Indoco Remedies Q4 Review - Covid-19 Impacts FY21; Outlook Remains Strong: Prabhudas Lilladher
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Prabhudas Lilladher Report
We revise our earnings estimate of Indoco Remedies Ltd. by 2.6% for FY22E due to tepid performance of acute therapy medicines in Indian pharma market given the second wave of pandemic.
While, we increased estimates for FY23E by 2.5% in FY23E on back of increase in Europe growth projection.
The company’s Q3 FY21 revenue and profit after tax missed our estimates, due to sharper decline in India formulations and active pharmaceutical ingredients exports.
We note that-
- decline in acute therapy drugs especially in anti infective segment has been continuing to impact sales growth of India formulations,
- API exports growth impacted, given higher captive usage for export formulations.
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