Indoco Remedies Ltd

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

Indoco Remedies Ltd

₹ 326 0.68%
26 Apr 9:25 a.m.
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 ₹ 3,007 Cr.
  • Current Price ₹ 326
  • High / Low ₹ 417 / 308
  • Stock P/E 28.3
  • Book Value ₹ 116
  • Dividend Yield 0.68 %
  • ROCE 17.4 %
  • ROE 14.8 %
  • Face Value ₹ 2.00
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Pros

  • Company has delivered good profit growth of 29.1% CAGR over last 5 years

Cons

  • The company has delivered a poor sales growth of 9.89% over past five years.
  • Company might be capitalizing the interest cost

* 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

Consolidated Figures in Rs. Crores / View Standalone

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
332 305 387 387 358 409 408 433 399 428 426 482 459
272 250 300 300 285 329 337 345 337 363 365 410 397
Operating Profit 60 55 87 86 73 81 71 88 62 65 61 71 63
OPM % 18% 18% 22% 22% 21% 20% 18% 20% 16% 15% 14% 15% 14%
0 2 1 1 0 0 1 0 0 0 0 4 -6
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 24
Profit before tax 38 34 61 65 51 60 48 67 38 39 34 46 23
Tax % 33% 26% 35% 36% 35% 32% 20% 26% 26% 34% 29% 24% 31%
25 25 40 42 33 40 39 50 28 26 24 35 16
EPS in Rs 2.75 2.71 4.30 4.52 3.58 4.39 4.19 5.40 3.05 2.80 2.65 3.81 1.77
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Jun 2006 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
241 629 731 854 1,005 1,071 1,041 968 1,107 1,242 1,541 1,669 1,796
198 537 610 689 834 914 906 892 983 1,017 1,213 1,381 1,536
Operating Profit 43 93 120 166 171 157 135 77 123 225 328 288 260
OPM % 18% 15% 16% 19% 17% 15% 13% 8% 11% 18% 21% 17% 14%
12 1 2 2 1 4 5 6 2 3 2 1 -1
Interest 6 22 19 11 12 6 24 21 26 22 14 25 35
Depreciation 6 24 31 47 61 63 68 72 71 73 79 71 83
Profit before tax 43 49 72 110 99 91 48 -9 29 132 237 193 142
Tax % 27% 12% 20% 24% 17% 15% 15% 69% 16% 30% 35% 26%
31 43 58 83 82 77 41 -3 24 93 155 142 101
EPS in Rs 3.56 4.64 6.29 8.99 8.89 8.36 4.47 -0.31 2.62 10.10 16.80 15.44 11.03
Dividend Payout % 23% 24% 22% 18% 18% 19% 22% -95% 11% 15% 13% 15%
Compounded Sales Growth
10 Years: 10%
5 Years: 10%
3 Years: 15%
TTM: 9%
Compounded Profit Growth
10 Years: 13%
5 Years: 29%
3 Years: 81%
TTM: -32%
Stock Price CAGR
10 Years: 9%
5 Years: 10%
3 Years: -1%
1 Year: 3%
Return on Equity
10 Years: 11%
5 Years: 11%
3 Years: 15%
Last Year: 15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Jun 2006 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 187 396 439 500 558 633 657 642 661 751 886 1,010 1,050
36 120 92 97 140 280 282 296 262 267 257 333 496
76 157 180 230 224 266 281 301 330 279 325 297 374
Total Liabilities 311 692 729 846 941 1,197 1,238 1,258 1,272 1,315 1,486 1,658 1,938
139 322 325 340 374 440 489 468 590 570 555 678 762
CWIP 5 38 44 63 55 91 136 185 51 68 122 114 93
Investments 6 0 0 0 16 0 0 0 0 0 0 2 5
161 332 360 443 496 666 613 605 631 677 809 864 1,078
Total Assets 311 692 729 846 941 1,197 1,238 1,258 1,272 1,315 1,486 1,658 1,938

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Jun 2006 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
37 69 99 109 112 89 123 132 123 82 174 179
-16 -43 -41 -88 -111 -171 -135 -104 -56 -67 -121 -208
-25 -24 -59 -20 -2 132 -39 -16 -64 -30 -44 23
Net Cash Flow -3 2 -1 1 -0 50 -51 12 3 -14 8 -7

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Jun 2006 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 127 74 69 66 69 74 73 74 69 69 70 77
Inventory Days 127 130 148 181 174 189 203 209 230 245 248 228
Days Payable 147 95 95 146 137 166 157 195 183 117 107 86
Cash Conversion Cycle 107 108 122 102 105 97 119 88 116 197 212 219
Working Capital Days 116 74 73 78 80 81 77 64 57 107 113 119
ROCE % 20% 17% 21% 17% 12% 7% 1% 6% 16% 23% 17%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
58.69% 58.69% 58.69% 58.69% 58.69% 58.68% 58.68% 58.69% 58.73% 58.75% 58.75% 58.72%
2.29% 2.43% 1.62% 1.15% 1.17% 1.19% 1.23% 1.55% 1.58% 1.59% 1.69% 1.92%
19.28% 17.69% 17.78% 18.27% 18.07% 17.97% 18.07% 18.06% 17.93% 17.79% 19.56% 19.41%
19.74% 21.19% 21.91% 21.89% 22.07% 22.16% 22.00% 21.69% 21.75% 21.87% 20.00% 19.92%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.03%
No. of Shareholders 24,51834,74637,27937,86338,49838,07235,71334,73135,43136,58832,60033,201

* 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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