ICICI Direct: Indoco Remedies’ Exports Drive Q2 Growth; Domestic Yet To Normalise
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ICICI Direct Report
Indoco Remedies Ltd.’s Q2 FY21 revenues grew 12.2% YoY to Rs 328 crore with export formulations growing 63.7% YoY to Rs 121 crore partly offset by 6.2% YoY fall in domestic formulations to Rs 175 crore.
Active pharmaceutical ingredient segment de-grew 2.4% YoY to Rs 22.8 crore.
Ebitda margins expanded 735 basis points YoY to 18.5% on account of better gross margin performance and lower travel and promotional expenses.
Subsequent Ebitda grew 86.1% YoY to Rs 60.7 crore.
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