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Buy Granules India; target of Rs 345: ICICI Direct

ICICI Direct is bullish on Granules India has recommended buy rating on the stock with a target price of Rs 345 in its research report dated May 19, 2022.

May 20, 2022 / 08:09 PM IST
 
 
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ICICI Direct's research report on Granules India


Granules is a large-scale vertically integrated company that manufactures API, intermediates and finished dosages and has seven manufacturing facilities along with B2B & B2C marketing & distribution. • Revenue mix FY22: Formulations – 52%, API (API+PFI) – 48% • Top five products (Paracetamol, Ibuprofen, Metformin, Methocarbamol, Guaifenesin) contributed 81% to FY22 revenues.



Outlook


We maintain BUY on the back of 1) launches lined up across geographies along with incremental contribution from MUPS block, 2) focus on backward integration, 3) initiatives like passing on price hike to customers, and 4) compelling risk-reward matrix based on FY24E earnings. Valued at Rs 345 i.e. 14x P/E on FY24E EPS of Rs 24.6

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first published: May 20, 2022 08:09 pm
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