Indoco Remedies - U.S. To Drive Growth: Nirmal Bang

Nirmal Bang Report

Indoco Remedies Ltd.’s revenue is expected to clock 12.9% compound annual growth rate over FY23-FY26E mainly on the back of growth in domestic market export formulations business and new launches in the domestic market along with growth in emerging markets.

We are building in 18.2% constant currency CAGR over FY23-FY26E for the US market despite EIR on Goa Plant II. The domestic formulations business is expected to clock 9.3% CAGR over FY23- FY26E to Rs 10.4 billion mainly on the back of increased focus on new launches and the Chronic segment.

Ebitda margin is expected to be ~16-18%. Net profit is expected to clock 19% CAGR over FY23-FY26E, mainly driven by an improvement in operational performance and higher other income.

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