Indoco Remedies Ltd. share price target

ICICI Securities Ltd | Retail Equity Research Revenues grew 10% YoY to | 281 crore (I-direct estimate: | 307 crore) mainly due to 22% growth in domestic formulations to | 169 crore. Export formulation grew 6% YoY to | 98 crore EBITDA margins fell 302 bps YoY to 14.9% (I-direct estimate: 17.7%) mainly due to an increase in employee cost and other expenditure. EBITDA fell 8% to | 42 crore (I-direct estimate: | 54 crore) Net profit declined 2% YoY to | 22 crore (I-direct estimate: | 30...

ICICI Securities Ltd | Retail Equity Research Revenues grew 15.2% YoY to | 257.4 crore (I-direct estimate: | 269.4 crore) mainly due to 18.4% YoY growth in export formulations to | 92.3 crore (I-direct estimates: | 115.6 crore). Domestic formulations grew 12.7% to | 142.1 crore (I-direct estimate: | 130.6 crore) EBITDA margins declined 238 bps YoY to 16.2% (I-direct estimate of 17.9%) mainly on account of an increase in employee expenditure...

Indoco Remedies (Indoco) results for 4QFY2016 have come in much below our expectations. The company posted a 20.5% yoy growth in sales to Rs255cr, although the same is lower than our expectation of Rs300cr. The growth was mainly driven by exports (Rs117.8cr), which grew by 43.8% yoy, while domestic sales (Rs136.3cr) rose 5.6% yoy. On the ..

ICICI Securities Ltd | Retail Equity Research Revenues grew 25.5% YoY to | 263 crore (I-direct estimate: | 269 crore) mainly due to 47.3% YoY growth in export formulations to...

For 3QFY2016, Indoco Remedies (Indoco) results were in line with our expectations on the sales front, while the net profit came in lower owing to a lower than expected OPM. The company posted sales of Rs255cr (V/s Rs257cr estimated), a growth of 19.6% yoy. The growth during the quarter came in through exports (Rs112.1cr) which rose 34.6% yoy, while domestic market sales grew 9.8% yoy to Rs141.9cr. On the operating front, the OPM came in at 15.4% V/s 18.3% in 3QFY2015 (and V/s an expected 16.5%). Thus, the net profit came in at Rs20.4cr V/s Rs21.6cr in 3QFY2015, a dip of 5.6% yoy. This is against our expectation of Rs25.4cr. Overall, we are Neutral on the stock. Results lower than expected: The company posted sales of Rs255cr (V/s Rs257cr estimated), a growth of 19.6% yoy. The growth during the quarter came in through exports (Rs112.1cr) which rose 34.6% yoy, while domestic market sales grew 9.8% yoy to Rs141.9cr. Exports growth during the period was aided by the regulated markets (Rs90.4cr) which grew 36.3% yoy and emerging markets (Rs139.0cr) which grew 32.6% yoy. On the operating front, the OPM came in at 15.4% V/s 18.3% in 3QFY2015 (and V/s an expected...

Indoco Remedies Total Revenues increased by 19.4% YoY to Rs 2586 mn (in line with our estimate of Rs 2588 mn) in Q3FY16 due to higher export formulations sale. Operating margins decreased by 300bps YoY to 16.7% (lower than our estimate of 18%) due to higher staff cost, R&D and overheads.

Indoco Remedies posted lower than expected numbers for 2QFY2016. The company posted a 9.4% yoy growth in sales to Rs248cr V/s Rs272cr expected and V/s Rs226cr in 2QFY2015, on back of domestic and exports posting a growth of 1.2% and 23.6% respectively. On the operating front, the EBITDA margin came in at 15.5% V/s 20.9% expected and V/s 20.6% in 2QFY2015, on back of lower than expected sales and 28.3% yoy and 82.6% yoy rise in staff expenditure and R&D; expenditure, respectively. The R&D; expenditure during the quarter was 3.6% of sales V/s 2.2% of sales in 2QFY2015. Thus, the Adj. net profit came in at Rs22.6cr V/s Rs33.4cr expected and V/s Rs22.4cr in 2QFY2015, a yoy growth of 0.9%. The lower than expected net profit is on back of lower than expected sales and OPM. On back of valuations, we maintain our Neutral stance on the stock. Results lower than expected: The company posted lower than expected numbers for 2QFY2016. The company posted a 9.4% yoy growth in sales to Rs248cr V/s Rs272cr expected and V/s Rs226cr in 2QFY2015, on back of domestic and exports posting a growth of 1.2% and 23.6% respectively. On the operating front, the EBITDA...

Indoco Remedies Ltd

Indoco Remedies Ltd., headquartered in Mumbai, is a fully integrated, research-oriented pharma Company with a global presence in 80 countries including USA and UK. Indoco, a USD...