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Systematix Research Report
Indoco Remedies Ltd.'s Q2 FY22 earnings missed our estimates as European business was hit by shipment delays due to unavailability of containers/certain active pharma ingredient's and profit share from Brinzolamide is not fully realised yet in the U.S.
Management maintained its guidance for U.S./Europe implying a sharp pick-up in H2.
India business is on track to deliver Rs 8 billion plus revenues, in line with management guidance.
Underlying trends remain strong and Indoco Remedies is on track to deliver a 55% earnings per share compound annual growth rate over FY21-23E.
We tweak our estimates to build in Q2 earnings, which leads to a 3%/6% cut in FY22/FY23 earnings.
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