Prabhudas Lilladher's research report on Indoco Remedies
Indoco Remedies’ (INDR) H1FY23 performance was muted with +12% YoY decline in EBITDA (adj for forex gain). We expect margins to recover, led by softening of input prices and scale up of revenues. Domestic market (ex COVID) continues to grow. We remain structurally positive on INDR’s growth prospects given 1) MR productivity enhancement and higher penetration in North & East markets 2) new launches in US and 3) higher tender business in EU market.
Outlook
At CMP, stock is trading at 15.5x FY24E EPS. We reiterate our ‘Buy’ rating with unchanged TP of Rs430.
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