2QFY2017 Result Update | Pharmaceutical
November 10, 2016
Indoco Remedies
REDUCE
CMP
`277
Performance Highlights
Target Price
`240
Y/E March (` cr)
2QFY17
1QFY17
% chg (qoq) 2QFY16
% chg (yoy)
Investment Period
-
Net sales
276
253
9.4
248
11.6
Other operating income
6
5
13.7
8
(25.4)
Stock Info
Gross profit
179
164
9.6
160
12.4
Sector
Pharmaceutical
Operating profit
37
37
0.5 bp
38
(3.0)bp
Market Cap (` cr)
2,550
Net profit
22
20
11.8
22
2.7
Net Debt (` cr)
113
Source: Company, Angel Research
Beta
0.5
52 Week High / Low
360/244
Indoco Remedies posted sales of `276cr vs. `248cr in 2QFY16, up by 11.6% yoy,
Avg. Daily Volume
14,497
mainly on back of domestic sales (`168.8cr, which grew by 22.0% yoy). Overall,
Face Value (`)
2
the formulations, which posted sales of `261.4cr grew, by 13.0% yoy. The
BSE Sensex
27,591
API (`135.9cr) dipped by 11.0% yoy. On the operating front, the gross margin
Nifty
8,544
came in at 64.9% (65.0% expected) vs. 64.4% in 2QFY2016, with EBIDTA margin
Reuters Code
INRM.BO
coming in at 13.5% (15.5% expected) vs. 15.5% in 2QFY2016. Consequently, the
Bloomberg Code
[email protected]
PAT came in at `22.1cr vs. `21.5cr, a yoy growth of 2.7%. This was against the
expectations of `25cr. We recommend a reduce rating on back of expensive
valuations.
Shareholding Pattern (%)
Promoters
59.2
Results lower than expected: Indoco Remedies posted sales of `276cr vs. `248cr,
MF / Banks / Indian Fls
11.8
up by 11.6% yoy, mainly on back of domestic sales (`168.8cr, which grew by
FII / NRIs / OCBs
12.6
22.0% yoy). Overall, the formulations, which posted sales of `261.4cr, grew by
Indian Public / Others
16.4
13.0% yoy. The API (`135.9cr) 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.
Abs. (%)
3m 1yr 3yr
Consequently, the PAT came in at `22.1cr vs. `21.5cr, a yoy growth of 2.7%. This
Sensex
(2.1)
5.0
33.5
was against, the expectations of `25cr.
Indoco
(11.0)
(9.3)
198.2
Outlook and valuation: We expect net sales to post a CAGR of 14.9% to `1,289cr
and EPS to post a CAGR of 33.2% to `16.0 over FY2016-18E. At the current
3-Year Daily Price Chart
market price, the stock is trading at 23.9x and 17.3x its FY2017E and FY2018E
450
400
earnings, respectively. We recommend a reduce rating on back of the valuations.
350
Key financials (Consolidated)
300
250
Y/E March (` cr)
FY2015
FY2016
FY2017E
FY2018E
200
Net sales
852
977
1112
1289
150
100
% chg
18.0
14.6
13.8
16.0
50
Net profit
82.8
83.0
106.6
147.1
0
% chg
42.3
0.2
28.4
38.0
EPS (`)
9.0
9.0
11.6
16.0
EBITDA margin (%)
18.9
14.9
16.2
18.2
Source: Company, Angel Research
P/E (x)
30.8
30.7
23.9
17.3
RoE (%)
17.0
15.1
17.0
20.1
RoCE (%)
18.3
11.9
14.4
19.1
P/BV (x)
4.9
4.4
3.8
3.2
Sarabjit Kour Nangra
EV/Sales (x)
3.1
2.7
2.4
2.0
+91 22 39357600 - Ext: 6806
EV/EBITDA (x)
16.3
18.3
14.9
11.1
[email protected]
Source: Company, Angel Research; Note: CMP as of November 8, 2016
Please refer to important disclosures at the end of this report
1
Indoco Remedies | 2QFY2017 Result Update
Exhibit 1: 2QFY2017 (Consolidated) performance
Y/E March (` cr)
2QFY2017
1QFY2017
% chg (qoq) 2QFY2016
% chg (yoy) 1HFY2017 1HFY2016
% chg (yoy)
Net sales
276
253
9.4
248
11.6
529
467
13.4
Other income
5.6
5.0
13.7
8
(25.4)
11
15
(30.0)
Total income
282
258
9.4
255
10.5
540
482
12.0
Gross profit
179
164
9.6
160
12.4
343
297
15.4
Gross margin (%)
64.9
64.8
64.4
64.8
63.7
Operating profit
37.3
37.2
0.5
38.5
(3.0)
74.5
72.7
2.4
OPM (%)
13.5
14.7
15.5
14.1
15.6
Interest
2
2
(35.7)
3
(40.1)
4
4
(1.5)
Dep & amortisation
17
17
(0.7)
15
12.0
33
30
12.1
PBT
25
23
8.1
29
(13.4)
48
54
(11.7)
Provision for taxation
2.6
3.1
(15.9)
6
(56.3)
6
12
(50.9)
Reported Net profit
22
20
11.8
22
2.7
42
42
(1.0)
Less : Exceptional items
0
0
-
0
0
0
PAT after exceptional items
22
20
11.8
22
2.7
42
42
(1.0)
EPS (`)
2.4
2.1
2.3
4.5
4.6
Source: Company, Angel Research
Exhibit 2: 2QFY2017 - Actual vs. Angel estimates
(` cr)
Actual
Estimate
Variation (%)
Net sales
276
274
0.8
Other operating income
6
5
12.8
Operating profit
37
43
(12.2)
Tax
3
3
(16.5)
Net profit
22
25
(11.5)
Source: Company, Angel Research
Revenues just in line with expectations: Indoco Remedies posted sales of `276cr vs.
`248cr, up by 11.6% yoy, mainly on back of domestic sales (`168.8cr, which grew
by 22.0% yoy). Overall the formulations, which posted sales of `264cr, grew by
13.0% yoy. The API (`135.9cr) posted a sales dip of 11.0% yoy.
The formulations (`261.3cr) posted a yoy growth of 13.0%, while API (`135.9cr)
de-grew 11.0% yoy. Formulations growth was driven by domestic formulations
(`168.8cr), which posted a yoy growth of 22.0%, while export formulations
(`92.5cr) de-grew by 0.4% yoy.
During the quarter, the company launched 3 new products, one each in Gastro
Intestinal, Pain / Analgesics and Stomatologicals, respectively.
During the quarter, the international formulation business revenues were at
`92.5cr as against ` 92.9cr during the same period last year. Europe contributed
to 35.8 % of International formulation sales, followed by US at 29.4 %, South
Africa, Australia & New Zealand at 19.5 % and Emerging markets at15.3 %.
The regulated markets during the quarter de-grew by 6.3% yoy to `77.2cr as
against `82.3cr, during the same quarter last year. The Emerging markets
(`15.4cr) posted a yoy growth of 46.2%.
During the quarter, the company’s US business de-grew by 0.75% yoy with
revenues at `26.2cr. The market share of ophthalmic products launched through
Actavis is showing an upward trend. The company (through partners or by itself)
November 10, 2016
2
Indoco Remedies | 2QFY2017 Result Update
filed 24 ANDAs which are pending approvals; 10 ANDAs have been approved till
date.
For the quarter, emerging markets grew by 46.2% to `15.3cr as against `10.3cr,
during the same quarter last year. The markets which are driving growth are
Kenya, French West Africa, Myanmar, Tanzania, and Sri Lanka.
Exhibit 3: Domestic Formulation sales trend
180
169
170
160
150
142
138
136
140
131
130
120
110
100
90
80
70
60
50
2QFY2016
3QFY2016
4QFY2016
1QFY2017
2QFY2017
Source: Company, Angel Research
Exhibit 4: Export sales trend
120.0
118
115.0
112
110.0
105.0
101
100
100
100.0
95.0
90.0
2QFY2016
3QFY2016
4QFY2016
1QFY2017
2QFY2017
Source: Company, Angel research
OPM lower than estimated: On the operating profit front, the OPM came in at
13.5% vs. 15.5% in 2QFY2016 and vs. 15.5% expected. Dip in the OPM was
mainly on back of low sales growth and 34.8% yoy rise in R&D expenses, which
were around 4.4% of sales vs. 3.6% of sales in 2QFY2016.
November 10, 2016
3
Indoco Remedies | 2QFY2017 Result Update
Exhibit 5: OPM trend
16.0
15.5
15.4
15.0
14.7
14.7
14.0
13.5
13.0
12.0
2QFY2016
3QFY2016
4QFY2016
1QFY2017
2QFY2017
Source: Company, Angel Research
Net profit lower than expectation: Company posted an Adj. net profit of `22cr vs.
`23cr in 2QFY2016, a yoy de-growth of 2.2%. The net profit came below our
expectation of `25cr.
Exhibit 6: Net profit trend
25.0
23
22
20
20
20.0
15
15.0
10.0
5.0
0.0
2QFY2016
3QFY2016
4QFY2016
1QFY2017
2QFY2017
Source: Company, Angel Research
Concall Highlights
With medical reps of 2800, management expects 15-20% sales growth in
India formulations.
USFDA audited Goa Plant II & III in September16. The inspection was
triggered on account of injectable filings. The Company has submitted the
compliance with documentary evidence to USFDA on all the observations
covered in the inspection report.
The company has guided for ~4% of sales of R&D in FY2017-2018.
Indoco plans to file 8-10 ANDAs in FY2017E including 3-4 own ANDAs and
6-7 Actavis ANDAs. Till date, the company has filed 16 ANDAs (including 14
ophthalmic) out of its partnership of 25 ANDAs with Actavis and Akorn.
November 10, 2016
4
Indoco Remedies | 2QFY2017 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 CAGR of 14.9% to `1,289cr and EPS to
post a CAGR of 33.2% to `16.0 over FY2016-18E. At the current market price, the
stock is trading at
23.9x and
17.3x its FY2017E and FY2018E earnings,
respectively. We recommend a reduce rating on back of the valuations.
November 10, 2016
5
Indoco Remedies | 2QFY2017 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
FY2018E
FY16-18E
FY2018E
(`)
(`)
(%) PE (x) EV/Sales (x) EV/EBITDA (x) CAGR in EPS (%) RoCE (%) RoE (%)
Alembic Pharma
Neutral
655
-
-
21.6
2.9
13.5
(10.8)
27.5
25.3
Aurobindo Pharma
Buy
757
877
15.9
16.0
2.6
11.1
18.1
22.5
26.1
Cadila Healthcare
Buy
375
-
-
19.5
3.0
13.7
13.4
22.7
25.7
Cipla
Neutral
536
-
-
19.7
2.5
13.6
20.4
13.5
15.2
Dr Reddy's
Neutral
3,115
-
-
21.8
2.8
12.5
1.7
16.2
15.9
Dishman Pharma
Neutral
237
-
-
21.0
2.3
10.3
3.1
10.3
10.9
GSK Pharma*
Neutral
2,719
-
-
44.7
6.8
32.8
17.3
35.3
32.1
Indoco Remedies
Reduce
277
240
(13.4)
17.3
2.0
11.1
33.2
19.1
20.1
Ipca labs
Accumulate
572
613
7.2
29.0
2.0
13.1
36.5
8.8
9.4
Lupin
Buy
1,509
1,809
19.9
21.8
3.6
13.4
17.2
24.4
20.9
Sanofi India*
Neutral
4,277
-
-
24.9
3.3
17.8
22.2
24.9
28.8
Sun Pharma
Buy
635
944
48.6
19.4
3.8
12.2
22.0
33.1
18.9
Source: Company, Angel Research; Note: *December year ending,
November 10, 2016
6
Indoco Remedies | 2QFY2017 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.
November 10, 2016
7
Indoco Remedies | 2QFY2017 Result Update
Profit & loss statement (Consolidated)
Y/E March (` cr)
FY13
FY14
FY15
FY16
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
932
1,055
Net raw materials
262
272
300
341
434
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
180
234
% chg
5.4
23.5
46.1
(9.7)
23.7
30.3
(% of Net Sales)
14.2
15.2
18.9
14.9
16.2
18.2
Depreciation& amortisation
24
31
47
60
65
70
EBIT
65
79
114
85
114
164
% chg
0.1
21.0
43.7
(25.4)
34.7
43.3
(% of Net Sales)
10.4
11.0
13.3
8.7
10.3
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
0.9
0.6
Share in profit of Associates
-
-
-
1.0
2.0
3.0
Recurring PBT
48
72
110
101
130
179
PBT (reported)
48
72
110
101
130
179
Tax
6
14
27
18
23
32
(% of PBT)
11.8
19.6
24.3
17.5
18.0
18.0
PAT (reported)
43
58
83
83
107
147
Add: Share of earnings of asso.
-
-
-
-
-
-
Less: Minority interest (MI)
-
-
-
-
-
-
Prior period items
-
-
-
-
-
-
PAT after MI (reported)
43
58
83
83
107
147
ADJ. PAT
43
58
83
83
107
147
% chg
(7.9)
36.5
42.3
0.2
28.4
38.0
(% of Net Sales)
6.8
8.1
9.7
8.5
9.6
11.4
Basic EPS (`)
4.6
6.3
9.0
9.0
11.6
16.0
Fully Diluted EPS (`)
4.6
6.3
9.0
9.0
11.6
16.0
% chg
(7.9)
36.5
42.3
0.2
28.4
38.0
November 10, 2016
8
Indoco Remedies | 2QFY2017 Result Update
Balance Sheet (Consolidated)
Y/E March (` cr)
FY13
FY14
FY15
FY16
FY17E
FY18E
SOURCES OF FUNDS
Equity share capital
18
18
18
18
18
18
Reserves & surplus
396
439
500
566
652
778
Shareholders funds
414
457
519
583
669
796
Minority Interest
0
-
-
-
-
-
Total loans
90
72
88
127
130
70
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
824
890
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
549
653
Cash
12
13
15
14
8
25
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
275
335
Mis. Exp. not written off
0
-
-
-
-
-
Total assets
555
585
659
762
824
890
November 10, 2016
9
Indoco Remedies | 2QFY2017 Result Update
Cash Flow Statement (Consolidated)
Y/E March (` cr)
FY13
FY14
FY15
FY16
FY17E
FY18E
Profit before tax
48
72
110
101
130
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
23
32
Cash Flow from Operations
79
69
90
80
98
156
(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
3
(60)
Dividend Paid (Incl. Tax)
(12)
(12)
(22)
(21)
(21)
(21)
Others
3
(16)
(3)
(15)
9
-
Cash Flow from Financing
(30)
(37)
(9)
5
(9)
(81)
Inc./(Dec.) in Cash
1
(7)
3
(2)
30
17
Opening Cash balances
10
12
13
15
14
8
Closing Cash balances
12
13
15
14
8
25
November 10, 2016
10
Indoco Remedies | 2QFY2017 Result Update
Key Ratios
Y/E March
FY13
FY14
FY15
FY16
FY17E
FY18E
Valuation Ratio (x)
P/E (on FDEPS)
59.8
43.8
30.8
30.7
23.9
17.3
P/CEPS
38.4
28.6
19.6
17.8
14.8
11.7
P/BV
6.2
5.6
4.9
4.4
3.8
3.2
Dividend yield (%)
0.4
0.4
0.7
0.7
0.7
0.7
EV/Sales
4.2
3.6
3.1
2.7
2.4
2.0
EV/EBITDA
29.5
23.7
16.3
18.3
14.9
11.1
EV / Total Assets
4.7
4.5
4.0
3.5
3.2
2.9
Per Share Data (`)
EPS (Basic)
4.6
6.3
9.0
9.0
11.6
16.0
EPS (fully diluted)
4.6
6.3
9.0
9.0
11.6
16.0
Cash EPS
7.2
9.7
14.1
15.6
18.7
23.6
DPS
1.1
1.0
2.0
2.0
2.0
2.0
Book Value
44.9
49.6
56.3
63.3
72.6
86.4
DuPont Analysis
EBIT margin
10.4
11.0
13.3
8.7
10.3
12.7
Tax retention ratio
88.2
80.4
75.7
82.5
82.0
82.0
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
12.3
16.3
Cost of Debt (Post Tax)
18.9
18.7
10.0
9.6
8.0
10.3
Leverage (x)
0.2
0.2
0.1
0.2
0.2
0.1
Operating ROE
8.9
10.4
14.8
10.5
13.1
17.0
Returns (%)
ROCE (Pre-tax)
11.9
13.9
18.3
11.9
14.4
19.1
Angel ROIC (Pre-tax)
13.0
15.3
20.2
13.0
15.5
20.5
ROE
10.7
13.4
17.0
15.1
17.0
20.1
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
58
60
Receivables (days)
66
64
62
68
74
76
Payables (days)
43
40
46
42
50
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
0.1
Net debt to EBITDA
0.9
0.5
0.5
0.8
0.7
0.2
Interest Coverage (EBIT / Int.)
3.0
4.2
10.7
6.8
9.1
13.1
November 10, 2016
11
Indoco Remedies | 2QFY2017 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
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the merits and risks of such an investment.
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trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
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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
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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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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)
November 10, 2016
12