Indoco Remedies - Growth Prospects Attractive: Nirmal Bang

Nirmal Bang Report

We hosted the Indoco Remedies Ltd.'s management at our Annual Investor Conference to discuss the company’s future business outlook.

Indoco Remedies expects the U.S. and European markets to continue to deliver strong growth on the back of robust order book of Rs 1.5 billion each and margin expansion.

For India, the management has guided for double-digit market beating growth FY24 onwards, driven by deeper market penetration, market share gains in key segments, new launches, and inorganic opportunities.

Overall, Indoco Remedies aspires to achieve Rs 50 billion revenue (Rs 15 billion in FY22) in less than five years through both organic as well as inorganic routes.

On the margin front, it expects 23-24% Ebitda margin in the next three years.

We remain positive about the company’s future growth prospects mainly due to high domestic contribution, robust complex products portfolio for the export markets and reasonable valuation.

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