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Yes Securities Report
Indoco Remedies Ltd. delivered better than expected revenue growth of 34% YoY with U.S. revenue driving a sharp growth YoY. This was further aided by strong show in domestic business on a low base.
Management expects growth on this high base in FY23 led by rebound in Stomatologicals.
Margins have fallen as raw material prices along with higher freight prices affected Q4.
Indoco Remedies guides to a strong 40% growth in U.S. business as Brinzolamide market share ramp up and Combigan launch in July drive H2 revenues.
We reckon U.S. business is dependent on these two key products along with ~six new launches in current fiscal.
Indoco Remedies would also be shielded from price erosion due to ophthalmic nature of launches. Capex of Rs 550 million on three additional blocks comprising sterile and ophthalmic capacities should support growth in Europe and U.S.
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