ICICI Direct has given Buy recommendation for Indoco Remedies with a target price of Rs. 575 in its research report issued on Aug 12, 2021

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 51% of revenues. Major therapies are: respiratory, anti-infectives, stomatologicals, gastrointestinals & vitamins Formulation exports accounted for 40% (regulated markets:81%) of  revenues while APIs contributed 8% with remaining coming from CRAMS


We retain BUY rating on this stock We value Indoco at Rs 575 i.e. 24x P/E on FY23E EPS


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