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Indoco Remedies
Indoco Remedies’ net sales came in-line with our expectations for 2QFY2012.
However, the company’s net profit growth was below expectations on the back
of lower-than-expected OPM, which came in at 12.4% vis-àvis
our expectation of 15.5%. Domestic formulation sales growth came in at
5.3%. Exports during the quarter grew by 15.7% yoy. During the quarter,
higher depreciation and interest expenses led to the contraction in net profit.
Overall, management has maintained its guidance of 20% growth on the topline
front with OPM at ~15%. We continue to maintain our Buy rating on the
stock; the target price is under review.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� �
Indoco Remedies
Indoco Remedies’ net sales came in-line with our expectations for 2QFY2012.
However, the company’s net profit growth was below expectations on the back
of lower-than-expected OPM, which came in at 12.4% vis-àvis
our expectation of 15.5%. Domestic formulation sales growth came in at
5.3%. Exports during the quarter grew by 15.7% yoy. During the quarter,
higher depreciation and interest expenses led to the contraction in net profit.
Overall, management has maintained its guidance of 20% growth on the topline
front with OPM at ~15%. We continue to maintain our Buy rating on the
stock; the target price is under review.
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