ICICI Direct has given Buy recommendation for Ipca Laboratories with a target price of Rs. 1175 in its research report issued on Feb 18, 2021
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 FY21 – Formulations:66% (Domestic:37%, Export:29% – Export Generic:15%, Export Institutional:7%, Export Branded:7%), API:28% (Export API:21%, Domestic API: 7%), Subsidiaries: 5%
Upgraded from HOLD to BUY due to good traction in domestic formulations and sustainable growth amid some margin pressure in medium term Valued at Rs 1175 i.e. 24x P/E on FY24E EPS of Rs 48.9
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At 14:43 hrs Ipca Laboratories was quoting at Rs 957.70, down Rs 21.45, or 2.19 percent.
It has touched an intraday high of Rs 983.50 and an intraday low of Rs 954.35.
It was trading with volumes of 11,305 shares, compared to its thirty day average of 31,712 shares, a decrease of -64.35 percent.
In the previous trading session, the share closed up 1.31 percent or Rs 12.70 at Rs 979.15.
The share touched its 52-week high Rs 1,383.55 and 52-week low Rs 893.03 on 15 September, 2021 and 23 February, 2021, respectively.
Currently, it is trading 30.78 percent below its 52-week high and 7.24 percent above its 52-week low.
Market capitalisation stands at Rs 24,297.25 crore.