets (`130cr) posted de-growth of 2.2% yoy, while
API sales (`12.1cr) posted a dip of 4.7% yoy. Exports Formulations (`121cr)
grew 9.9% yoy, while API exports (`8.84cr) grew 36.0% yoy. Europe contributed
38.0% of International formulation sales, followed by US at 30.0%, South
Africa, Australia & New Zealand at 17.0% and Emerging markets at 15.0%.
In US, during the quarter, the revenues grew by 15.8% at `32.8cr as against
`28.3cr for the same period last year. For FY2017, the revenue grew by
17.3% at ` 125cr as against `106.5cr for the same period last year. In terms
of filings, the company (through partners or by itself), filed 29 ANDAs, which are
pending approvals with 10 ANDAs approved till date.
USFDA warning letter related issues at Goa Plant II of the company are being
resolved with the help of a US based Consultant. Company has now sent its
response to USFDA, which addresses their concerns.
In Europe, the revenues for the quarter grew by 22.4% at `54.1cr, as against
`44.2cr for the same period last year. For FY2017, the revenues came in at
`156.2cr v/s. `155.6cr during the last corresponding period.
June 9, 2017
2
Indoco Remedies | 4QFY2017 Result Update
Exhibit 3: Domestic Formulation sales trend
Source: Company, Angel research
Exhibit 4: Export sales trend
Source: Company, Angel research
OPM lower than estimated: On EBITDA front, the company posted an EBITDA of
8.0% (17.6% expected) v/s. 12.7% in 4QFY2016. The dip came in on the back of
the lower sales, high R&D expenses (which came in at 5.2% of sales v/s. 7.4% of
sales in 4QFY2016), along with the dip in the gross margins. The gross margins
came in at 63.4% v/s. 67.7% in 4QFY2016.
June 9, 2017
3
Indoco Remedies | 4QFY2017 Result Update
Exhibit 5: OPM trend
Source: Company, Angel Research
Net profit lower than expectation: Consequently, PAT came in at `18cr (lower than
expectations) v/s. `39cr in 4QFY2016, de-growth of 14.4% yoy. The lower than
expected net profit is on the back of lower than expected sales and OPM. Also, the
interest expenses during the quarter, was lower restricting the net profit dip. Also,
the other income came in at `13cr v/s. `9.0cr during the corresponding period.
Exhibit 6: Net profit trend
Source: Company, Angel Research
June 9, 2017
4
Indoco Remedies | 4QFY2017 Result Update
Concall takeaways
During the quarter, the company filed four ANDAs in the US, of which three
are in first to file (FTF) category. For FY2017, the company filed nine ANDAs.
The company expects to file 12 ANDAs in FY2018.
The company will commence ophthalmology supplies to the US from
2QFY2018 onwards.
The company has guided for R&D spend of 4.5% of overall revenues in
FY2018.
The company has guided for capex of `90cr in FY2018.
Investment arguments
Focus on domestic formulations- Aiming for a higher-than-industry growth: Indoco
has a strong brand portfolio of 135 products and a base of ~2,800 MRs. It
operates in various therapeutic
segments, including anti-infective,
anti-diabetic, CVS, ophthalmic, dental care, pain management and respiratory.
Prominent Indoco brands include Cyclopam, Vepan, Febrex Plus, ATM,
Sensodent-K and Sensoform. The company has seen strong growth across the
respiratory, anti-infective, ophthalmic and alimentary therapeutic segments.
Further, the company is investing to enhance the share of the chronic segment,
which constitutes 10% of overall sales. With a market share of ~0.7% and overall
rank of 31, the company is still a marginal player with some top brands in smaller
categories such as stomatologicals. We expect the domestic formulation segment
to grow at a CAGR of 13.0% over FY2017-19E.
Scaling-up on the exports front: Indoco has also started focusing on regulated
markets by entering into long-term supply contracts. The company is currently
executing several contract-manufacturing projects, and covering a number of
products for its clients in the UK, Germany and Slovenia. Indoco has received a
nod from the USFDA for two of its facilities in Goa. The company derived ~49% of
its revenues from exports in 2016-17. The US cumulative ANDA filings stood at 42
with 29 pending approvals (including 3 tentative approvals). Of these, 18 were
filed under the Actavis deal. The Goa plant warning letter is likely to weigh on
company’s US business, as most of the pending ANDAs are from this unit. Watson
deal, which is at the core of US business prospects, is also likely to witness a
slowdown as the development may lead to a delay in approval for products that
are part of the deal. The deal covers 18 pending ANDAs. We expect the exports
segment to grow at 15.0% CAGR over FY2017-19E.
Partnering with pharmaceutical majors: The company has a large customer base
of small and medium sized generic companies across the globe and has major tie-
ups with generic companies for certain territories and products. The company has
a deal with Watson Pharmaceuticals to develop and manufacture a number of
sterile (ophthalmic) products for marketing in the USA. The agreement with South
Africa's largest pharmaceutical company, Aspen Pharmacare, encompasses a
number of solid dosages and ophthalmic products, extending to 30 emerging
market countries, while the contract signed with DSM, Austria is for marketing 8 of
June 9, 2017
5
Indoco Remedies | 4QFY2017 Result Update
Indoco's APIs in various geographies. These deals have further strengthened
Indoco's image in the international arena.
Valuation: We expect net sales to post a CAGR of 10.8% to `1,310cr and EPS to
post a CAGR of 23.0% to `12.7 over FY2017-19E. At the current market price, the
stock is trading at
23.8x and
17.4x its FY2018E and FY2019E earnings
respectively. We recommend a SELL rating on the stock considering the valuations.
Exhibit 7: Key assumptions
FY2018E
FY2019E
Domestic sales growth (%)
13.0
13.0
Exports growth
15.0
15.0
Operating margins (%)
14.9
14.9
Capex (` cr)
90.0
60.0
Source: Company, Angel Research
Exhibit 8: One-year forward PE band
Source: Company, Angel Research
Exhibit 9: Recommendation summary
Company
Reco
CMP
Tgt. price
Upside
FY2018E
FY16-18E
FY2018E
(`)
(`)
(%) PE (x) EV/Sales (x) EV/EBITDA (x) CAGR in EPS (%) RoCE (%) RoE (%)
Alembic Pharma
Buy
552
648
17.3
21.7
2.5
12.0
(10.8)
27.5
25.3
Aurobindo Pharma
Buy
609
823
35.2
13.6
2.2
9.9
18.1
22.5
26.1
Cadila Healthcare
Sell
541
450
(16.8)
28.4
4.8
23.8
(0.5)
16.2
24.6
Cipla
Sell
550
465
(15.5)
22.4
2.5
15.2
14.2
12.2
13.9
Dr Reddy's
Neutral
2,631
-
-
24.8
2.9
15.8
(13.7)
10.8
13.6
Dishman Pharma
Under Review
301
-
-
26.6
2.9
12.7
16.3
13.0
13.5
GSK Pharma*
Neutral
2,463
-
-
49.7
6.2
38.4
6.0
22.3
21.3
Indoco Remedies
Sell
193
153
(20.7)
17.1
1.7
11.7
6.3
10.1
15.0
Ipca labs
Buy
501
710
41.7
25.8
1.8
12.6
13.9
10.4
9.5
Lupin
Buy
1,161
1,526
31.5
19.0
2.7
11.4
10.0
20.6
17.8
Sanofi India
Neutral
4,051
-
-
29.0
3.3
19.8
16.8
22.5
26.4
Sun Pharma
Buy
525
712
35.7
16.6
3.5
12.9
1.2
16.9
18.7
Source: Company, Angel Research; Note: *December year ending, Price as of January 27, 2017
June 9, 2017
6
Indoco Remedies | 4QFY2017 Result Update
Company Background
Indoco has a strong brand portfolio of 135 products and a base of 2,300 MRs.
The company operates in various therapeutic segments including anti-infective,
anti-diabetic, CVS, ophthalmic, dental care, pain management and respiratory
areas. Prominent Indoco brands include Cyclopam, Vepan, Febrex Plus, ATM,
Sensodent-K and Sensoform. The company’s top-10 brands contribute over 50%
of its domestic sales. Indoco now proposes to scale up its exports through higher
exposure to the regulated markets.
Profit & loss statement (Consolidated)
Y/E March (` cr)
FY2014
FY2015
FY2016
FY2017
FY2018E
FY2019E
Gross sales
735
863
987
1,078
1,167
1,325
Less: Excise duty
13
11
10
12
13
15
Net sales
722
852
977
1,067
1,154
1,310
Other operating income
10
5
27
27
27
27
Total operating income
733
857
1,004
1,094
1,181
1,338
% chg
16.2
17.0
17.1
9.0
8.0
13.2
Total expenditure
612
691
831
937
982
1,115
Net raw materials
272
300
341
382
427
485
Other mfg costs
42
50
57
62
67
77
Personnel
130
140
183
216
234
265
Other
168
201
250
277
254
288
EBITDA
110
161
145
129
172
195
% chg
23.5
46.1
(9.7)
(11.0)
33.1
13.6
(% of Net Sales)
15.2
18.9
14.9
12.1
14.9
14.9
Depreciation& amortisation
31
47
60
63
75
83
EBIT
79
114
85
66
97
113
% chg
21.0
43.7
(25.4)
(22.2)
46.6
16.4
(% of Net Sales)
11.0
13.3
8.7
6.2
8.4
8.6
Interest & other charges
19
11
13
6
6
6
Other income
2
2
1
4
4
4
(% of PBT)
2.4
1.6
1.1
4.5
3.4
3.0
Share in profit of Associates
-
-
1.0
2.0
3.0
4.0
Recurring PBT
72
110
101
91
122
138
PBT (reported)
72
110
101
91
122
138
Tax
14
27
18
14
18
21
(% of PBT)
19.6
24.3
17.5
15.2
15.0
15.0
PAT (reported)
58
83
83
77
104
117
Add: Share of earnings of asso.
-
-
-
-
-
-
Less: Minority interest (MI)
-
-
-
-
-
-
Prior period items
-
-
-
-
-
-
PAT after MI (reported)
58
83
83
77
104
117
ADJ. PAT
58
83
83
77
104
117
% chg
36.5
42.3
0.2
(6.7)
34.0
13.0
(% of Net Sales)
8.1
9.7
8.5
7.3
9.0
9.0
Basic EPS (`)
6.3
9.0
9.0
8.4
11.3
12.7
Fully Diluted EPS (`)
6.3
9.0
9.0
8.4
11.3
12.7
% chg
36.5
42.3
0.2
(6.7)
34.0
13.0
June 9, 2017
7
Indoco Remedies | 4QFY2017 Result Update
Balance Sheet (Consolidated)
Y/E March (` cr)
FY2014
FY2015
FY2016
FY2017
FY2018E
FY2019E
SOURCES OF FUNDS
Equity share capital
18
18
18
18
18
18
Reserves & surplus
439
500
566
633
716
813
Shareholders funds
457
519
583
651
734
831
Minority Interest
-
-
-
-
-
-
Total loans
72
88
127
251
300
200
Other Long Term Liab.
9
9
10
10
10
10
Long Term Provisions
16
16
17
19
19
19
Deferred tax liability
31
27
24
(28)
(28)
(28)
Total liabilities
585
659
762
903
1,006
1,003
APPLICATION OF FUNDS
Gross block
481
561
560
715
805
865
Less: acc. depreciation
156
203
264
327
402
485
Net block
325
358
296
388
403
380
Capital work-in-progress
44
44
44
44
44
44
Goodwill
-
0
88
98
98
98
Investments
0
0
15
0
0
0
Long Term Loans And Adv.
55
58
71
66
113
128
Current assets
305
385
448
572
633
676
Cash
13
15
15
63
71
38
Loans & advances
42
85
78
107
115
131
Other
249
285
355
403
447
507
Current liabilities
144
187
201
265
285
323
Net current assets
160
199
247
307
348
353
Mis. Exp. not written off
-
-
-
-
-
-
Total assets
585
659
761
903
1,006
1,003
June 9, 2017
8
Indoco Remedies | 4QFY2017 Result Update
Cash Flow Statement (Consolidated)
Y/E March (` cr)
FY2014
FY2015
FY2016
FY2017
FY2018E FY2019E
Profit before tax
72
110
101
91
122
138
Depreciation
31
47
60
63
75
83
(Inc)/Dec in working capital
(18)
(39)
(62)
(8)
(80)
(53)
Less: Other income
2
2
1
4
4
4
Direct taxes paid
14
27
18
14
18
21
Cash Flow from Operations
69
90
81
128
95
143
(Inc.)/Dec.in fixed assets
(41)
(80)
1
(155)
(90)
(60)
(Inc.)/Dec. in investments
-
-
-
-
-
-
Other income
2
2
1
4
4
4
Cash Flow from Investing
(39)
(78)
3
(151)
(86)
(56)
Issue of equity
-
-
(1)
-
-
-
Inc./(Dec.) in loans
(9)
16
41
126
49
(100)
Dividend Paid (Incl. Tax)
(12)
(22)
(21)
(21)
(21)
(21)
Others
(7)
(4)
(103)
(35)
(30)
(1)
Cash Flow from Financing
(28)
(10)
(83)
70
(1)
(122)
Inc./(Dec.) in Cash
2
2
(0)
48
8
(35)
Opening Cash balances
12
13
15
15
63
71
Closing Cash balances
13
15
15
63
71
38
June 9, 2017
9
Indoco Remedies | 4QFY2017 Result Update
Key Ratios
Y/E March
FY2014
FY2015
FY2016
FY2017
FY2018E
FY2019E
Valuation Ratio (x)
P/E (on FDEPS)
30.5
21.5
21.4
23.0
17.1
15.2
P/CEPS
20.0
13.7
12.4
12.6
9.9
8.9
P/BV
3.9
3.4
3.0
2.7
2.4
2.1
Dividend yield (%)
0.5
1.0
1.0
1.0
1.0
1.0
EV/Sales
2.5
2.2
1.9
1.8
1.7
1.5
EV/EBITDA
16.7
11.5
13.0
15.2
11.7
9.9
EV / Total Assets
3.1
2.8
2.5
2.2
2.0
1.9
Per Share Data (`)
EPS (Basic)
6.3
9.0
9.0
8.4
11.3
12.7
EPS (fully diluted)
6.3
9.0
9.0
8.4
11.3
12.7
Cash EPS
9.7
14.1
15.6
15.3
19.4
21.7
DPS
1.0
2.0
2.0
2.0
2.0
2.0
Book Value
49.6
56.3
63.3
70.6
79.6
90.1
Dupont Analysis
EBIT margin
11.0
13.3
8.7
6.2
8.4
8.6
Tax retention ratio
80.4
75.7
82.5
84.8
85.0
85.0
Asset turnover (x)
1.3
1.4
1.4
1.4
1.3
1.4
ROIC (Post-tax)
11.6
14.2
10.3
7.2
9.5
10.3
Cost of Debt (Post Tax)
18.7
10.0
9.6
2.8
1.9
2.1
Leverage (x)
0.2
0.1
0.2
0.2
0.3
0.3
Operating ROE
10.4
14.8
10.5
8.3
11.8
12.4
Returns (%)
ROCE (Pre-tax)
13.9
18.3
11.9
7.9
10.1
11.2
Angel ROIC (Pre-tax)
15.3
20.2
14.0
10.0
13.0
13.9
ROE
13.4
17.0
15.1
12.6
15.0
15.0
Turnover ratios (x)
Asset Turnover (Gross Block)
1.6
1.6
1.8
1.7
1.6
1.6
Inventory / Sales (days)
50
55
54
63
65
61
Receivables (days)
64
62
68
80
82
77
Payables (days)
40
46
42
49
50
50
WC cycle (ex-cash) (days)
68
70
75
79
81
81
Solvency ratios (x)
Net debt to equity
0.1
0.1
0.2
0.3
0.3
0.2
Net debt to EBITDA
0.5
0.5
0.8
1.5
1.3
0.8
Interest Coverage (EBIT / Int.)
4.2
10.7
6.8
10.7
15.7
18.3
June 9, 2017
10
Indoco Remedies | 4QFY2017 Result Update
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,
Bombay Stock Exchange Limited and Metropolitan Stock Exchange of India Limited. It is also registered as a Depository Participant with
CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is
a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing
/dealing in securities Market. Angel or its associates including its relatives/analyst do not hold any financial interest/beneficial
ownership of more than 1% in the company covered by Analyst. Angel or its associates/analyst has not received any compensation /
managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. Angel/analyst
has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market making activity
of the company covered by Analyst.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should
make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the
companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine
the merits and risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
Note: Please refer to the important ‘Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may
have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement
Indoco Remedies
1. Analyst ownership of the stock
No
2. Angel and its Group companies ownership of the stock
No
3. Angel and its Group companies' Directors ownership of the stock
No
4. Broking relationship with company covered
No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Based on expected returns
Buy (> 15%)
Accumulate (5% to 15%)
Neutral (-5 to 5%)
over 12 months investment period):
Reduce (-5% to -15%)
Sell (< -15)
June 9, 2017
11