1QFY2018 Result Update | Pharmaceutical
August 14, 2017
Indoco Remedies
SELL
CMP
`191
Performance Highlights
Target Price
`153
Y/E March (` cr)
1QFY18
4QFY17
% chg (qoq) 1QFY17
% chg (yoy)
Investment Period
-
Net sales
204
266
(23.1)
253
(19.1)
Other operating income
6
13
(56.7)
5
13.9
Stock Info
Gross profit
133
168
(20.9)
164
(18.7)
Operating profit
(3)
21
-
37
-
Sector
Pharmaceutical
Net profit
(22)
18
-
20
-
Market Cap (` cr)
1,760
Source: Company, Angel Research
Net Debt (` cr)
188
For 1QFY2018 Indoco Remedies posted poor set of numbers. Sales came in at `204cr
Beta
0.2
(`214cr expected) v/s. `253cr in 1QFY2017, a yoy de-growth of 19.1%. The company
52 Week High / Low
360/179
witnessed a disruptive 1QFY2018, with domestic as well International sales getting
Avg. Daily Volume
13,718
affected adversely due to GST implementation in India and voluntary stoppage of
Face Value (`)
2
ophthalmic product supplies to US respectively. On operating front, the EBITDA
BSE Sensex
31,214
margins came in at (1.7%) ((0.9%) expected) v/s. 14.7% in 1QFY2017, mainly on the
Nifty
9,711
back of lower than expected sales during the quarter. Thus, the PAT came in at `
Reuters Code
INRM.BO
(21.7)cr (`(13.8)cr expected) v/s. `19.7cr in 1QFY2017. We maintain our sell rating
Bloomberg Code
[email protected]
on the stock, with a price target of `153.
Results lower than expected: Sales came in at `204cr (`214cr expected) v/s. `253cr in
1QFY2017, a yoy de-growth of
19.1%. The company witnessed a disruptive
Shareholding Pattern (%)
1QFY2018, with domestic as well International sales getting affected adversely due to
Promoters
59.1
GST implementation in India and voluntary stoppage of ophthalmic product supplies
MF / Banks / Indian Fls
12.1
to US respectively. The formulation sales (`185.7cr; 90.9% of sales in 1QFY2018)
FII / NRIs / OCBs
11.9
posted a dip of 20.7% yoy. The domestic formulation sales (`99.7cr) registered a dip
Indian Public / Others
17.0
of 29.7% yoy. The International formulation sales (`86.0cr) posted a yoy dip of 6.9%.
The API sales (`14.9cr) posted a yoy dip of 15.1%. On operating front, the EBITDA
margins came in at (1.7%) ((0.9%) expected) v/s. 14.7% in 1QFY2017, mainly on the
Abs. (%)
3m 1yr 3yr
back of lower than expected sales during the quarter. Gross margins came in at 65.2%
Sensex
4.8
12.0
22.3
v/s. 64.8% in 1QFY2017; while R&D expenses were 6.6% of sales in 1QFY2018 v/s.
Indoco
(18.7)
(39.9)
(15.8)
4.7% of sales in 1QFY2017. Thus, the PAT came in at ` (21.7)cr (`(13.8)cr expected)
v/s. `19.7cr in 1QFY2017.
3-Year Daily Price Chart
Outlook and valuation: We expect net sales to post a CAGR of 10.8% to `1,310cr and
450
EPS to post a CAGR of 23.0% to `12.7 over FY2017-19E. We maintain our SELL rating
400
350
on back of the valuations and the corresponding lower profitability.
300
250
Key financials (Consolidated)
200
Y/E March (` cr)
FY2016
FY2017
FY2018E
FY2019E
150
Net sales
977
1067
1124
1310
100
% chg
14.6
9.2
5.4
16.5
50
Net profit
83.0
77.5
71.4
117.3
0
% chg
0.2
(6.7)
(7.8)
64.3
EPS (`)
9.0
8.4
7.7
12.7
EBITDA margin (%)
14.9
12.1
11.9
14.9
P/E (x)
21.2
22.7
24.7
15.0
Source: Company, Angel Research
RoE (%)
15.1
12.6
10.6
15.6
RoCE (%)
11.9
7.9
6.2
11.3
P/BV (x)
3.0
2.7
2.5
2.2
Sarabjit Kour Nangra
EV/Sales (x)
1.9
1.8
1.8
1.5
+91 22 39357600 - Ext: 6806
EV/EBITDA (x)
12.9
15.1
15.0
10.0
[email protected]
Source: Company, Angel Research; Note: CMP as of August 11, 2017
Please refer to important disclosures at the end of this report
1
Indoco Remedies | 1QFY2018 Result Update
Exhibit 1: 1QFY2018 (Consolidated) performance
Y/E March (` cr)
1QFY2018
4QFY2017
% chg (qoq)
1QFY2017
% chg (yoy)
FY2017
FY2016
% chg (yoy)
Net sales
204
266
(23.1)
253
(19.1)
1067
981
8.8
Other income
5.7
13.1
(56.7)
5
13.9
32
28
12.7
Total income
210
279
(24.7)
257
(18.5)
1098
1009
8.9
Gross profit
133
168
(20.9)
164
(18.7)
685
635
7.9
Gross margins (%)
65.2
63.4
64.8
64.2
64.7
Operating profit
(3.5)
21.2
-
37.2
-
129.2
145.2
(11.0)
OPM (%)
(1.7)
8.0
14.7
12.1
14.8
Interest
6
(2)
(492.9)
2
149.6
5
13
(61.5)
Dep & amortisation
17
15
9.5
17
0.4
63
60
5.0
PBT
(21)
20
-
23
-
93
100
(7.4)
Provision for taxation
0.9
2.4
(62.3)
3
(70.1)
14
18
(22.2)
Reported Net profit
(22)
18
-
20
-
77
82
(5.9)
Less : Exceptional items
0
0
-
(0)
0
0
PAT after exceptional items
(22)
18
-
20
-
77
82
(5.9)
EPS (`)
-
1.9
2.2
8.4
8.9
Source: Company, Angel Research
Exhibit 2: 1QFY2018 - Actual vs. Angel estimates
(` cr)
Actual
Estimate
Variation (%)
Net sales
204
214
(4.8)
Other operating income
6
5
13.9
Operating profit
(3)
(2)
-
Tax
1
0
Net profit
(22)
(14)
-
Source: Company, Angel Research
Revenues below expectations: Sales came in at `204cr (`214cr expected) v/s.
`253cr in 1QFY2017, a yoy de-growth of 19.1%. The company witnessed a
disruptive 1QFY2018, with domestic as well International sales getting affected
adversely due to GST implementation in India and voluntary stoppage of
ophthalmic product supplies to US respectively. The formulation sales (`185.7cr;
90.9% of sales in 1QFY2018) posted a dip of
20.7% yoy. The domestic
formulation sales (`99.7cr) registered a dip of 29.7% yoy. The International
formulation sales (`86.0cr) posted a yoy dip of 6.9%. The API sales (`14.9cr)
posted a yoy dip of 15.1%.
In US, during the quarter, the revenues de-grew by 6.8% at `86.0cr as against
`92.3cr for the same period last year. In terms of filings, the company (through
partners or by itself), filed 32 ANDAs, which are pending approvals with 10
ANDAs approved till date, with 2 tentative approvals.
With reference to warning letter from USFDA for the company’s Goa Plant II &
III, the remediation process is going on in co-ordination with a US based
consultant and the packaging component manufacturer from Europe. After
sending the comprehensive response in May 2017, the company has sent the
first update to USFDA in July 2017 & the second and final update will be sent
soon.
August 14, 2017
2
Indoco Remedies | 1QFY2018 Result Update
Exhibit 3: Domestic Formulation sales trend
180
169
170
160
150
142
144
140
130
130
120
110
100
100
90
80
70
60
50
1QFY2017 2QFY2017 3QFY2017
4QFY2017
1QFY2018
Source: Company, Angel research
Exhibit 4: Export sales trend
140
130
121
120
100
101
100
87
80
60
40
20
0
1QFY2017 2QFY2017 3QFY2017 4QFY2017
1QFY2018
Source: Company, Angel research
OPM negative: On operating front, the EBITDA margins came in at (1.7%) ((0.9%)
expected) v/s. 14.7% in 1QFY2017, mainly on the back of lower than expected
sales during the quarter. Gross margins came in at 65.2% v/s. 64.8% in
1QFY2017; while R&D expenses were 6.6% of sales in 1QFY2018 v/s. 4.7% of
sales in 1QFY2017.
August 14, 2017
3
Indoco Remedies | 1QFY2018 Result Update
Exhibit 5: OPM trend
20.0
14.7
13.5
15.0
8.0
8.0
10.0
5.0
0.0
1QFY2017 2QFY2017 3QFY2017 4QFY2017 1QFY2018
(5.0)
-1.7
(10.0)
Source: Company, Angel Research
Net profit lower than expectation: Consequently, PAT came in at ` (21.7)cr
(`(13.8)cr expected) v/s. `19.7cr in 1QFY2017. The lower than expected net profit
was on the back of lower than expected sales and OPM. Also, the interest expenses
during the quarter were higher, which accentuated the dip in the net profit.
However, the other income came in at `6cr v/s. `5cr during the corresponding
period last year.
Exhibit 6: Net profit trend
25.0
22
20
18
18
20.0
15.0
10.0
5.0
0.0
1QFY2017 2QFY2017 3QFY2017 4QFY2017 1QFY2018
(5.0)
(10.0)
(15.0)
(20.0)
(25.0)
-22
Source: Company, Angel Research
August 14, 2017
4
Indoco Remedies | 1QFY2018 Result Update
Concall takeaways
Management expects that stoppage of export its ophthalmic solution to US, &
sluggish growth in the unregulated markets are one-offs. All these markets are
expected to deliver robust growth going ahead.
The company has incurred one time one-off expense of `2.5cr in the quarter,
which is an expense incurred on the US consultant.
Domestic Formulations likely to bounce back in 2QFY2018.
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
Indoco's APIs in various geographies. These deals have further strengthened
Indoco's image in the international arena.
August 14, 2017
5
Indoco Remedies | 1QFY2018 Result Update
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
24.7x and
15.0x 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 (%)
11.9
14.9
Capex (` cr)
90.0
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
FY2019E
FY17-19E
FY2019E
(`)
(`)
(%) PE (x) EV/Sales (x) EV/EBITDA (x) CAGR in EPS (%) RoCE (%) RoE (%)
Alembic Pharma
Buy
512
600
17.3
18.8
2.1
11.0
12.8
24.3
20.6
Aurobindo Pharma
Buy
705
823
16.8
13.7
2.1
9.6
14.2
25.3
22.7
Cadila Healthcare
Reduce
483
420
(13.0)
22.7
3.7
18.0
21.0
17.3
22.9
Cipla
Sell
543
461
(15.1)
22.4
2.4
14.5
39.2
11.0
13.2
Dr Reddy's
Accumulate
2,011
2,219
10.4
19.0
2.3
12.3
23.6
11.2
13.0
Dishman Pharma
Under Review
301
-
-
18.9
1.3
10.1
(7.2)
2.9
2.5
GSK Pharma
Neutral
2,368
-
-
40.4
5.4
30.3
30.6
28.9
26.5
Indoco Remedies
Sell
191
153
(20.0)
15.0
1.5
10.0
23.0
11.3
15.6
Ipca labs
Buy
412
620
50.5
16.3
1.3
8.4
27.9
12.8
11.2
Lupin
Buy
942
1,467
55.7
14.1
1.9
8.2
8.2
20.5
17.5
Sanofi India*
Reduce
4,104
3,845
(6.3)
26.7
2.8
16.4
9.2
23.9
25.8
Sun Pharma
Buy
451
712
57.8
13.9
2.5
10.0
1.2
15.1
18.8
Source: Company, Angel Research; Note: *December year ending,
August 14, 2017
6
Indoco Remedies | 1QFY2018 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
1,137
1,325
Less: Excise duty
13
11
10
12
13
15
Net sales
722
852
977
1,067
1,124
1,310
Other operating income
10
5
27
27
27
27
Total operating income
733
857
1,004
1,094
1,152
1,338
% chg
16.2
17.0
17.1
9.0
5.3
16.1
Total expenditure
612
691
831
937
991
1,115
Net raw materials
272
300
341
382
416
485
Other mfg costs
42
50
57
62
66
77
Personnel
130
140
183
216
228
265
Other
168
201
250
277
281
288
EBITDA
110
161
145
129
134
195
% chg
23.5
46.1
(9.7)
(11.0)
3.6
45.9
(% of Net Sales)
15.2
18.9
14.9
12.1
11.9
14.9
Depreciation& amortisation
31
47
60
63
75
83
EBIT
79
114
85
66
59
113
% chg
21.0
43.7
(25.4)
(22.2)
(11.2)
92.2
(% of Net Sales)
11.0
13.3
8.7
6.2
5.2
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
4.9
3.0
Share in profit of Associates
-
-
1.0
2.0
3.0
4.0
Recurring PBT
72
110
101
91
84
138
PBT (reported)
72
110
101
91
84
138
Tax
14
27
18
14
13
21
(% of PBT)
19.6
24.3
17.5
15.2
15.0
15.0
PAT (reported)
58
83
83
77
71
117
Add: Share of earnings of asso.
-
-
-
-
-
-
Less: Minority interest (MI)
-
-
-
-
-
-
Prior period items
-
-
-
-
-
-
PAT after MI (reported)
58
83
83
77
71
117
ADJ. PAT
58
83
83
77
71
117
% chg
36.5
42.3
0.2
(6.7)
(7.8)
64.3
(% of Net Sales)
8.1
9.7
8.5
7.3
6.3
9.0
Basic EPS (`)
6.3
9.0
9.0
8.4
7.7
12.7
Fully Diluted EPS (`)
6.3
9.0
9.0
8.4
7.7
12.7
% chg
36.5
42.3
0.2
(6.7)
(7.8)
64.3
August 14, 2017
7
Indoco Remedies | 1QFY2018 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
684
781
Shareholders funds
457
519
583
651
702
798
Minority Interest
-
-
-
-
-
-
Total loans
72
88
127
251
300
250
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
974
1,021
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
110
128
Current assets
305
385
448
572
597
693
Cash
13
15
15
63
49
55
Loans & advances
42
85
78
107
112
131
Other
249
285
355
403
435
507
Current liabilities
144
187
201
265
277
323
Net current assets
160
199
247
307
319
370
Mis. Exp. not written off
-
-
-
-
-
-
Total assets
585
659
762
903
974
1,021
August 14, 2017
8
Indoco Remedies | 1QFY2018 Result Update
Cash Flow Statement (Consolidated)
Y/E March (` cr)
FY2014
FY2015
FY2016
FY2017
FY2018E FY2019E
Profit before tax
72
110
101
91
84
138
Depreciation
31
47
60
63
75
83
(Inc)/Dec in working capital
(18)
(39)
(62)
(8)
(70)
(63)
Less: Other income
2
2
1
4
4
4
Direct taxes paid
14
27
18
14
13
21
Cash Flow from Operations
69
90
81
128
73
133
(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
(50)
Dividend Paid (Incl. Tax)
(12)
(22)
(21)
(21)
(21)
(21)
Others
(7)
(4)
(103)
(35)
(29)
-
Cash Flow from Financing
(28)
(10)
(83)
70
(0)
(71)
Inc./(Dec.) in Cash
2
2
(0)
48
(14)
6
Opening Cash balances
12
13
15
15
63
49
Closing Cash balances
13
15
15
63
49
55
August 14, 2017
9
Indoco Remedies | 1QFY2018 Result Update
Key Ratios
Y/E March
FY2014
FY2015
FY2016
FY2017
FY2018E
FY2019E
Valuation Ratio (x)
P/E (on FDEPS)
30.2
21.2
21.2
22.7
24.7
15.0
P/CEPS
19.7
13.5
12.3
12.5
12.0
8.8
P/BV
3.9
3.4
3.0
2.7
2.5
2.2
Dividend yield (%)
0.5
1.0
1.0
1.0
1.0
1.0
EV/Sales
2.5
2.2
1.9
1.8
1.8
1.5
EV/EBITDA
16.5
11.4
12.9
15.1
15.0
10.0
EV / Total Assets
3.1
2.8
2.5
2.2
2.1
1.9
Per Share Data (`)
EPS (Basic)
6.3
9.0
9.0
8.4
7.7
12.7
EPS (fully diluted)
6.3
9.0
9.0
8.4
7.7
12.7
Cash EPS
9.7
14.1
15.6
15.3
15.9
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
76.1
86.6
Dupont Analysis
EBIT margin
11.0
13.3
8.7
6.2
5.2
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
5.8
10.3
Cost of Debt (Post Tax)
18.7
10.0
9.6
2.8
1.9
1.9
Leverage (x)
0.2
0.1
0.2
0.2
0.3
0.3
Operating ROE
10.4
14.8
10.5
8.3
7.0
12.9
Returns (%)
ROCE (Pre-tax)
13.9
18.3
11.9
7.9
6.2
11.3
Angel ROIC (Pre-tax)
15.3
20.2
14.0
10.0
7.9
14.0
ROE
13.4
17.0
15.1
12.6
10.6
15.6
Turnover ratios (x)
Asset Turnover (Gross Block)
1.6
1.6
1.8
1.7
1.5
1.6
Inventory / Sales (days)
50
55
54
63
62
62
Receivables (days)
64
62
68
80
79
79
Payables (days)
40
46
42
49
48
50
WC cycle (ex-cash) (days)
68
70
75
79
82
80
Solvency ratios (x)
Net debt to equity
0.1
0.1
0.2
0.3
0.4
0.2
Net debt to EBITDA
0.5
0.5
0.8
1.5
1.9
1.0
Interest Coverage (EBIT / Int.)
4.2
10.7
6.8
10.7
9.5
18.3
August 14, 2017
10
Indoco Remedies | 1QFY2018 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)
August 14, 2017
11