Indoco Remedies Ltd

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

Indoco Remedies Ltd

₹ 320 6.75%
22 Nov - 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 ₹ 2,950 Cr.
  • Current Price ₹ 320
  • High / Low ₹ 417 / 286
  • Stock P/E 132
  • Book Value ₹ 118
  • Dividend Yield 0.47 %
  • ROCE 10.4 %
  • ROE 8.33 %
  • Face Value ₹ 2.00
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Pros

Cons

  • Company has low interest coverage ratio.
  • Company has a low return on equity of 13.5% over last 3 years.
  • Company might be capitalizing the interest cost
  • Dividend payout has been low at 14.0% 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

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
387 358 409 408 433 399 428 426 482 459 450 431 433
300 285 329 337 345 337 363 365 410 397 401 384 392
Operating Profit 86 73 81 71 88 62 65 61 71 63 49 48 40
OPM % 22% 21% 20% 18% 20% 16% 15% 14% 15% 14% 11% 11% 9%
1 0 0 1 0 0 0 0 4 -6 22 1 2
Interest 3 4 3 4 5 7 9 8 8 10 12 14 18
Depreciation 19 19 18 20 16 17 18 20 21 24 26 28 29
Profit before tax 65 51 60 48 67 38 39 34 46 23 33 7 -5
Tax % 36% 35% 32% 20% 26% 26% 34% 29% 24% 31% 33% 74% 107%
42 33 40 39 50 28 26 24 35 16 22 2 -10
EPS in Rs 4.52 3.58 4.39 4.19 5.40 3.05 2.80 2.65 3.81 1.77 2.46 0.28 -1.04
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
629 731 854 1,005 1,071 1,041 968 1,107 1,242 1,541 1,669 1,817 1,773
537 610 689 834 914 906 892 983 1,017 1,213 1,381 1,572 1,573
Operating Profit 93 120 166 171 157 135 77 123 225 328 288 245 200
OPM % 15% 16% 19% 17% 15% 13% 8% 11% 18% 21% 17% 13% 11%
1 2 2 1 4 5 6 2 3 2 1 20 19
Interest 22 19 11 12 6 24 21 26 22 14 25 38 54
Depreciation 24 31 47 61 63 68 72 71 73 79 71 92 107
Profit before tax 49 72 110 99 91 48 -9 29 132 237 193 136 58
Tax % 12% 20% 24% 17% 15% 15% -69% 16% 30% 35% 26% 29%
43 58 83 82 77 41 -3 24 93 155 142 97 29
EPS in Rs 4.64 6.29 8.99 8.89 8.36 4.47 -0.31 2.62 10.10 16.80 15.44 10.68 3.47
Dividend Payout % 24% 22% 18% 18% 19% 22% -95% 11% 15% 13% 15% 14%
Compounded Sales Growth
10 Years: 10%
5 Years: 13%
3 Years: 14%
TTM: 2%
Compounded Profit Growth
10 Years: 4%
5 Years: 104%
3 Years: -2%
TTM: -80%
Stock Price CAGR
10 Years: 1%
5 Years: 16%
3 Years: -8%
1 Year: -9%
Return on Equity
10 Years: 11%
5 Years: 12%
3 Years: 13%
Last Year: 8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 396 439 500 558 633 657 642 661 751 886 1,010 1,091 1,071
120 92 97 140 280 282 296 262 267 257 333 672 834
157 180 230 224 266 281 301 330 279 325 297 363 466
Total Liabilities 692 729 846 941 1,197 1,238 1,258 1,272 1,315 1,486 1,658 2,145 2,390
322 325 340 374 440 489 468 590 570 555 678 954 984
CWIP 38 44 63 55 91 136 185 51 68 122 114 125 230
Investments 0 0 0 16 0 0 0 0 0 0 2 9 14
332 360 443 496 666 613 605 631 677 809 864 1,057 1,162
Total Assets 692 729 846 941 1,197 1,238 1,258 1,272 1,315 1,486 1,658 2,145 2,390

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

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 99 109 112 89 123 132 123 82 174 179 157
-43 -41 -88 -111 -171 -135 -104 -56 -67 -121 -208 -433
-24 -59 -20 -2 132 -39 -16 -64 -30 -44 23 280
Net Cash Flow 2 -1 1 -0 50 -51 12 3 -14 8 -7 4

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 69 74 73 74 69 69 70 77 82
Inventory Days 130 148 181 174 189 203 209 230 245 248 228 230
Days Payable 95 95 146 137 166 157 195 183 117 107 86 100
Cash Conversion Cycle 108 122 102 105 97 119 88 116 197 212 219 212
Working Capital Days 74 73 78 80 81 77 64 57 107 113 120 124
ROCE % 17% 21% 17% 12% 7% 1% 6% 16% 23% 17% 10%

Shareholding Pattern

Numbers in percentages

11 Recently
Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
58.69% 58.69% 58.69% 58.68% 58.68% 58.69% 58.73% 58.75% 58.75% 58.72% 58.76% 58.76%
1.62% 1.15% 1.17% 1.19% 1.23% 1.55% 1.58% 1.59% 1.69% 1.92% 1.48% 1.70%
17.78% 18.27% 18.07% 17.97% 18.07% 18.06% 17.93% 17.79% 19.56% 19.41% 18.67% 18.25%
21.91% 21.89% 22.07% 22.16% 22.00% 21.69% 21.75% 21.87% 20.00% 19.92% 21.07% 21.27%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.03% 0.03% 0.03%
No. of Shareholders 37,27937,86338,49838,07235,71334,73135,43136,58832,60033,20134,51134,416

* 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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