Prabhudas Lilladher recommended hold rating on Indoco Remedies with a target price of Rs 137 in its research report dated July 18, 2019.
Prabhudas Lilladher's research report on Indoco Remedies
USFDA issues Warning Letter: The USFDA warning letter on Unit-1 in Goa has three observations. One of the observations are related to data integrity which was also mentioned in its Form-483. INDR received WL in July CY19 on the back of FDA's visit of the plant in January CY19 and being sanctioned of OAI status (which was semi-WL virtually) in April CY19. The Goa Unit-1 of INDR is oral solid dosage plant with capacity to produce tablets and capsules.
Hence, we reduce TP from Rs182 to Rs137 with lower PE 17.9x of FY21E EPS while maintain recommendation of 'Hold'.
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