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%.
We maintain HOLD rating due to challenges in exports generics and delay in traction from API exports besides impending margin pressure in the medium term and valuation constraints. Valued at Rs 925 i.e. 26x P/E on FY24E EPS of Rs 35.6.
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