Hold Ipca Laboratories; target of Rs 1000: ICICI Direct

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ICICI Direct's research report on Ipca Laboratories

Ipca is a fully integrated pharma company manufacturing over 350 formulations and 80 APIs with exports contributing 50% of revenues in FY21. Major therapeutic segments include pain management, cardiovascular and anti-diabetics, anti-infectives, anti-malarials, which together account for 75% of revenues • Revenue break-up FY22 – Formulations:69% (Domestic:43%, Export:26% - Export Generic:13%, Export Institutional:5%, Export Branded:7%), API:23% (Export API:17%, Domestic API: 6%), Subsidiaries: 7%.

Outlook

Downgraded from BUY to HOLD due to challenges in exports generics and delay in traction from API exports along with some margin pressure in medium term due to MR addition and Fuel / Logistics expenses. Valued at Rs 1000 i.e. 25x P/E on FY24E EPS of Rs 39.9.

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