Prabhudas Lilladher has given Accumulate recommendation for Indoco Remedies with a target price of Rs. 460 in its research report issued on Feb 03, 2022

Prabhudas Lilladher’s research report on Indoco Remedies

Indoco Remedies’ (INDR) reported another muted quarter in a regulated market performance; management expects to recover in coming quarters given strong order book and new launches. Domestic market continued to witnessed growth on low base in therapies like anti-infective, GI, VMN and Opthal. We remain structurally positive on INDR on account of 1) MR productivity enhancement and higher penetration in North and East markets 2) new launches in US and 3) higher tender business in EU market. This will continue to sustain current margin trajectory at ~21-22%. Our FY23E and FY24E broadly remains unchanged.

Outlook

We recommend ‘Accumulate’ with TP of Rs460 based on 20x Dec 2023E earnings.

More Info on Trent

At 17:30 Indoco Remedies was quoting at Rs 391.65, down Rs 6.40, or 1.61 percent.

It has touched an intraday high of Rs 405.30 and an intraday low of Rs 390.65.

It was trading with volumes of 18,075 shares, compared to its thirty day average of 8,670 shares, an increase of 108.47 percent.

In the previous trading session, the share closed down 0.64 percent or Rs 2.55 at Rs 398.05.

The share touched its 52-week high Rs 516.60 and 52-week low Rs 273.90 on 31 August, 2021 and 24 March, 2021, respectively.

Currently, it is trading 24.05 percent below its 52-week high and 43.25 percent above its 52-week low.

Market capitalisation stands at Rs 3,609.07 crore.

Leave a Reply

Your email address will not be published.