Indoco Remedies Ltd

Indoco Remedies Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Indoco Remedies Ltd

₹ 333 -1.93%
16 Apr - close price
indoco.com BSE: 532612 NSE : INDOCO
About

Indoco Remedies (Indoco) is a Mumbai-based pharmaceutical company that focuses on formulations with a presence in contract manufacturing and research. The Company is engaged in the manufacturing and marketing of pharmaceutical Formulations (Finished Dosage Forms) and Active Pharmaceutical Ingredients (APIs).[1]

Key Points

Business segments
A) Domestic Formulations (41% of FY22 revenue)[1] Company offers high-quality medicines in multiple therapeutic categories, which include diabetology, respiratory, stomatology, women's health, nutritional products, gastroenterology, cardiology, metabolic disorders, and primary care medicines.
The Company has a predominant presence in the South (37%) and West (33%), followed by the East (17%) and North (12%). The Company caters to multiple doctor specialties and generates more than 83 million prescriptions annually from over 3,00,000 doctors across India

Website BSE NSE
  • Market Cap ₹ 3,067 Cr.
  • Current Price ₹ 333
  • High / Low ₹ 417 / 306
  • Stock P/E 27.8
  • Book Value ₹ 116
  • Dividend Yield 0.68 %
  • ROCE 17.3 %
  • ROE 14.7 %
  • Face Value ₹ 2.00
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Pros

  • Company has delivered good profit growth of 28.9% CAGR over last 5 years

Cons

  • The company has delivered a poor sales growth of 9.93% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Pharmaceuticals Industry: Pharmaceuticals - Indian - Bulk Drugs & Formln

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
332 305 386 387 358 409 408 433 399 427 423 473 449
272 250 300 300 284 328 337 345 337 363 360 401 384
Operating Profit 60 55 87 86 73 80 71 88 62 64 63 72 65
OPM % 18% 18% 22% 22% 21% 20% 17% 20% 15% 15% 15% 15% 15%
0 2 1 1 0 0 1 0 0 0 0 1 -5
Interest 6 5 4 3 4 3 4 5 7 9 8 8 10
Depreciation 17 19 22 19 19 18 20 16 17 18 20 21 23
Profit before tax 37 33 61 65 51 60 48 67 38 38 36 44 27
Tax % 33% 26% 35% 36% 35% 32% 20% 26% 26% 34% 27% 25% 26%
25 25 40 42 33 40 38 50 28 25 26 33 20
EPS in Rs 2.73 2.70 4.30 4.51 3.58 4.38 4.17 5.39 3.02 2.75 2.81 3.60 2.17
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
568 629 726 851 1,005 1,072 1,038 968 1,106 1,240 1,540 1,667 1,773
483 536 606 686 834 915 903 891 982 1,016 1,212 1,380 1,508
Operating Profit 85 93 120 165 171 157 135 77 124 224 328 286 265
OPM % 15% 15% 17% 19% 17% 15% 13% 8% 11% 18% 21% 17% 15%
2 1 2 2 1 4 5 6 2 3 2 1 -3
Interest 16 22 19 10 12 6 24 21 26 22 14 25 35
Depreciation 19 24 31 47 61 63 68 72 71 73 79 71 82
Profit before tax 51 48 72 109 99 91 48 -9 29 131 236 192 145
Tax % 10% 12% 20% 24% 17% 15% 15% 69% 16% 30% 35% 26%
46 43 58 83 82 77 41 -3 24 92 155 141 104
EPS in Rs 5.04 4.63 6.28 8.99 8.93 8.41 4.47 -0.31 2.63 10.03 16.77 15.34 11.33
Dividend Payout % 15% 24% 22% 18% 18% 19% 22% -97% 11% 15% 13% 15%
Compounded Sales Growth
10 Years: 10%
5 Years: 10%
3 Years: 15%
TTM: 8%
Compounded Profit Growth
10 Years: 13%
5 Years: 29%
3 Years: 80%
TTM: -29%
Stock Price CAGR
10 Years: 9%
5 Years: 11%
3 Years: 2%
1 Year: 4%
Return on Equity
10 Years: 11%
5 Years: 11%
3 Years: 15%
Last Year: 15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 12 18 18 18 18 18 18 18 18 18 18 18 18
Reserves 368 396 439 500 558 633 657 643 662 750 886 1,009 1,048
114 118 91 94 139 280 282 296 262 267 257 333 433
157 157 178 229 224 266 280 301 330 281 327 300 355
Total Liabilities 652 689 726 842 939 1,197 1,238 1,258 1,272 1,317 1,488 1,660 1,855
302 321 325 339 373 440 489 468 590 570 555 661 720
CWIP 33 38 44 63 55 91 136 185 51 68 122 113 81
Investments 0 0 0 1 18 3 3 2 2 2 2 20 55
317 330 356 439 493 664 611 603 630 676 809 866 1,000
Total Assets 652 689 726 842 939 1,197 1,238 1,258 1,272 1,317 1,488 1,660 1,855

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
59 69 100 110 112 88 123 132 123 82 174 176
-64 -43 -41 -88 -113 -171 -135 -104 -56 -67 -121 -205
-7 -26 -58 -21 0 132 -39 -16 -64 -30 -44 23
Net Cash Flow -12 -0 1 1 -0 50 -51 12 3 -14 8 -7

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 73 74 69 66 68 73 73 73 69 69 70 77
Inventory Days 152 129 147 179 173 188 204 209 230 245 248 228
Days Payable 114 95 94 145 137 167 158 195 184 119 108 89
Cash Conversion Cycle 111 108 122 100 103 95 119 88 115 195 210 217
Working Capital Days 71 74 73 77 79 80 77 64 56 107 113 118
ROCE % 14% 14% 17% 21% 17% 12% 7% 1% 6% 16% 23% 17%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
58.69% 58.69% 58.69% 58.69% 58.69% 58.69% 58.68% 58.68% 58.69% 58.73% 58.75% 58.75%
2.66% 2.29% 2.43% 1.62% 1.15% 1.17% 1.19% 1.23% 1.55% 1.58% 1.59% 1.69%
19.26% 19.28% 17.69% 17.78% 18.27% 18.07% 17.97% 18.07% 18.06% 17.93% 17.79% 19.56%
19.39% 19.74% 21.19% 21.91% 21.89% 22.07% 22.16% 22.00% 21.69% 21.75% 21.87% 20.00%
No. of Shareholders 21,50824,51834,74637,27937,86338,49838,07235,71334,73135,43136,58832,600

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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