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    HomeNewsBusinessStocksBuy Indoco Remedies; target of Rs 380: ICICI Direct

    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.

    Broker Research
    December 30, 2020 / 12:42 IST
       
       
      26 Aug, 2025 12:21
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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 hereDisclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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      Broker Research
      first published: Dec 30, 2020 12:42 pm

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