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Indoco Remedies shares extend losses after worst day in three years

Indoco Remedies shares extend losses after worst day in three years
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By CNBCTV18.com Jan 25, 2023 10:50:39 AM IST (Published)

In a meeting with analysts in November 2022, Indoco Remedies had said that it aimed for full-year revenue of Rs 5,000 crore in less than five years.

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Shares of Indoco Remedies are down another 4 percent on Wednesday after dropping 10 percent on Tuesday, which was their worst day in three years.

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The formulations and API manufacturer reported its lowest ever EBITDA margin during the December quarter. Not only did the EBITDA margin miss estimates, but they also contracted year-on-year when the street was expecting them to expand.
Net profit for the December quarter also declined 15 percent year-on-year while the street anticipated growth on that front as well. The company's bottomline was hurt due to profit share in Brinzolamide being deferred to the next quarter due to the closure of its sites during the holiday season.
US sales for the quarter increased 23 percent from last year to Rs 60.3 crore. The management said that the outlook looks promising for the company as it estimates US sales to reach Rs 90 crore in the March quarter. The company has also won a tender of allopurinol in Germany for the next two years which is likely to add Rs 60-70 crore in revenue for the next two years.
Expansion in the company's base portfolio will aid growth in the US and Europe while the India business is likely to grow in the mid-to-high-single digits. India sales in the December quarter declined 2 percent sequentially.
Nirmal Bang remains optimistic about the company's prospects on the back of high domestic contribution, a robust complex products portfolio for the export market and reasonable valuations. It has maintained its buy rating on the stock with a price target of Rs 432.
In a meeting with analysts in November 2022, Indoco Remedies had said that it aimed for full-year revenue of Rs 5,000 crore in less than five years. The figure was higher than three times the revenue it clocked in FY22.
The company had said that it aimed at achieving the target through both organic and inorganic routes.
Shares of Indoco Remedies are trading 3.6 percent lower at Rs 350.
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