Financials Indoco Remedies Limited Bombay S.E.

Equities

INDOCO

INE873D01024

Pharmaceuticals

Market Closed - Bombay S.E. Other stock markets 03:30:47 17/05/2024 pm IST			5-day change	1st Jan Change
319.7 ^INR	-0.05%		-2.74%	-18.91%

16/05	Indoco Remedies Gets Zero Observations from US FDA for Navi Mumbai, India Plant, IAS Division	MT
16/05	Transcript : Indoco Remedies Limited, Q4 2024 Earnings Call, May 16, 2024

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	18,642	19,388	26,498	34,745	29,972	29,526	-	-
Enterprise Value (EV) ¹	18,642	19,388	26,498	34,745	29,972	30,296	29,526	29,526
P/E ratio	-653 x	80.3 x	28.5 x	22.4 x	21.1 x	31.3 x	21.4 x	16.4 x
Yield	0.15%	0.14%	0.52%	0.6%	0.69%	0.62%	0.63%	0.77%
Capitalization / Revenue	1.92 x	1.75 x	2.13 x	2.26 x	1.8 x	1.67 x	1.47 x	1.34 x
EV / Revenue	1.92 x	1.75 x	2.13 x	2.26 x	1.8 x	1.67 x	1.47 x	1.34 x
EV / EBITDA	22.5 x	20.1 x	11.8 x	10.6 x	10.5 x	12.4 x	9.24 x	8.04 x
EV / FCF	65.7 x	30.1 x	493 x	71.6 x	-105 x	-87.2 x	50.2 x	33.3 x
FCF Yield	1.52%	3.32%	0.2%	1.4%	-0.95%	-1.15%	1.99%	3.01%
Price to Book	2.82 x	2.85 x	3.45 x	3.84 x	2.91 x	2.64 x	2.4 x	2.14 x
Nbr of stocks (in thousands)	92,150	92,150	92,150	92,150	92,150	92,182	-	-
Reference price ²	202.3	210.4	287.6	377.0	325.2	320.3	320.3	320.3
Announcement Date	29/05/19	24/06/20	25/05/21	17/05/22	23/05/23	16/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	9,684	11,066	12,415	15,408	16,686	18,173	20,061	21,984
EBITDA ¹	828	966	2,243	3,273	2,861	2,443	3,195	3,673
EBIT ¹	112.3	548.3	1,511	2,507	2,155	1,524	2,236	2,707
Operating Margin	1.16%	4.95%	12.17%	16.27%	12.91%	8.39%	11.14%	12.32%
Earnings before Tax (EBT) ¹	-93.1	285.8	1,320	2,366	1,928	1,358	1,840	2,393
Net income ¹	-29	241.2	930.5	1,548	1,422	984.7	1,380	1,794
Net margin	-0.3%	2.18%	7.49%	10.05%	8.53%	5.42%	6.88%	8.16%
EPS ²	-0.3100	2.620	10.10	16.80	15.42	10.51	15.00	19.48
Free Cash Flow ¹	283.6	643.8	53.7	485.1	-284.3	-338.5	588	887.8
FCF margin	2.93%	5.82%	0.43%	3.15%	-1.7%	-1.86%	2.93%	4.04%
FCF Conversion (EBITDA)	34.25%	66.65%	2.39%	14.82%	-	-	18.4%	24.17%
FCF Conversion (Net income)	-	266.92%	5.77%	31.33%	-	-	42.62%	49.48%
Dividend per Share ²	0.3000	0.3000	1.500	2.250	2.250	2.000	2.033	2.460
Announcement Date	29/05/19	24/06/20	25/05/21	17/05/22	23/05/23	16/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	4,091	4,082	4,330	3,992	4,282	4,265	4,512	4,790	4,680
EBITDA ¹	805.4	714.5	878.5	620.4	647.6	611.7	826.7	797.8	677
EBIT	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	597.5	483.5	673	382.2	389.3	-	-	-	-
Net income ¹	404.5	385.7	497.3	281.4	258.1	243.9	456	414.3	340
Net margin	9.89%	9.45%	11.48%	7.05%	6.03%	5.72%	10.11%	8.65%	7.27%
EPS ²	-	-	5.400	3.050	-	2.620	4.100	3.800	-
Dividend per Share	-	-	-	-	-	-	-	-	-
Announcement Date	17/05/22	09/08/22	10/11/22	24/01/23	23/05/23	25/07/23	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt	-	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	284	644	53.7	485	-284	-339	588	888
ROE (net income / shareholders' equity)	-0.43%	3.6%	12.8%	18.5%	14.7%	9.98%	11.9%	13.6%
ROA (Net income/ Total Assets)	-	-	7.19%	-	-	-	-	-
Assets ¹	-	-	12,933	-	-	-	-	-
Book Value Per Share ²	71.70	73.70	83.40	98.20	112.0	121.0	134.0	150.0
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	969	585	769	1,253	2,073	1,510	2,335	1,526
Capex / Sales	10.01%	5.28%	6.19%	8.13%	12.42%	8.3%	11.64%	6.94%
Announcement Date	29/05/19	24/06/20	25/05/21	17/05/22	23/05/23	16/05/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Indoco Remedies Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

320.3 INR

Average target price

360.4 INR

Spread / Average Target

+12.52%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Pharmaceuticals

	1st Jan change	Capi.
ELI LILLY AND COMPANY	+32.07%	69TCr
NOVO NORDISK A/S	+29.39%	59TCr
JOHNSON & JOHNSON	-1.48%	37TCr
MERCK & CO., INC.	+20.02%	33TCr
ABBVIE INC.	+7.22%	29TCr
ASTRAZENECA PLC	+14.25%	24TCr
ROCHE HOLDING AG	-3.03%	21TCr
NOVARTIS AG	+10.02%	21TCr
AMGEN INC.	+8.51%	17TCr

Other Pharmaceuticals