Indoco Remedies Ltd
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]
- Market Cap ₹ 2,032 Cr.
- Current Price ₹ 220
- High / Low ₹ 388 / 190
- Stock P/E 52.2
- Book Value ₹ 124
- Dividend Yield 0.68 %
- ROCE 11.9 %
- ROE 10.0 %
- Face Value ₹ 2.00
Pros
Cons
- Company has low interest coverage ratio.
- Dividend payout has been low at 13.3% of profits over last 3 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
Part of BSE Allcap BSE Healthcare BSE SmallCap
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
629 | 726 | 851 | 1,005 | 1,072 | 1,038 | 968 | 1,106 | 1,240 | 1,540 | 1,667 | 1,791 | 1,616 | |
536 | 606 | 686 | 834 | 915 | 903 | 891 | 982 | 1,016 | 1,212 | 1,380 | 1,532 | 1,434 | |
Operating Profit | 93 | 120 | 165 | 171 | 157 | 135 | 77 | 124 | 224 | 328 | 286 | 259 | 182 |
OPM % | 15% | 17% | 19% | 17% | 15% | 13% | 8% | 11% | 18% | 21% | 17% | 14% | 11% |
1 | 2 | 2 | 1 | 4 | 5 | 6 | 2 | 3 | 2 | 1 | 19 | 37 | |
Interest | 22 | 19 | 10 | 12 | 6 | 24 | 21 | 26 | 22 | 14 | 25 | 37 | 52 |
Depreciation | 24 | 31 | 47 | 61 | 63 | 68 | 72 | 71 | 73 | 79 | 71 | 88 | 97 |
Profit before tax | 48 | 72 | 109 | 99 | 91 | 48 | -9 | 29 | 131 | 236 | 192 | 153 | 70 |
Tax % | 12% | 20% | 24% | 17% | 15% | 15% | -69% | 16% | 30% | 35% | 26% | 24% | |
43 | 58 | 83 | 82 | 77 | 41 | -3 | 24 | 92 | 155 | 141 | 117 | 55 | |
EPS in Rs | 4.63 | 6.28 | 8.99 | 8.93 | 8.41 | 4.47 | -0.31 | 2.63 | 10.03 | 16.77 | 15.34 | 12.65 | 5.97 |
Dividend Payout % | 24% | 22% | 18% | 18% | 19% | 22% | -97% | 11% | 15% | 13% | 15% | 12% |
Compounded Sales Growth | |
---|---|
10 Years: | 9% |
5 Years: | 13% |
3 Years: | 13% |
TTM: | -9% |
Compounded Profit Growth | |
---|---|
10 Years: | 6% |
5 Years: | 112% |
3 Years: | 5% |
TTM: | -65% |
Stock Price CAGR | |
---|---|
10 Years: | -5% |
5 Years: | 5% |
3 Years: | -18% |
1 Year: | -33% |
Return on Equity | |
---|---|
10 Years: | 11% |
5 Years: | 12% |
3 Years: | 14% |
Last Year: | 10% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 |
Reserves | 396 | 439 | 500 | 558 | 633 | 657 | 643 | 662 | 750 | 886 | 1,009 | 1,108 | 1,123 |
118 | 91 | 94 | 139 | 280 | 282 | 296 | 262 | 267 | 257 | 333 | 514 | 630 | |
157 | 178 | 229 | 224 | 266 | 280 | 301 | 330 | 281 | 327 | 300 | 320 | 428 | |
Total Liabilities | 689 | 726 | 842 | 939 | 1,197 | 1,238 | 1,258 | 1,272 | 1,317 | 1,488 | 1,660 | 1,961 | 2,199 |
321 | 325 | 339 | 373 | 440 | 489 | 468 | 590 | 570 | 555 | 661 | 732 | 769 | |
CWIP | 38 | 44 | 63 | 55 | 91 | 136 | 185 | 51 | 68 | 122 | 113 | 114 | 162 |
Investments | 0 | 0 | 1 | 18 | 3 | 3 | 2 | 2 | 2 | 2 | 20 | 59 | 65 |
330 | 356 | 439 | 493 | 664 | 611 | 603 | 630 | 676 | 809 | 866 | 1,055 | 1,203 | |
Total Assets | 689 | 726 | 842 | 939 | 1,197 | 1,238 | 1,258 | 1,272 | 1,317 | 1,488 | 1,660 | 1,961 | 2,199 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
69 | 100 | 110 | 112 | 88 | 123 | 132 | 123 | 82 | 174 | 179 | 177 | |
-43 | -41 | -88 | -113 | -171 | -135 | -104 | -56 | -67 | -121 | -209 | -302 | |
-26 | -58 | -21 | 0 | 132 | -39 | -16 | -64 | -30 | -44 | 23 | 122 | |
Net Cash Flow | -0 | 1 | 1 | -0 | 50 | -51 | 12 | 3 | -14 | 8 | -7 | -3 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 74 | 69 | 66 | 68 | 73 | 73 | 73 | 69 | 69 | 70 | 77 | 83 |
Inventory Days | 129 | 147 | 179 | 173 | 188 | 204 | 209 | 230 | 245 | 248 | 228 | 207 |
Days Payable | 95 | 94 | 145 | 137 | 167 | 158 | 195 | 184 | 119 | 108 | 89 | 79 |
Cash Conversion Cycle | 108 | 122 | 100 | 103 | 95 | 119 | 88 | 115 | 195 | 210 | 217 | 211 |
Working Capital Days | 74 | 73 | 77 | 79 | 80 | 77 | 64 | 56 | 107 | 113 | 120 | 125 |
ROCE % | 14% | 17% | 21% | 17% | 12% | 7% | 1% | 6% | 16% | 23% | 17% | 12% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
12 Mar - The management of the Company will be meeting investors and analysts on 21-03-2025 at the 10th Annual Valorem Analyst Conference.
- Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 12 Mar
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Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
11 Mar - Disclosure of substantial acquisition of shares by Shanteri Investment.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
10 Mar - Indoco's AnaCipher completes US FDA inspection successfully.
- Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 10 Mar
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2010
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Concalls
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Jan 2025TranscriptPPT
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Oct 2024Transcript PPT
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Jun 2024Transcript PPT REC
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Nov 2018TranscriptPPT
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Business Segments
A) Domestic Formulations (48% of FY24 revenue)[1]
Indoco Remedies Ltd holds a strong foothold across various therapeutic categories, including Gastroenterology, Dentistry & Stomatology, Respiratory, Diabetology, Women's Health, Nutritional Products, Cardiology, Metabolic Disorders, and Primary Care medicines. In FY24, the domestic business crossed 1,280 Cr, ranking 31st in India (IQVIA MAT 2023-24). The company enjoys prescription patronage from over 240,000 prescribers, with 106 million prescriptions annually, and ranks 22nd in the Indian Pharmaceutical Market (IQVIA). It has 45 products ranking among the top 5 in their respective sub-segments.