Buy Indoco Remedies; target of Rs 380: ICICI Direct

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ICICI Direct's research report on Indoco Remedies

Amid strong recovery in the export business, the company’s overall revenues grew 10.8% to Rs 604 crore. Domestic market growth was subdued amid Covid. EBITDA margins improved 800 bps to 18.1% mainly due to better product mix and lower travel & promotional expenses. Subsequent EBITDA grew 98.7% YoY to Rs 109.7 crore. Net profit for H1 came in at Rs 42.7 crore (up 342% YoY) vs. Rs 9.7 crore in H1FY20.

Outlook

We maintain BUY rating and arrive at a revised target price of Rs 380 based on ~18x FY23 EPS of Rs 21.

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