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Prabhudas Lilladher Report
Indoco Remedies Ltd. 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, gastrointestinal, vitamins-minerals-nutrients and opthal.
We remain structurally positive on Indoco Remedies on account of -
medical representative productivity enhancement and higher penetration in North and East markets,
new launches in U.S. and
higher tender business in Europe market.
This will continue to sustain current margin trajectory at ~21-22%. Our FY23E and FY24E broadly remains unchanged.
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