3QFY2016 Result Update | Pharmaceutical
February 2, 2016
Indoco Remedies
NEUTRAL
CMP
`323
Performance Highlights
Target Price
-
Y/E March (` cr)
3QFY16
2QFY16
% chg (qoq) 3QFY15
% chg (yoy)
Investment Period
-
Net sales
255
248
2.8
213
19.6
Other operating income
4
8
(44.2)
4
7.4
Stock Info
Gross profit
162
160
1.7
135
20.0
Sector
Pharmaceutical
Operating profit
39
38
1.6
39
0.4
Market Cap (` cr)
2,977
Net profit
20
23
(9.7)
22
(5.6)
Net Debt (` cr)
73
Source: Company, Angel Research
Beta
1.0
For 3QFY2016, Indoco Remedies (Indoco)’ results were in line with our
52 Week High / Low
413/289
expectations on the sales front, while the net profit came in lower owing to a lower
Avg. Daily Volume
16,565
than expected OPM. The company posted sales of `255cr (V/s `257cr estimated),
Face Value (`)
2
a growth of 19.6% yoy. The growth during the quarter came in through exports
BSE Sensex
24,871
(`112.1cr) which rose 34.6% yoy, while domestic market sales grew 9.8% yoy to
Nifty
7,564
`141.9cr. On the operating front, the OPM came in at 15.4% V/s 18.3% in
Reuters Code
INRM.BO
3QFY2015 (and V/s an expected 16.5%). Thus, the net profit came in at `20.4cr
V/s `21.6cr in 3QFY2015, a dip of 5.6% yoy. This is against our expectation of
Bloomberg Code
[email protected]
`25.4cr. Overall, we are Neutral on the stock.
Results lower than expected: The company posted sales of `255cr (V/s `257cr
Shareholding Pattern (%)
estimated), a growth of 19.6% yoy. The growth during the quarter came in
Promoters
59.2
through exports (`112.1cr) which rose 34.6% yoy, while domestic market sales
MF / Banks / Indian Fls
14.0
grew 9.8% yoy to `141.9cr. Exports growth during the period was aided by the
FII / NRIs / OCBs
9.5
regulated markets (`90.4cr) which grew 36.3% yoy and emerging markets
(`139.0cr) which grew 32.6% yoy. On the operating front, the OPM came in at
Indian Public / Others
17.3
15.4% V/s 18.3% in 3QFY2015 (and V/s an expected 16.5%). The margins
declined owing to 30.7% and 76.3% yoy rise in employee expenditure and R&D
expenditure respectively. Thus, the net profit came in at `20.4cr V/s `21.6cr in
Abs. (%)
3m 1yr 3yr
3QFY2015, a dip of 5.6% yoy. This is against our expectation of `25.4cr.
Sensex
(7.3)
(16.2)
24.4
Indoco
(0.3)
0.7
424.5
Outlook and valuation: We expect net sales to post a 19.6% CAGR to `1,199cr
and EPS to post a 23.0% CAGR to `13.6 over FY2015-17E. At the current market
price, the stock is trading at 34.3x and 23.7x its FY2016E and FY2017E earnings,
3-Year Daily Price Chart
respectively. We recommend a Neutral rating on the stock, given the valuations.
Key financials (Consolidated)
Y/E March (` cr)
FY2014
FY2015
FY2016E
FY2017E
Net sales
722.3
852.2
1032.6
1198.6
% chg
15.3
18.0
21.2
16.1
Net profit
58.2
82.8
86.8
125.3
% chg
36.5
42.3
4.9
44.4
EPS (`)
6.3
9.0
9.4
13.6
EBITDA margin (%)
15.2
18.9
15.9
18.2
Source: Company, Angel Research
P/E (x)
51.1
35.9
34.3
23.7
RoE (%)
13.4
17.0
15.7
19.7
RoCE (%)
13.9
18.3
15.5
19.7
P/BV (x)
6.5
5.7
5.1
4.3
Sarabjit Kour Nangra
EV/Sales (x)
4.2
3.6
3.0
2.6
+91 22 39357600 - Ext: 6806
EV/EBITDA (x)
27.6
19.0
19.0
14.2
[email protected]
Source: Company, Angel Research; Note: CMP as of January 29, 2016
Please refer to important disclosures at the end of this report
1
Indoco Remedies |3QFY2016 Result Update
Exhibit 1: 3QFY2016 (Consolidated) performance
Y/E March (` cr)
3QFY2016
2QFY2016
% chg (qoq) 3QFY2015
% chg (yoy) 9MFY2016 9MFY2015
% chg (yoy)
Net sales
255
248
2.8
213
19.6
718
637
12.7
Other income
4.2
7.6
(44.2)
4
7.4
19
8
142.5
Total income
259
255
1.4
217
19.4
738
645
14.3
Gross profit
162
160
1.7
135
20.0
461
407
13.3
Gross margins (%)
63.7
64.4
63.5
64.2
63.9
Operating profit
39.1
38.5
1.6
39.0
0.4
112.8
121.5
(7.2)
OPM (%)
15.4
15.5
18.3
15.7
19.1
Interest
3
3
8.0
3
4.4
8
8
(4.9)
Dep & amortisation
15
15
2.3
12
27.1
45
35
28.8
PBT
25
29
(11.4)
28
(10.4)
79
87
(8.1)
Provision for taxation
4.9
5.9
(17.9)
7
(26.1)
16
22
(26.5)
Reported Net profit
20
23
(9.7)
22
(5.6)
63
64
(1.2)
Less : Exceptional items
0
0
-
0
0
0
PAT after exceptional items
20
23
(9.7)
22
(5.6)
63
64
(1.2)
EPS (`)
2.2
2.5
2.3
6.9
7.0
Source: Company, Angel Research
Exhibit 2: 3QFY2016 - Actual vs. Angel estimates
(` cr)
Actual
Estimate
Variation (%)
Net sales
255
257
(1.1)
Other operating income
4
4
8.2
Operating profit
39
42
(7.8)
Tax
5
3
42.5
Net profit
20
25
(19.6)
Source: Company, Angel Research
Revenues below expectations: The company posted sales of `255cr (V/s `257cr
estimated), a growth of 19.6% yoy. The growth during the quarter came in through
exports (`112.1cr) which rose 34.6% yoy, while domestic market sales grew 9.8%
yoy to `141.9cr. Exports growth during the period was aided by the regulated
markets (`90.4cr) which grew 36.3% yoy and emerging markets (`139.0cr) which
grew 32.6% yoy. Domestic formulations (`135.7cr) posted a yoy growth of 10.5%.
Domestic markets (`141.9cr) posted a growth of 9.8% yoy, mainly on back of
formulation sales (`136cr; up 10.5% yoy), while API sales (`6.02cr) a dip of 5.9%
yoy. The top-10 therapies of the company contributed by 88.3% to the IPM market.
Exports (`112cr) grew 34.6% yoy on back of formulation exports (`104.3cr; up
35.8% yoy), while API exports (`7.3cr) grew 12.0% yoy. The regulated markets
during the quarter grew by 36.3% yoy to `90.4cr as against `66.3cr during the
same quarter last year.
During the quarter, the company’s US business grew by 22% yoy with revenues at
`29.7cr. The company (through partners or by itself) filed 21 ANDAs which are
pending approvals with 6 ANDAs approved till date. There are 33 under the
pipeline for the company.
For the quarter, the emerging markets grew by 32.6% to `13.9cr as against
`10.5cr during the same quarter last year. Kenya, French West Africa, Uganda,
Tanzania and Myanmar drove sales during the quarter.
February 2, 2016
2
Indoco Remedies |3QFY2016 Result Update
Exhibit 3: Domestic Formulation sales trend
150
138
136
140
130
123
123
124
120
110
100
90
80
70
60
50
3QFY2015
4QFY2015
1QFY2016
2QFY2016
3QFY2016
Source: Company, Angel research
Exhibit 4: Export sales trend
120.0
112
101
100.0
83
82
84
80.0
60.0
40.0
20.0
0.0
3QFY2015
4QFY2015
1QFY2016
2QFY2016
3QFY2016
Source: Company, Angel research
OPM lower than estimated: On the operating front, the OPM came in at 15.4%
(V/s 16.5% expected) V/s 18.3% in 3QFY2015. The margins have declined on
back of 30.7% and 76.3% yoy rise in employee expenditure and R&D expenditure
respectively.
February 2, 2016
3
Indoco Remedies |3QFY2016 Result Update
Exhibit 5: OPM trend
20.0
18.4
18.3
18.0
16.3
15.5
16.0
15.4
14.0
12.0
3QFY2015
4QFY2015
1QFY2016
2QFY2016
3QFY2016
Source: Company, Angel Research
Net profit lower than expectation: Thus, the net profit came in at `20.4cr V/s
`21.6cr in 3QFY2015, a yoy dip of 5.6%. This is against our expectation of
`25.4cr.
Exhibit 6: Net profit trend
25
23
22
20
20
20
19
15
10
5
0
3QFY2015
4QFY2015
1QFY2016
2QFY2016
3QFY2016
Source: Company, Angel Research
February 2, 2016
4
Indoco Remedies |3QFY2016 Result Update
Concall takeaways
During the quarter, the USFDA audited the company’s finished dosage plant
(Plant I) at Goa. Establishment Inspection Reports (EIRs) for the Finished
Dosage Plant I, Sterile Plant II and Finished Dosage Plant III at Goa are
awaited.
The company has restructured some of its marketing divisions in domestic
markets with addition to the field force to accelerate growth and build on its
core strengths in the mass specialty segments.
Going forward, the company’s business from US and EU territory is expected
to grow speedily as ANDAs and Dossiers will be commercialized at regular
intervals.
While surging ahead in the regulated markets, Indoco is also consolidating its
position in the emerging markets through active brand promotion. Part of the
emerging market is exploited through distributors appointed by Indoco and
part through alliances.
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 ~2,300 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 9.3% over FY2015-17E,
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 ~39% of
its revenues from exports in 2014-15.
In the last four years, the company has filed ~15 ANDAs in the ophthalmic space
and expects to secure approval for ~5 products over FY2015-16E, addressing
opportunities of US$1bn brand sales. Thus, we estimate the company to garner
around `120cr of sales in FY2016. We expect the exports segment to grow at a
35.6% CAGR over FY2015-17E.
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
February 2, 2016
5
Indoco Remedies |3QFY2016 Result Update
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 the company to post a net sales CAGR of 19.6% to `1,199cr
and EPS to post a 23.0% CAGR to `13.6 over FY2015-17E. At the current market
price, the stock is trading at 34.3x and 23.7x its FY2016E and FY2017E earnings,
respectively. We recommend a Neutral rating on the stock, given the valuations.
Exhibit 7: Key assumptions
FY2016E
FY2017E
Domestic sales growth (%)
4.0
15.0
Exports growth
55.6
18.0
Operating margins (%)
15.9
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
February 2, 2016
6
Indoco Remedies |3QFY2016 Result Update
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
618
-
-
21.5
3.0
15.3
38.2
31.3
31.2
Aurobindo Pharma Neutral
833
-
-
19.5
3.1
13.5
15.6
23.5
30.2
Cadila Healthcare
Buy
305
352
15.5
17.3
2.6
11.8
24.6
25.2
29.0
Cipla
Accumulate
586
636
8.6
20.3
2.8
14.5
21.4
17.1
16.8
Dr Reddy's
Buy
3,104
3,933
26.7
17.4
2.6
11.2
17.2
19.1
20.4
Dishman Pharma
Neutral
331
-
-
16.6
1.8
8.2
15.9
9.5
11.2
GSK Pharma*
Neutral
3,224
-
-
47.2
8.2
37.3
6.6
33.7
34.3
Indoco Remedies
Neutral
323
-
-
23.8
2.6
14.1
23.0
19.7
19.7
Ipca labs
Buy
669
900
34.6
23.9
2.4
12.9
17.9
11.8
14.0
Lupin
Neutral
1,710
-
-
25.0
4.3
15.9
13.1
29.6
24.7
Sanofi India*
Neutral
4,242
-
-
28.0
3.6
17.4
33.1
27.9
25.5
Sun Pharma
Accumulate
873
950
8.8
32.5
5.8
18.8
8.4
15.8
16.6
Source: Company, Angel Research; Note: *December year ending, Price as of November 6, 2015
February 2, 2016
7
Indoco Remedies |3QFY2016 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)
FY2012
FY2013
FY2014
FY2015
FY2016E
FY2017E
Gross sales
576
638
735
863
1,043
1,211
Less: Excise duty
7
11
13
11
10
12
Net sales
569
626
722
852
1,033
1,199
Other operating income
2
4
10
5
5
5
Total operating income
571
630
733
857
1,038
1,204
% chg
17.4
10.4
16.2
17.0
21.0
16.0
Total expenditure
484
537
612
691
868
981
Net raw materials
245
262
272
300
382
443
Other mfg costs
39
37
42
50
60
70
Personnel
82
100
130
140
185
215
Other
119
138
168
201
241
253
EBITDA
85
89
110
161
164
218
% chg
31.2
5.4
23.5
46.1
2.3
32.3
(% of Net Sales)
14.9
14.2
15.2
18.9
15.9
18.2
Depreciation& amortisation
19
24
31
47
52
57
EBIT
65
65
79
114
112
160
% chg
28.1
0.1
21.0
43.7
(1.2)
42.9
(% of Net Sales)
11.5
10.4
11.0
13.3
10.9
13.4
Interest & other charges
16
22
19
11
11
11
Other income
-
1
2
2
2
2
(% of PBT)
0.0
1.8
2.4
1.6
1.6
1.1
Share in profit of Associates
-
-
-
-
1.0
2.0
Recurring PBT
51
48
72
110
109
157
PBT (reported)
51
48
72
110
109
157
Tax
5
6
14
27
22
31
(% of PBT)
9.6
11.8
19.6
24.3
20.0
20.0
PAT (reported)
46
43
58
83
87
125
Add: Share of earnings of asso.
-
-
-
-
-
-
Less: Minority interest (MI)
-
-
-
-
-
-
Prior period items
-
-
-
-
-
-
PAT after MI (reported)
46
43
58
83
87
125
ADJ. PAT
46
43
58
83
87
125
% chg
(9.2)
(7.9)
36.5
42.3
4.9
44.4
(% of Net Sales)
8.1
6.8
8.1
9.7
8.4
10.5
Basic EPS (`)
5.0
4.6
6.3
9.0
9.4
13.6
Fully Diluted EPS (`)
5.0
4.6
6.3
9.0
9.4
13.6
% chg
(9.2)
(7.9)
36.5
42.3
4.9
44.4
February 2, 2016
8
Indoco Remedies |3QFY2016 Result Update
Balance Sheet (Consolidated)
Y/E March (` cr)
FY2012
FY2013
FY2014
FY2015
FY2016E
FY2017E
SOURCES OF FUNDS
Equity share capital
12
18
18
18
18
18
Reserves & surplus
372
396
439
500
566
669
Shareholders funds
385
414
457
519
584
688
Minority Interest
-
0
-
-
-
-
Total loans
114
90
72
88
181
120
Other Long Term Liab.
9
9
9
9
9
9
Long Term Provisions
5
7
16
16
16
16
Deferred tax liability
29
35
31
27
27
27
Total liabilities
542
555
585
659
792
835
APPLICATION OF FUNDS
Gross block
404
447
481
561
621
681
Less: acc. depreciation
102
126
156
203
255
312
Net block
302
321
325
358
366
369
Capital work-in-progress
33
38
44
44
44
44
Goodwill
-
0
-
0
0
0
Investments
0
0
0
0
0
0
Long Term Loans And Adv.
55
57
55
58
101
117
Current assets
267
273
305
385
535
600
Cash
10
12
13
15
32
16
Loans & advances
38
41
42
85
103
120
Other
219
220
249
285
400
464
Current liabilities
114
134
144
187
255
296
Net current assets
152
139
160
199
280
304
Mis. Exp. not written off
0
0
-
-
-
-
Total assets
542
555
585
659
792
835
February 2, 2016
9
Indoco Remedies |3QFY2016 Result Update
Cash Flow Statement (Consolidated)
Y/E March (` cr)
FY2012
FY2013
FY2014
FY2015
FY2016E FY2017E
Profit before tax
51
48
72
110
109
157
Depreciation
19
24
31
47
52
57
(Inc)/Dec in working capital
(28)
13
(18)
(39)
(109)
(56)
Less: Other income
-
1
2
2
2
2
Direct taxes paid
1
6
14
27
22
31
Cash Flow from Operations
41
79
69
90
29
125
(Inc.)/Dec.in fixed assets
(84)
(49)
(41)
(80)
(60)
(60)
(Inc.)/Dec. in investments
0
-
-
-
-
-
Other income
-
1
2
2
2
2
Cash Flow from Investing
(84)
(48)
(39)
(78)
(58)
(58)
Issue of equity
-
-
-
-
-
-
Inc./(Dec.) in loans
39
(22)
(9)
16
93
(61)
Dividend Paid (Incl. Tax)
(12)
(12)
(12)
(22)
(22)
(22)
Others
14
3
(16)
(3)
(15)
9
Cash Flow from Financing
41
(30)
(37)
(9)
56
(74)
Inc./(Dec.) in Cash
(2)
1
(7)
3
26
(7)
Opening Cash balances
27
10
12
13
15
32
Closing Cash balances
10
12
13
15
32
16
February 2, 2016
10
Indoco Remedies |3QFY2016 Result Update
Key Ratios
Y/E March
FY2012
FY2013
FY2014
FY2015
FY2016E
FY2017E
Valuation Ratio (x)
P/E (on FDEPS)
64.2
69.8
51.1
35.9
34.3
23.7
P/CEPS
45.4
44.8
33.4
22.9
21.4
16.3
P/BV
7.7
7.2
6.5
5.7
5.1
4.3
Dividend yield (%)
0.2
0.3
0.3
0.3
0.3
0.3
EV/Sales
5.4
4.9
4.2
3.6
3.0
2.6
EV/EBITDA
36.4
34.3
27.6
19.0
19.0
14.2
EV / Total Assets
5.7
5.5
5.2
4.6
3.9
3.7
Per Share Data (`)
EPS (Basic)
5.0
4.6
6.3
9.0
9.4
13.6
EPS (fully diluted)
5.0
4.6
6.3
9.0
9.4
13.6
Cash EPS
7.1
7.2
9.7
14.1
15.1
19.8
DPS
0.7
1.1
1.1
1.1
1.1
1.1
Book Value
41.8
44.9
49.6
56.3
63.4
74.6
Dupont Analysis
EBIT margin
11.5
10.4
11.0
13.3
10.9
13.4
Tax retention ratio
90.4
88.2
80.4
75.7
80.0
80.0
Asset turnover (x)
1.2
1.2
1.3
1.4
1.5
1.5
ROIC (Post-tax)
12.2
10.8
11.6
14.2
12.9
16.3
Cost of Debt (Post Tax)
15.5
18.9
18.7
10.0
6.3
5.6
Leverage (x)
0.2
0.2
0.2
0.1
0.2
0.2
Operating ROE
11.6
8.9
10.4
14.8
14.2
18.5
Returns (%)
ROCE (Pre-tax)
13.0
11.9
13.9
18.3
15.5
19.7
Angel ROIC (Pre-tax)
14.8
13.0
15.3
20.2
17.1
21.5
ROE
12.6
10.7
13.4
17.0
15.7
19.7
Turnover ratios (x)
Asset Turnover (Gross Block)
1.6
1.5
1.6
1.6
1.8
1.8
Inventory / Sales (days)
56
52
50
55
62
60
Receivables (days)
71
66
64
62
79
76
Payables (days)
47
43
40
46
50
52
WC cycle (ex-cash) (days)
78
78
68
70
76
81
Solvency ratios (x)
Net debt to equity
0.3
0.2
0.1
0.1
0.3
0.2
Net debt to EBITDA
1.2
0.9
0.5
0.5
0.9
0.5
Interest Coverage (EBIT / Int.)
4.0
3.0
4.2
10.7
10.6
15.2
February 2, 2016
11
Indoco Remedies |3QFY2016 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)
February 2, 2016
12