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Systematix Research Report
Indoco Remedies Ltd.'s Q3 FY22 earnings missed our estimates on account of lower profit share realisation from Brinzolamide and reduced demand for paracetamol in the Europe given the sharp increase in product prices.
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Indoco Remedies' India business is broadly tracking management guidance of Rs 8 billion plus revenues; however, the regulated market business was hit by shipment delays due to container unavailability, raw material price inflation and reduced demand for key products (like paracetamol), and thus trailed below our expectations.
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We believe the issues are transitionary and expect a rebound in FY23. Our FY22/23E earnings per share is reset by down 10%/down 7% to factor in the nine months-FY22 performance.
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