Indoco Remedies Ltd. share price target

ICICI Securities Ltd | Retail Equity Research Revenues remained flat YoY at | 278 crore (I-direct estimate: | 296 crore). Miss vis--vis I-direct estimates was due to lower-thanexpected growth in domestic formulations, which grew 8% to | 156 crore (I-direct estimate: | 180 crore). Export formulations declined 8% to | 100 crore (I-direct estimate: | 94 crore) EBITDA margins improved 133 bps YoY to 15.5% (I-direct estimate of 14.8%) mainly on account of higher gross margins (67.5% in Q3FY18 vs. 64.7% in Q3FY17). EBITDA increased 9% YoY to | 43...

For 2QFY2018 Indoco Remedies sales came in at `280cr, in line with expectations, posting a yoy growth of 1.3%. The growth was impacted by lower exports, mainly on the back of US (` post a 69.5% yoy dip in sales). Indian Formulation sales posted 11.5% yoy growth. On operating front, the EBITDA margins came in at 12.9% (11.8% expected)...

ICICI Securities Ltd | Retail Equity Research Revenues remained flat YoY at | 285 crore (I-direct estimate: | 291 crore). Export formulations declined 20% YoY to | 74 crore (I-direct estimate: | 94 crore) while domestic formulations grew 12% to | 188 crore (I-direct estimate: | 177 crore) EBITDA margins declined 56 bps YoY to 14.4% (I-direct estimate of 14.2%) mainly on account of lower gross margins (64.8% in Q2FY18 vs. 65.5% in Q2FY17). EBITDA declined 2.4% YoY to | 41 crore (Idirect estimate: | 41 crore)...

For 1QFY2018 Indoco Remedies posted poor set of numbers. 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 prod..

ICICI Securities Ltd | Retail Equity Research Revenues declined 19% YoY to | 209 crore (I-direct estimate: | 242 crore). Export formulations declined 11% YoY to | 86 crore (I-direct estimate: | 95 crore) and domestic formulations declined 30% to | 100 crore (I-direct estimate: | 121 crore) EBITDA margins fell 1580 bps YoY to 0.6% (I-direct estimate of 11%) mainly due to higher employee and other expenditure. EBITDA declined 97% YoY to | 1.3 crore (I-direct estimate: | 27 crore)...

Indoco Remedies posted lower than expected numbers for 4QFY2017. In sales, the company posted revenues of `266cr (`311cr expected) v/s. `255cr in 4QFY2016, growth of 4.2% yoy. The formulation business posted sales of `251.6cr, up 3.3% yoy, while API at `12.0cr was down 4.7% yoy. The domestic formulation at `130.1cr recorded a yoy de-growt..

The USFDA has issued Indoco Remedies a warning letter for its Goa manufacturing facilities: unit 2 and 3. The warning letter was served to the company, following the USFDA inspection carried out during August 31September 4, 2016, for which Indoco had been issued six observations. These two units are located in the same complex and have been issued the same warning letter. Both facilities have been inspected five times by the USFDA since 2005. The USFDA has accepted five responses from the company but remains critical regarding the sixth response, which pertains to the leakage issue in a few products, especially for ophthalmic...

Indoco Remedies posted lower than expected numbers for 3QFY2017. In sales, the company posted revenues of Rs272cr (Rs276cr expected) v/s Rs256cr in 3QFY2016, growth of 6.2% yoy. The lower growth was on the back of the formulation business at Rs252.2cr, up 4.5% yoy, API at Rs18.2cr up 32.8% yoy. The domestic formulation at Rs144.2cr record..

ICICI Securities Ltd | Retail Equity Research Revenues grew 6% YoY to | 278 crore (I-direct estimate: | 281 crore) mainly due to 6% YoY growth in domestic formulations to | 144 crore. Export formulation grew mere 3.6% YoY to | 108 crore, although, US formulations grew 27% YoY to | 38 crore EBITDA margins declined 358 bps YoY to 14.2% (I-direct estimate of 16.7%) mainly on account of higher YoY employee and R&D; costs. EBITDA declined 15%YoY to | 40 crore (I-direct estimate: | 47 crore)...

Indoco Remedies posted sales of Rs276cr vs. Rs248cr in 2QFY16, up by 11.6% yoy, mainly on back of domestic sales (Rs168.8cr, which grew by 22.0% yoy). Overall, the formulations, which posted sales of RS261.4cr grew, by 13.0% yoy. The API (Rs135.9cr) dipped by 11.0% yoy. On the operating front, the gross margin came in at 64.9% (65.0% expe..