1QFY2017 Result Update | Pharmaceutical
August 4, 2016
Indoco Remedies
SELL
CMP
`313
Performance Highlights
Target Price
`225
Y/E March (` cr)
1QFY17
4QFY16
% chg (qoq) 1QFY16
% chg (yoy)
Investment Period
-
Net sales
253
255
(0.9)
216
17.0
Other operating income
5
9
(45.0)
8
(34.9)
Stock Info
Gross profit
164
173
(5.1)
140
17.3
Sector
Pharmaceutical
Operating profit
37
32
14.9
35
5.6
Market Cap (` cr)
2,857
Net profit
20
20
(1.1)
21
(4.9)
Net Debt (` cr)
113
Source: Company, Angel Research
Beta
0.7
52 Week High / Low
363/244
For 1QFY2017, the company posted sales of `253cr V/s `220cr expected and V/s
Avg. Daily Volume
15,003
`216cr in 1QFY2016, a yoy growth of 17.0%. The formulations (`234.5cr) grew
Face Value (`)
2
14.8% yoy while API (`175.9cr) grew 40.8% yoy. On the operating profit front, the
BSE Sensex
27,982
OPM came in at 14.7% V/s 16.3% in 1QFY2016 and V/s 17.0% expected. The
Nifty
8,623
dip in the OPM was mainly on back of 85.0% yoy rise in R&D expenses, which
Reuters Code
INRM.BO
were around 4.7% V/s 3.0% in 1QFY2016. This led the company to post an Adj.
Bloomberg Code
[email protected]
net profit of `19.7cr V/s `20.8cr in 1QFY2016, a yoy de-growth of 4.9%. We
maintain our Sell rating.
Shareholding Pattern (%)
Results lower than expected: For 1QFY2017, the company posted sales of `253cr
Promoters
59.2
V/s `220cr expected and V/s `216cr in 1QFY2016, a yoy growth of 17.0%. The
MF / Banks / Indian Fls
11.3
formulations (`234.5cr) grew 14.8% yoy while API (`175.9cr) grew 40.8% yoy.
FII / NRIs / OCBs
12.5
Formulations growth was driven by domestic formulations (`142.1cr) which grew
Indian Public / Others
17.0
12.7% yoy while export (`92.3cr) grew 18.4% yoy. On the operating profit front,
the OPM came in at 14.7% V/s 16.3% in 1QFY2016 and V/s 17.0% expected. A
dip in the OPM was mainly on back of 85.0% yoy rise in R&D expenses, which
Abs. (%)
3m 1yr 3yr
were around 4.7% V/s 3.0% in 1QFY2016. This led the company to post an Adj.
Sensex
3.1
(8.7)
28.2
Indoco
15.8
(9.2)
405.0
net profit of `19.7cr V/s `20.8cr in 1QFY2016, a yoy de-growth of 4.9%.
Outlook and valuation: We expect net sales to post a 14.9% CAGR to `1,289cr
3-Year Daily Price Chart
and EPS to post a 31.5% CAGR to `15.6 over FY2016-18E. At the current market
450
price, the stock is trading at 23.7x and 20.1x its FY2017E and FY2018E earnings,
400
respectively. We recommend a SELL rating.
350
300
Key financials (Consolidated)
250
200
Y/E March (` cr)
FY2015
FY2016
FY2017E
FY2018E
150
Net sales
852
977
1112
1289
100
% chg
18.0
14.6
13.8
16.0
50
0
Net profit
82.8
83.0
121.8
143.5
% chg
42.3
0.2
46.7
17.9
EPS (`)
9.0
9.0
13.2
15.6
Source: Company, Angel Research
EBITDA margin (%)
18.9
14.9
18.2
18.2
P/E (x)
34.9
34.8
23.7
20.1
RoE (%)
17.0
15.1
19.2
19.2
RoCE (%)
18.3
11.9
17.1
19.1
P/BV (x)
5.6
4.9
4.2
3.6
Sarabjit Kour Nangra
EV/Sales (x)
3.5
3.1
2.7
2.3
+91 22 39357600 - Ext: 6806
EV/EBITDA (x)
18.4
20.7
14.8
12.5
[email protected]
Source: Company, Angel Research; Note: CMP as of August 3, 2016
Please refer to important disclosures at the end of this report
1
Indoco Remedies |1QFY2017 Result Update
Exhibit 1: 1QFY2017 (Consolidated) performance
Y/E March (` cr)
1QFY2017
4QFY2016
% chg (qoq)
1QFY2016
% chg (yoy) FY2016 FY2015
% chg (yoy)
Net sales
253
255
(0.9)
216
17.0
977
849
15.0
Other income
5.0
9.0
(45.0)
8
(34.9)
28
7
304.4
Total income
258
264
(2.4)
224
15.2
1005
856
17.4
Gross profit
164
173
(5.1)
140
17.3
635
550
15.5
Gross margins (%)
64.8
67.7
64.6
65.0
64.8
Operating profit
37.2
32.3
14.9
35.2
5.6
145.2
160.4
(9.5)
OPM (%)
14.7
12.7
16.3
14.9
18.9
Interest
2
5
(47.6)
2
13.0
13
10
25.1
Dep & amortisation
17
15
10.2
15
12.2
60
47
28.4
PBT
23
21
6.6
26
(10.9)
101
110
(8.9)
Provision for taxation
3.1
1.4
113.9
5
(42.9)
18
27
(34.8)
Reported Net profit
20
20
(1.1)
21
(4.9)
83
83
0.6
Less : Exceptional items
0
0
-
0
0
0
PAT after exceptional items
20
20
(1.1)
21
(4.9)
83
83
0.6
EPS (`)
2.1
2.2
2.3
9.0
9.0
Source: Company, Angel Research
Exhibit 2: 1QFY2017 - Actual vs. Angel estimates
(` cr)
Actual
Estimate
Variation (%)
Net sales
255
220
15.7
Other operating income
4
9
(53.1)
Operating profit
39
37
4.6
Tax
5
1
556.2
Net profit
20
26
(20.6)
Source: Company, Angel Research
Revenues above expectations: For 1QFY2017, the company posted sales of
`253cr V/s `220cr expected and V/s `216cr in 1QFY2016, a yoy growth of
17.0%. The formulations (`234.5cr) posted a yoy growth of 14.8%, while API
(`175.9cr) grew
40.8% yoy. Formulations growth was driven by domestic
formulations (`142.1cr), which posted a yoy growth of 12.7%, while export
formulations (`92.3cr) grew 18.4% yoy.
During the quarter, the company launched 14 new products, 6 in Anti-diabetic
category, 2 each in Gynaec and Stomatologicals, and 1 each in Anti-infective,
Gastro intestinal, Ophthalmic and Urological respectively.
Exports formulations (`92.3cr) grew 18.4% yoy while API exports (`7.8cr) de-grew
by 57.9% yoy. The regulated markets during the quarter grew by 15.5% yoy to
`79.4cr as against `68.7cr during the same quarter last year. The Emerging
markets (`12.9cr) posted a yoy growth of 39.3%.
During the quarter, the company’s US business grew by 27.5% yoy with revenues
at `28.1cr. The company (through partners or by itself) filed 23 ANDAs which are
pending approvals; 9 ANDAs have been approved till date.
For the quarter, emerging markets grew by 39.4% to `12.9cr as against `9.3cr
during the same quarter last year. Kenya, French West Africa, Tanzania, Sri Lanka,
Croatia and Bolivia are the major revenue contributors. The company launched
three ophthalmic products in Kenya.
August 4, 2016
2
Indoco Remedies |1QFY2017 Result Update
Exhibit 3: Domestic Formulation sales trend
150
142
138
136
140
131
130
124
120
110
100
90
80
70
60
50
1QFY2016
2QFY2016
3QFY2016
4QFY2016
1QFY2017
Source: Company, Angel Research
Exhibit 4: Export sales trend
140.0
117
120.0
112
101
100
100.0
83
80.0
60.0
40.0
20.0
0.0
1QFY2016
2QFY2016
3QFY2016
4QFY2016
1QFY2017
Source: Company, Angel research
OPM lower than estimated: On the operating profit front, the OPM came in at
14.7% V/s 16.3% in 1QFY2016 and V/s 17.0% expected. Dip in the OPM was
mainly on back of 85.0% yoy rise in R&D expenses, which were around 4.7% V/s
3.0% in 1QFY2016.
August 4, 2016
3
Indoco Remedies |1QFY2017 Result Update
Exhibit 5: OPM trend
18.0
16.3
16.0
15.5
15.4
14.7
14.0
12.7
12.0
10.0
1QFY2016
2QFY2016
3QFY2016
4QFY2016
1QFY2017
Source: Company, Angel Research
Net profit lower than expectation: The company posted an Adj. net profit of
`19.7cr V/s `21cr in 1QFY2016, a yoy de-growth of 4.9%. The net profit came
below our expectation of `26cr.
Exhibit 6: Net profit trend
25.0
23
23.0
21
21.0
20
20
20
19.0
17.0
15.0
1QFY2016
2QFY2016
3QFY2016
4QFY2016
1QFY2017
Source: Company, Angel Research
Concall Highlights
Company’s 9.5-10% of domestic portfolio is currently under NLEM.
The company guided for ~15% growth in the domestic market for FY2017.
The company has guided for ~4% of R&D in FY2017.
Watson contributed `5.5cr to revenues in 1QFY2017.
Capex guidance of `125-150cr in FY2017.
Tax rate guidance of 17-18% for FY2017.
August 4, 2016
4
Indoco Remedies |1QFY2017 Result Update
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.
Post the restructuring of the domestic business in FY2009, which has resulted in an
improvement in the working capital cycle, Indoco is back on the growth trajectory
with its domestic formulation business growing at 15.1% in FY2015. We expect the
domestic formulation segment to grow at a CAGR of 15.0% over FY2016-18E,
factoring in a muted FY2016, restructuring, and low monsoon.
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 ~46% of
its revenues from exports in 2015-16.
The US cumulative ANDA filings stood at 34 with 26 pending approvals (including
3 tentative approvals). 54 products are under the development pipeline for the US.
The company has launched 8 products in the US market (five ophthalmic, one
solid dosage and two products supplied by Watson). A total of 14 products have
been filed through Watson. We expect the exports segment to grow at an 18.1%
CAGR over FY2016-18E.
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
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 14.9% CAGR to `1,289cr and EPS to post
a 31.5% CAGR to `15.6 over FY2016-18E. At the current market price, the stock is
trading at 23.7x and 20.1x its FY2017E and FY2018E earnings, respectively. We
recommend a SELL rating on the stock, given the valuations.
August 4, 2016
5
Indoco Remedies |1QFY2017 Result Update
Exhibit 7: Key assumptions
FY2017E
FY2018E
Domestic sales growth (%)
15.0
15.0
Exports growth
18.0
18.0
Operating margins (%)
18.2
18.2
Capex (` cr)
60.0
60.0
Source: Company, Angel Research
Exhibit 8: One-year forward PE band
450
400
350
300
250
200
150
100
50
0
20x
25x
30x
35x
Source: Company, Angel Research
Exhibit 9: Recommendation summary
Company
Reco
CMP Tgt. price Upside
FY2017E
FY15-17E
FY2017E
(`)
(`)
(%) PE (x) EV/Sales (x) EV/EBITDA (x) CAGR in EPS (%) RoCE (%) RoE (%)
Alembic Pharma
Neutral
622
-
-
20.5
2.7
12.8
(10.8)
27.5
25.3
Aurobindo Pharma Buy
749
877
17.2
15.8
2.6
11.0
18.1
22.5
26.1
Cadila Healthcare
Buy
347
399
15.3
17.4
2.6
11.8
15.8
24.3
26.6
Cipla
Neutral
529
-
-
19.5
2.5
13.4
20.4
13.5
15.2
Dr Reddy's
Neutral
2,942
-
-
18.6
2.7
10.9
6.9
18.1
17.1
Dishman Pharma
Neutral
164
-
-
15.8
1.7
8.0
(1.1)
9.6
10.2
GSK Pharma*
Neutral
3,139
-
-
52.9
6.8
36.2
15.9
35.8
31.8
Indoco Remedies
Sell
313
225
(19.6)
20.1
2.3
12.8
31.5
19.1
19.2
Ipca labs
Buy
508
613
20.6
25.8
1.8
11.7
17.9
11.8
14.9
Lupin
Accumulate
1,680
1,809
7.7
24.2
4.0
14.9
17.2
24.4
20.9
Sanofi India
Neutral
4,545
-
-
26.9
3.4
19.5
21.2
24.9
28.4
Sun Pharma
Buy
838
944
12.6
25.6
5.2
16.7
22.0
33.1
18.9
Source: Company, Angel Research; Note: *December year ending,
August 4, 2016
6
Indoco Remedies |1QFY2017 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)
FY13
FY14
FY15
FY15
FY17E
FY18E
Gross sales
638
735
863
987
1,124
1,303
Less: Excise duty
11
13
11
10
12
14
Net sales
626
722
852
977
1,112
1,289
Other operating income
4
10
5
27
27
27
Total operating income
630
733
857
1,004
1,139
1,316
% chg
10.4
16.2
17.0
17.1
13.5
15.6
Total expenditure
537
612
691
831
910
1,055
Net raw materials
262
272
300
341
411
477
Other mfg costs
37
42
50
57
65
75
Personnel
100
130
140
183
199
231
Other
138
168
201
250
234
272
EBITDA
89
110
161
145
202
234
% chg
5.4
23.5
46.1
(9.7)
39.0
16.0
(% of Net Sales)
14.2
15.2
18.9
14.9
18.2
18.2
Depreciation& amortisation
24
31
47
60
65
70
EBIT
65
79
114
85
136
164
% chg
0.1
21.0
43.7
(25.4)
60.9
20.0
(% of Net Sales)
10.4
11.0
13.3
8.7
12.3
12.7
Interest & other charges
22
19
11
13
13
13
Other income
1
2
2
1
1
1
(% of PBT)
1.8
2.4
1.6
1.1
0.7
0.6
Share in profit of Associates
-
-
-
1.0
2.0
3.0
Recurring PBT
48
72
110
101
152
179
PBT (reported)
48
72
110
101
152
179
Tax
6
14
27
18
30
36
(% of PBT)
11.8
19.6
24.3
17.5
20.0
20.0
PAT (reported)
43
58
83
83
122
144
Add: Share of earnings of asso.
-
-
-
-
-
-
Less: Minority interest (MI)
-
-
-
-
-
-
Prior period items
-
-
-
-
-
-
PAT after MI (reported)
43
58
83
83
122
144
ADJ. PAT
43
58
83
83
122
144
% chg
(7.9)
36.5
42.3
0.2
46.7
17.9
(% of Net Sales)
6.8
8.1
9.7
8.5
11.0
11.1
Basic EPS (`)
4.6
6.3
9.0
9.0
13.2
15.6
Fully Diluted EPS (`)
4.6
6.3
9.0
9.0
13.2
15.6
% chg
(7.9)
36.5
42.3
0.2
46.7
17.9
August 4, 2016
7
Indoco Remedies |1QFY2017 Result Update
Balance Sheet (Consolidated)
Y/E March (` cr)
FY13
FY14
FY15
FY15
FY17E
FY18E
SOURCES OF FUNDS
Equity share capital
18
18
18
18
18
18
Reserves & surplus
396
439
500
566
667
790
Shareholders funds
414
457
519
583
685
808
Minority Interest
0
-
-
-
-
-
Total loans
90
72
88
127
120
50
Other Long Term Liab.
9
9
9
9
9
9
Long Term Provisions
7
16
16
18
18
18
Deferred tax liability
35
31
27
24
24
24
Total liabilities
555
585
659
762
829
882
APPLICATION OF FUNDS
Gross block
447
481
561
649
709
769
Less: acc. depreciation
126
156
203
264
329
399
Net block
321
325
358
386
380
370
Capital work-in-progress
38
44
44
44
44
44
Goodwill
0
-
0
-
-
-
Investments
0
0
0
15
15
15
Long Term Loans And Adv.
57
55
58
71
109
126
Current assets
273
305
385
448
554
644
Cash
12
13
15
14
13
16
Loans & advances
41
42
85
78
111
129
Other
220
249
285
356
430
499
Current liabilities
134
144
187
201
274
318
Net current assets
139
160
199
247
280
326
Mis. Exp. not written off
0
-
-
-
-
-
Total assets
555
585
659
762
829
882
August 4, 2016
8
Indoco Remedies |1QFY2017 Result Update
Cash Flow Statement (Consolidated)
Y/E March (` cr)
FY13
FY14
FY15
FY15
FY17E
FY18E
Profit before tax
48
72
110
101
152
179
Depreciation
24
31
47
60
65
70
(Inc)/Dec in working capital
13
(18)
(39)
(63)
(73)
(60)
Less: Other income
1
2
2
1
1
1
Direct taxes paid
6
14
27
18
30
36
Cash Flow from Operations
79
69
90
80
113
153
(Inc.)/Dec.in fixed assets
(49)
(41)
(80)
(88)
(60)
(60)
(Inc.)/Dec. in investments
-
-
-
-
-
-
Other income
1
2
2
1
1
1
Cash Flow from Investing
(48)
(39)
(78)
(87)
(59)
(59)
Issue of equity
-
-
-
(1)
-
-
Inc./(Dec.) in loans
(22)
(9)
16
41
(7)
(70)
Dividend Paid (Incl. Tax)
(12)
(12)
(22)
(21)
(21)
(21)
Others
3
(16)
(3)
(15)
9
9
Cash Flow from Financing
(30)
(37)
(9)
5
(19)
(82)
Inc./(Dec.) in Cash
1
(7)
3
(2)
35
12
Opening Cash balances
10
12
13
15
14
13
Closing Cash balances
12
13
15
14
13
16
August 4, 2016
9
Indoco Remedies |1QFY2017 Result Update
Key Ratios
Y/E March
FY13
FY14
FY15
FY15
FY17E
FY18E
Valuation Ratio (x)
P/E (on FDEPS)
60.9
44.6
31.4
31.3
21.3
18.1
P/CEPS
39.1
29.1
20.0
18.1
13.9
12.1
P/BV
6.3
5.7
5.0
4.5
3.8
3.2
Dividend yield (%)
0.4
0.4
0.7
0.7
0.7
0.7
EV/Sales
4.3
3.7
3.1
2.8
2.4
2.0
EV/EBITDA
30.0
24.1
16.6
18.7
13.4
11.2
EV / Total Assets
4.8
4.5
4.1
3.6
3.3
3.0
Per Share Data (`)
EPS (Basic)
4.6
6.3
9.0
9.0
13.2
15.6
EPS (fully diluted)
4.6
6.3
9.0
9.0
13.2
15.6
Cash EPS
7.2
9.7
14.1
15.6
20.3
23.2
DPS
1.1
1.0
2.0
2.0
2.0
2.0
Book Value
44.9
49.6
56.3
63.3
74.3
87.6
Dupont Analysis
EBIT margin
10.4
11.0
13.3
8.7
12.3
12.7
Tax retention ratio
88.2
80.4
75.7
82.5
80.0
80.0
Asset turnover (x)
1.2
1.3
1.4
1.4
1.5
1.6
ROIC (Post-tax)
10.8
11.6
14.2
10.3
14.3
15.9
Cost of Debt (Post Tax)
18.9
18.7
10.0
9.6
8.1
11.8
Leverage (x)
0.2
0.2
0.1
0.2
0.2
0.1
Operating ROE
8.9
10.4
14.8
10.5
15.4
16.3
Returns (%)
ROCE (Pre-tax)
11.9
13.9
18.3
11.9
17.1
19.1
Angel ROIC (Pre-tax)
13.0
15.3
20.2
13.0
18.5
20.5
ROE
10.7
13.4
17.0
15.1
19.2
19.2
Turnover ratios (x)
Asset Turnover (Gross Block)
1.5
1.6
1.6
1.7
1.7
1.8
Inventory / Sales (days)
52
50
55
54
59
59
Receivables (days)
66
64
62
68
75
75
Payables (days)
43
40
46
42
52
52
WC cycle (ex-cash) (days)
78
68
70
76
80
80
Solvency ratios (x)
Net debt to equity
0.2
0.1
0.1
0.2
0.2
0.0
Net debt to EBITDA
0.9
0.5
0.5
0.8
0.5
0.1
Interest Coverage (EBIT / Int.)
3.0
4.2
10.7
6.8
10.9
13.1
August 4, 2016
10
Indoco Remedies |1QFY2017 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 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/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.
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. Investors are advised to refer the Fundamental and Technical Research Reports available on our website to evaluate the
contrary view, if any.
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
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This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
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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.
Disclosure of Interest Statement
Indoco Remedies
1. Financial interest of research analyst or Angel or his Associate or his relative
No
2. Ownership of 1% or more of the stock by research analyst or Angel or associates or relatives
No
3. Served as an officer, director or employee of the company covered under Research
No
4. Broking relationship with company covered under Research
No
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)
August 4, 2016
11