Moneycontrol PRO

Buy Indoco Remedies; target of Rs 510: ICICI Direct

ICICI Direct is bullish on Indoco Remedies has recommended buy rating on the stock with a target price of Rs 510 in its research report dated May 18, 2022.

May 19, 2022 / 12:40 PM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

ICICI Direct's research report on Indoco Remedies


Indoco manufactures and markets branded formulations and APIs for the domestic and export markets. In domestic formulations, through its nine marketing divisions, the company serves a range of specialties. Domestic formulations accounted for 54% of revenues. Major therapies are: respiratory, anti-infectives, stomatologicals, gastrointestinals and vitamins • Formulation exports accounted for 41% (regulated markets:81%) of revenues while APIs contributed 4% with remaining coming from CRAMS.



Outlook


We retain BUY rating on the stock due to steadiness in domestic business and outlook for inflows from exports amid better operating leverage. We value Indoco Remedies at Rs 510 i.e. 18x P/E on FY24E EPS of Rs 28.4.

Close

For all recommendations report, click here


Disclaimer: 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.

Broker Research
first published: May 19, 2022 12:40 pm
Sections
ISO 27001 - BSI Assurance Mark