Indoco Remedies Q1 Review - At An Inflexion Point: Systematix
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Systematix Research Report
Indoco Remedies Ltd. reported strong Q1 FY22 performance across key segments, with India/U.S. business growth of 54%/40% QoQ respectively.
While Ebitda missed our estimates, it was more on account of a timing issue as the Brinzolamide profit share from its partner Teva is deferred to Q2 FY22.
Underlying trends remain strong and Indoco Remedies is on track to deliver a 60% earnings per share compound annual growth rate over FY21-23E.
The management’s guidance of achieving 30% plus revenue growth in India now seems more achievable with strong growth of 46% YoY in Q1 and the trend continuing in July.
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