4QFY2016 Result Update | Pharmaceutical
June 17, 2016
Indoco Remedies
SELL
CMP
`282
Performance Highlights
Target Price
`225
Y/E March (` cr)
4QFY16
3QFY16
% chg (qoq) 4QFY15
% chg (yoy)
Investment Period
-
Net sales
255
255
0.1
212
20.5
Other operating income
9
4
113.7
(1)
(788.5)
Stock Info
Gross profit
173
162
6.3
143
20.6
Sector
Pharmaceutical
Operating profit
32
39
(17.3)
39
(17.0)
Market Cap (` cr)
2,597
Net profit
20
20
(2.0)
19
6.7
Net Debt (` cr)
113
Source: Company, Angel Research
Beta
0.7
Indoco Remedies (Indoco) results for 4QFY2016 have come in much below our
52 Week High / Low
396/244
expectations. The company posted a 20.5% yoy growth in sales to `255cr,
Avg. Daily Volume
15,102
although the same is lower than our expectation of `300cr. The growth was
Face Value (`)
2
mainly driven by exports (`117.8cr), which grew by 43.8% yoy, while domestic
BSE Sensex
27,010
sales (`136.3cr) rose 5.6% yoy. On the operating front, the EBDITA margin for the
Nifty
8,266
quarter came in at 12.7% V/s 18.4% in 4QFY2015. The reported net profit came
Reuters Code
INRM.BO
in at `20cr V/s `18.8cr in 4QFY2015, registering a yoy growth of 6.7%. We
Bloomberg Code
[email protected]
recommend a SELL on the stock, on back of the valuations.
Results lower than expected: The company posted a 20.5% yoy growth in sales for
Shareholding Pattern (%)
the quarter to `255cr, although the same is lower than our expectation of
Promoters
59.3
`300cr. The growth was mainly driven by exports (`117.8cr), which grew by
MF / Banks / Indian Fls
11.5
43.8% yoy, while domestic sales (`136.3cr) rose 5.6% yoy. Export sales were
FII / NRIs / OCBs
12.2
driven by a 47.3% yoy growth in Formulation exports (`110.5cr) while domestic
Indian Public / Others
17.0
formulation sales (`130.8cr) rose 6.4% yoy. On the operating front, the gross
margin for the quarter came in at 67.7% V/s 67.6% in 4QFY2015, while the
EBDITA margin came in at 12.7% V/s 18.4% in 4QFY2015.The reported net profit
Abs. (%)
3m 1yr 3yr
came in at `20cr V/s `18.8cr in 4QFY2015, i.e. a yoy growth of 6.7%. This was
Sensex
9.6
0.9
39.0
however lower than our expectation of a net profit of `35cr for the quarter.
Indoco
1.9
(22.6)
343.9
Outlook and 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
3-Year Daily Price Chart
price, the stock is trading at 21.3x and 18.1x its FY2017E and FY2018E earnings,
1,000
respectively. We recommend a SELL, given the expensive valuations.
800
Key financials (Consolidated)
600
Y/E March (` cr)
FY2015
FY2016
FY2017E
FY2018E
Net sales
852.2
976.6
1111.7
1289.2
400
% chg
18.0
14.6
13.8
16.0
200
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)
31.4
31.3
21.3
18.1
RoE (%)
17.0
15.1
19.2
19.2
RoCE (%)
18.3
11.9
17.1
19.1
P/BV (x)
5.0
4.5
3.8
3.2
Sarabjit Kour Nangra
EV/Sales (x)
3.1
2.8
2.4
2.0
+91 22 39357600 - Ext: 6806
EV/EBITDA (x)
16.6
18.7
13.4
11.2
[email protected]
Source: Company, Angel Research; Note: CMP as of June 7, 2016
Please refer to important disclosures at the end of this report
1
Indoco Remedies |4QFY2016 Result Update
Exhibit 1: 4QFY2016 (Consolidated) performance
Y/E March (` cr)
4QFY2016
3QFY2016
% chg (qoq)
4QFY2015
% chg (yoy) FY2016 FY2015
% chg (yoy)
Net sales
255
255
0.1
212
20.5
977
849
15.0
Other income
9.0
4.2
113.7
(1)
(788.5)
28
7
304.4
Total income
264
259
2.0
210
25.5
1,005
856
17.4
Gross profit
173
162
6.3
143
20.6
635
550
15.5
Gross margins (%)
67.7
63.7
67.6
65.0
64.8
Operating profit
32.3
39.1
(17.3)
39.0
(17.0)
145.2
160.4
(9.5)
OPM (%)
12.7
15.4
18.4
14.9
18.9
Interest
5
3
64.7
2
110.9
13
10
25.1
Dep & amortisation
15
15
0.1
13
21.9
60
47
28.4
PBT
21
25
(15.2)
23
(6.5)
101
110
(8.9)
Provision for taxation
1.4
4.9
(70.4)
4
(65.6)
18
27
(34.8)
Reported Net profit
20
20
(2.0)
19
6.7
83
83
0.6
Less : Exceptional items
0
0
-
0
0
0
PAT after exceptional items
20
20
(2.0)
19
6.7
83
83
0.6
EPS (`)
2.2
2.2
2.0
9.0
9.0
Source: Company, Angel Research
Exhibit 2: 4QFY2016 - Actual vs. Angel estimates
(` cr)
Actual
Estimate
Variation (%)
Net sales
255
300
(15.1)
Other operating income
4
4
0.5
Operating profit
39
57
(31.4)
Tax
5
9
(43.8)
Net profit
20
35
(40.9)
Source: Company, Angel Research
Revenues below our expectation: For 4QFY2016, Indoco Remedies posted a
20.5% yoy growth in sales to `255cr, although the same is lower than our
expectation of `300cr. The growth was mainly driven by exports (`117.8cr), which
grew by 43.8% yoy, while domestic sales (`136.3cr) rose 5.6% yoy. Export sales
were driven by a 47.3% yoy growth in Formulation exports (`110.5cr) while
domestic formulation sales (`130.8cr) rose 6.4% yoy.
Domestic markets (`136.3cr) posted a growth of 5.6% yoy, mainly driven by
formulation sales (`130.8cr; up 6.4% yoy), while API sales (`5.49cr) posted a dip
of 10.6% yoy. The top-10 therapies of the company contributed by 88.3% to the
IPM market.
Exports (`118cr) grew 43.8% yoy on back of formulation exports (`110cr; up
47.3% yoy), while API exports (`6.5cr) de-grew by 5.0% yoy. The regulated markets
grew by 52.5% yoy to `95.1cr during the quarter as against `62.4cr during the
same quarter last year.
During the quarter, the company’s US business grew by 69.5% yoy with revenues
at `28.4cr. The company (through partners or by itself) filed 23 ANDAs with 8
ANDAs approved till date. There are 54 under the pipeline for the company.
For the quarter, the emerging markets grew by 22.0% to `15.4cr as against
`12.6cr during the same quarter last year. Kenya, French West Africa, Uganda,
Tanzania and Myanmar drove sales during the quarter.
June 17, 2016
2
Indoco Remedies |4QFY2016 Result Update
Exhibit 3: Domestic Formulation sales trend
150
138
136
140
131
130
123
124
120
110
100
90
80
70
60
50
4QFY2015
1QFY2016
2QFY2016
3QFY2016
4QFY2016
Source: Company, Angel research
Exhibit 4: Export sales trend
140.0
118
120.0
112
101
100.0
82
84
80.0
60.0
40.0
20.0
0.0
4QFY2015
1QFY2016
2QFY2016
3QFY2016
4QFY2016
Source: Company, Angel research
OPM lower than estimated: On the operating front, the gross margin for the
quarter came in at 67.7% V/s 67.6% in 4QFY2015, while the EBDITA margin
came in at 12.7% V/s 18.4% in 4QFY2015. The margins came under pressure
owing to a 153.7% yoy rise in the R&D expenditure.
June 17, 2016
3
Indoco Remedies |4QFY2016 Result Update
Exhibit 5: OPM trend
20
18.4
18
16.3
15.5
16
15.4
14
12.7
12
4QFY2015
1QFY2016
2QFY2016
3QFY2016
4QFY2016
Source: Company, Angel Research
Net profit lower than expectation: The reported net profit grew 6.7% yoy to `20cr
V/s `18.8cr in 4QFY2015.
Exhibit 6: Net profit trend
25.0
23
20
20
20
20.0
19
15.0
10.0
5.0
0.0
4QFY2015
1QFY2016
2QFY2016
3QFY2016
4QFY2016
Source: Company, Angel Research
Concall Highlights
As per the Management, the proposed ban on fixed dose combinations
(FDCs; accounting for 2-3% of domestic sales) would have an minimal impact
on the company’s sales.
9.5-10% of the company’s domestic portfolio is currently under NLEM.
The company has guided for ~15% growth in the domestic market for
FY2017.
Watson contributed ~US$3mn to the company’s revenues in FY2016; Aspen
has filed for 22 products with MCC, the regulatory authority of South Africa.
For FY2016, Aspen generated sales of `20cr.
The company received the Establishment Inspection Report (EIR) on 25th May,
2016 from the USFDA for its sterile and solid dosage facility (Goa Plant II).
June 17, 2016
4
Indoco Remedies |4QFY2016 Result Update
The company also received the EIR from USFDA for its Goa Plant I (solid
dosages facility) and Goa Plant III.
The company expects US revenues to be ~`150cr for FY2017.
As per the company, the approvals expected in FY2017 have an addressable
market size of ~US$800mn.
The company expects international sales to grow at 30-35% in FY2017.
Overall, the company expects a high teen growth in revenues in FY2017.
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 (5 Ophthalmic, 1 solid
dosage and 2 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.
June 17, 2016
5
Indoco Remedies |4QFY2016 Result Update
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 21.3x and 18.1x its FY2017E and FY2018E earnings, respectively. We
recommend a SELL rating on the stock, given the valuations.
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
1,200
1,000
800
600
400
200
-
10x
15x
20x
25x
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
557
-
-
29.8
3.0
18.2
11.4
22.0
20.1
Aurobindo Pharma Accum.
773
850
10.0
18.7
3.1
13.1
6.9
24.0
29.6
Cadila Healthcare Buy
320
400
25.0
18.7
2.9
13.2
22.9
24.2
28.8
Cipla
Neutral
469
-
-
21.6
2.7
15.3
4.9
11.1
13.7
Dr Reddy's
Accum.
3,158
3,476
10.1
20.7
3.0
12.3
6.8
19.2
18.7
Dishman Pharma Neutral
152
-
-
15.2
1.6
7.7
15.9
9.4
11.0
GSK Pharma
Neutral
3,515
-
-
58.4
8.1
43.0
0.0
33.0
29.9
Indoco Remedies
SELL
282
225
(20.2)
21.3
2.4
13.4
8.6
17.1
19.2
Ipca labs
Buy
431
750
74.0
15.4
1.6
8.8
17.9
11.8
14.9
Lupin
Buy
1,435
1,809
26.1
24.7
4.1
15.6
13.1
29.6
24.7
Sanofi India*
Accum.
4,300
4,738
10.2
28.0
3.9
22.3
34.2
21.0
25.6
Sun Pharma
Buy
739
950
28.6
26.4
5.4
17.9
10.5
17.7
18.7
Source: Company, Angel Research; Note: *December year ending,
June 17, 2016
6
Indoco Remedies |4QFY2016 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)
FY2013
FY2014
FY2015
FY2016
FY2017E
FY2018E
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
June 17, 2016
7
Indoco Remedies |4QFY2016 Result Update
Balance Sheet (Consolidated)
Y/E March (` cr)
FY2013
FY2014
FY2015
FY2016
FY2017E
FY2018E
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
June 17, 2016
8
Indoco Remedies |4QFY2016 Result Update
Cash Flow Statement (Consolidated)
Y/E March (` cr)
FY2013
FY2014
FY2015
FY2016
FY2017E FY2018E
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
June 17, 2016
9
Indoco Remedies |4QFY2016 Result Update
Key Ratios
Y/E March
FY2013
FY2014
FY2015
FY2016
FY2017E
FY2018E
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
June 17, 2016
10
Indoco Remedies |4QFY2016 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 17, 2016
11