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Buy Indoco Remedies; target of Rs 380: ICICI Direct

ICICI Securities is bullish on Indoco Remedies recommended buy rating on the stock with a target price of Rs 380 in its research report dated December 30, 2020.

December 30, 2020 / 12:42 PM IST
 
 
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ICICI Direct's research report on Indoco Remedies


Amid strong recovery in the export business, the company’s overall revenues grew 10.8% to Rs 604 crore. Domestic market growth was subdued amid Covid. EBITDA margins improved 800 bps to 18.1% mainly due to better product mix and lower travel & promotional expenses. Subsequent EBITDA grew 98.7% YoY to Rs 109.7 crore. Net profit for H1 came in at Rs 42.7 crore (up 342% YoY) vs. Rs 9.7 crore in H1FY20.



Outlook


We maintain BUY rating and arrive at a revised target price of Rs 380 based on ~18x FY23 EPS of Rs 21.


For all recommendations report, click here


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first published: Dec 30, 2020 12:42 pm

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