Is Indoco Remedies a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Indoco Remedies Ltd is a average quality company .

Is Indoco Remedies undervalued or overvalued?

The key valuation ratios of Indoco Remedies Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone .

What is Indoco Remedies share price return in the past 10 years?

Indoco Remedies Ltd share price has appreciated 0% annually (CAGR) over the past ten years.

Is Indoco Remedies a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Indoco Remedies Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

Indoco Remedies Ltd - Stock Valuation and Financial Performance

Name: Indoco Remedies
Brand: Indoco Remedies

BSE: 532612 | NSE: INDOCO | Pharmaceuticals & Drugs | Small Cap

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Indoco Remedies Share Price

₹299.50 -4.80 -1.58%
as on 21-Nov'24 15:40

10 Year X-Ray of Indoco Remedies:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Standalone Basis ^P Consolidated Basis ^P

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	TTM
ROCE % ⓘ	20.7%	16.8%	11.8%	7.6%	1.2%	5.8%	15.6%	23.3%	17.4%	12.9%	-
Value Creation Index ⓘ	0.5	0.2	-0.2	-0.5	-0.9	-0.6	0.1	0.7	0.2	-0.1	-
Growth Parameters ⓘ Growth Parameters Colour Code Guide ⓘ
Sales ⓘ	854	1,005	1,072	1,038	968	1,106	1,240	1,540	1,667	1,791	1,672
Sales YoY Gr.	-	17.7%	6.7%	-3.2%	-6.8%	14.3%	12.1%	24.1%	8.3%	7.5%	-
Adj EPS ⓘ	9	9.3	8.4	4.4	-0.3	2.7	10	16.6	15.4	11.7	9.3
YoY Gr.	-	3.6%	-10.2%	-47.9%	-107.1%	NA	278.9%	64.9%	-6.9%	-23.9%	-
BVPS (₹) ⓘ	56.3	62.6	70.7	73.3	71.7	73.8	83.4	98.1	111.4	121.8	123.8
Adj Net Profit ⓘ	82.8	85.8	77	40.2	-2.9	24.4	92.6	153	142	108	85
Cash Flow from Ops. ⓘ	110	112	87.8	123	132	123	82.2	174	176	177	-
Debt/CF from Ops. ⓘ	0.9	1.2	3.2	2.3	2.2	2.1	3.2	1.4	1.8	2.8	-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

	9 Years	5 Years	3 Years	1 Years
Sales ⓘ	8.6%	13.1%	13%	7.5%
Adj EPS ⓘ	3%	NA	5.3%	-23.9%
BVPSⓘ	9%	11.2%	13.5%	9.4%
Share Price	-	14.1%	-9.3%	-14.6%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	TTM
Return on Equity % ⓘ	17	15.7	12.5	6.1	-0.4	3.6	12.8	18.2	14.7	10	7.5
Op. Profit Mgn % ⓘ	19.4	17.2	14.5	12.7	8	11	17.6	21.2	17.2	14	13.6
Net Profit Mgn % ⓘ	9.7	8.5	7.2	3.9	-0.3	2.2	7.5	9.9	8.5	6	5.1
Debt to Equity ⓘ	0.2	0.2	0.4	0.4	0.5	0.4	0.3	0.3	0.3	0.4	0.2
Working Cap Days ⓘ	162	165	180	205	209	180	183	185	196	202	102
Cash Conv. Cycle ⓘ	64	62	64	74	75	63	76	89	103	111	31

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 13.02%

Return on Equity has declined versus last 3 years average to 7.50%

Net Profit has been subdued in last 3 years 5.32%

Sales growth is not so good in last 4 quarters at -2.23%

Latest Financials - Indoco Remedies Ltd.

	Standalone	Consolidated
TTM EPS (₹)	9.3	3.5
TTM Sales (₹ Cr.)	1,672	1,753
BVPS (₹.) ⓘ	123.8	118.2
Reserves (₹ Cr.) ⓘ	1,123	1,071
P/BV ⓘ	2.46	2.57
PE ⓘ	32.88	87.50

From the Market
52 Week Low / High (₹)	286.50 / 416.95
All Time Low / High (₹)	13.87 / 529.70
Market Cap (₹ Cr.)	2,805
Equity (₹ Cr.)	18.4
Face Value (₹)	2
Industry PE ⓘ	43

Management X-Ray of Indoco Remedies:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged ^*

0.00

* Pledged shares as % of Promoter's holding (%)

Valuation of Indoco Remedies

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Price to Earnings

Enterprise Value to EBIT

Price to Book-Value

Price to Sales

Dividend History

Analyst's Notes

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Key Ratios of Indoco Remedies

Standalone Basis Consolidated Basis

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)

Standalone Basis Consolidated Basis

PARTICULARS	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Sales	854	1,005	1,072	1,038	968	1,106	1,240	1,540	1,667	1,791
Operating Expenses ⓘ	688	837	917	907	891	985	1,023	1,214	1,382	1,541
Manufacturing Costs	73	107	119	128	135	149	167	227	247	300
Material Costs	298	348	360	346	320	330	354	457	521	546
Employee Cost	140	181	216	220	231	255	273	295	321	351
Other Costs ⓘ	177	201	223	212	204	250	229	235	293	344
Operating Profit ⓘ	165	168	155	131	77	121	218	326	285	250
Operating Profit Margin (%)	19.4%	16.7%	14.4%	12.7%	7.9%	10.9%	17.5%	21.2%	17.1%	14.0%
Other Income ⓘ	2	4	6	8	7	5	9	7	3	17
Interest ⓘ	10	12	6	24	21	26	22	17	25	38
Depreciation ⓘ	47	61	63	68	72	71	73	79	71	88
Exceptional Items ⓘ	0	0	0	0	0	0	0	0	0	12
Profit Before Tax ⓘ	109	99	91	48	-9	29	131	236	192	153
Tax ⓘ	27	17	14	7	-6	4	39	82	50	37
Profit After Tax	83	82	77	41	-3	24	92	155	141	117
PAT Margin (%)	9.7%	8.2%	7.2%	4.0%	-0.3%	2.2%	7.4%	10.0%	8.5%	6.5%
Adjusted EPS (₹)	9.0	8.9	8.4	4.5	-0.3	2.6	10.0	16.8	15.3	12.7
Dividend Payout Ratio (%)	18%	18%	19%	22%	-97%	11%	15%	13%	15%	12%

Balance Sheet

(All Figures are in Crores.)

Standalone Basis Consolidated Basis

PARTICULARS	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Equity and Liabilities
Shareholders Fund	518	576	652	676	661	680	769	904	1,026	1,123
Share Capital ⓘ	18	18	18	18	18	18	18	18	18	18
Reserves ⓘ	500	558	633	657	643	662	750	886	1,008	1,105
Minority Interest	0	0	0	0	0	0	0	0	0	0
Debt	86	124	251	233	242	203	214	200	263	454
Long Term Debt	13	38	132	123	129	97	97	96	144	204
Short Term Debt	73	86	118	110	113	106	117	104	119	250
Trade Payables	119	131	164	149	171	166	115	135	126	119
Others Liabilities ⓘ	119	113	123	160	149	191	238	342	299	297
Total Liabilities ⓘ	842	945	1,189	1,218	1,223	1,240	1,336	1,581	1,715	1,993
Fixed Assets
Gross Block	547	642	769	885	934	1,127	1,178	1,236	1,406	1,555
Accumulated Depreciation	208	268	330	396	467	537	608	681	745	822
Net Fixed Assetsⓘ	339	373	440	489	468	590	570	555	661	732
CWIP ⓘ	63	55	91	136	185	51	68	122	113	114
Investmentsⓘ	1	18	3	3	2	2	2	2	20	59
Inventories	146	164	185	193	183	208	238	311	326	310
Trade Receivables	154	188	216	208	194	209	234	297	351	408
Cash Equivalents	15	12	62	12	36	38	14	19	12	17
Others Assetsⓘ	124	134	193	178	153	142	210	275	232	352
Total Assets ⓘ	842	945	1,189	1,218	1,223	1,240	1,336	1,581	1,715	1,993

Cash Flow

(All Figures are in Crores.)

Standalone Basis Consolidated Basis

PARTICULARS	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Cash Flow From Operating Activity ⓘ	110	112	88	123	132	123	82	174	176	177
PBT ⓘ	109	99	91	48	-9	29	131	236	192	142
Adjustment ⓘ	65	79	64	98	89	100	110	87	121	130
Changes in Working Capital ⓘ	-40	-38	-44	-14	56	-2	-139	-109	-75	-77
Tax Paid ⓘ	-25	-27	-24	-10	-4	-4	-20	-41	-61	-29
Cash Flow From Investing Activity ⓘ	-88	-113	-171	-135	-104	-56	-67	-121	-205	-302
Capex	-89	-97	-189	-137	-93	-58	-77	-124	-188	-177
Net Investments	0	-17	16	0	0	0	0	0	-2	-6
Others ⓘ	0	2	2	2	-11	2	10	3	-15	-118
Cash Flow From Financing Activityⓘ	-21	0	132	-39	-16	-64	-30	-44	23	122
Net Proceeds from Shares ⓘ	0	0	0	0	0	0	0	0	0	1
Net Proceeds from Borrowing ⓘ	-9	32	115	7	13	-31	-14	0	54	52
Interest Paid ⓘ	-14	-13	-13	-19	-21	-22	-23	-15	-27	-36
Dividend Paid ⓘ	-15	-33	-2	-18	-11	-3	-3	-14	-21	-21
Others ⓘ	17	14	33	-9	3	-7	10	-15	16	126
Net Cash Flow ⓘ	1	0	50	-51	12	3	-14	8	-7	-3

Finance Ratio

Standalone Basis Consolidated Basis

PARTICULARS	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Ratios
ROE (%)	16.98	15.03	12.61	6.21	-0.43	3.62	12.75	18.47	14.64	10.85
ROCE (%)	20.66	16.78	11.84	7.62	1.24	5.79	15.59	23.31	17.42	12.89
Asset Turnover Ratio	1.1	1.13	1.03	0.87	0.79	0.9	0.96	1.06	1.01	0.97
PAT to CFO Conversion(x)	1.33	1.37	1.14	3	N/A	5.13	0.89	1.12	1.25	1.51
Working Capital Days
Receivable Days	61	62	67	74	76	67	65	63	71	77
Inventory Days	54	56	58	66	71	65	66	65	70	65
Payable Days	108	124	142	162	182	186	145	100	92	82

Indoco Remedies Ltd Stock News

Indoco Remedies Ltd FAQs

What is the share price of Indoco Remedies?

Company share prices are keep on changing according to the market conditions. The closing price of Indoco Remedies on 21-Nov-2024 15:40 is ₹299.5.

What is the market cap of Indoco Remedies?

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 21-Nov-2024 15:40 the market cap of Indoco Remedies stood at ₹2,805.1.

What is the P/E ratio of Indoco Remedies?

The latest P/E ratio of Indoco Remedies as of 21-Nov-2024 15:40 is 32.88.

What is the P/B ratio of Indoco Remedies?

The latest P/B ratio of Indoco Remedies as of 21-Nov-2024 15:40 is 2.46.

What is the 52-week high and low of Indoco Remedies?

The 52-week high of Indoco Remedies is ₹416.9 and the 52-week low is ₹286.5.

What is the TTM revenue of Indoco Remedies?

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Indoco Remedies is ₹1,672 ( Cr.) .

About Indoco Remedies Ltd

Indoco Remedies Limited is a Public Limited Company domiciled in India and incorporated under the provision of the Companies Act, VII of 1913. Its Shares are listed on two stock exchanges in India i.e Bombay Stock Exchange and National Stock Exchange. The company has decades of presence in the Indian Pharma market and a strong foothold in the international market.

Indoco has strengthened its wings in the international markets and offers complete solutions, including product development, manufacture and supply of Finished Dosages, APIs and Intermediates to generic companies worldwide. The company has a large basket of products backed by ANDAs / eCTD Dossiers and Drug Master Files (DMFs).

Expertise in Research & Development, backward integration in API in select products, own CRO set-up, excellence in Finished Dosages manufacturing and a strong customer base will ensure consistent growth in the Company’s Domestic, as well as International business.

Business area of the company

Indoco Remedies is engaged in the manufacturing and marketing of Formulations (Finished Dosage Forms) and Active Pharmaceutical Ingredients (APIs). The Company caters to both domestic and International markets.

Awards and Accolades

Patent Award

Indoco awarded with the IDMA Formulations Best Patent Award 2018-19 for 2 formulation patents - Diclofenac & Quetiapine
Indoco wins the IDMA Formulations Patent Award 2017-18 for 1 International and 2 Indian patents -Olopatadine, Gliclazide & Brinzolamide Ophthalmic Solution
Indoco receives the 'IDMA Best Patent Award' for four API Process Patents in 2017
Indoco Honoured with the 'IDMA Best Patent Award' for Three International Patents in 2016
Indoco honoured with the 'Best Patent Award' by PHARMEXCIL in the Bulk Drugs / API category in 2016
Indoco receives European Patent approval for Lacosamide
Indoco honoured with 'Certificate of Appreciation' (Bulk Drugs) in 2015
Indoco wins 'Patent Appreciation Award' at 52nd IDMA Award Function in 2014

Awards

Rajhans Pratisthan Award 2017 for Mr. Suresh G. Kare and Indoco for commendable CSR initiatives carried out under the banner 'SUMATI SANGOPAN'
Mr. Suresh G. Kare receives 'The Pride of Goa' Award 2016 by the Goa Chamber of Commerce & Industry
Mr. Suresh G. Kare honoured with 'Lifetime Achievement Award' at the hands of The Chief Minister of Goa in 2016
Mr. Suresh G. Kare honoured with Udyogshree Life Time Achievement Award by Hon'ble Defence Minister, Mr. Manohar Parrikar in 2013
Mr. Suresh G. Kare received the prestigious Excellence Award-2004 from Pharma Business And Technology.
Ms. Aditi Kare Panandikar receives the 'Leader of the Year' Award at the UBM India Pharma Awards in 2016
Ms. Aditi Kare Panandikar receives the 'Businesswoman of the Year' award at the Business Goa Awards for Corporate Excellence in 2016
Ms. Aditi Kare Panandikar received the 2015 Jack L. Beal Post-baccalaureate Alumni Award from 'The Ohio State University College of Pharmacy' in USA

Goa Plant I Award

The Solid Dosage Forms and Externals Facility received the IDMA Quality Excellence Awards 2008 - Silver Award, for the third time.
The Solid Dosage Forms and Externals Facility received the IDMA Quality Excellence Awards 2003 - Formulations - Gold Award, second time since commissioned in 1997.

Goa Plant II Award

The Sterile Facility received the IDMA Quality Excellence Awards 2008 - Gold Award, for the third time.
The Sterile Facility for Injectibles and Ophthalmics received the IDMA Quality Excellence Awards 2003 - Formulations - Silver Award.

Milestone

1993

R&D recognized by DSIR

1997

Commencement of production in Goa Plant I

1999

New Corporate Office at Indoco House
Acquisition of Warren. Indoco makes presence in Ophthalmic & Dental Segments
Turnover crosses Rs 100 crore

2002

State-of-the-art sterile facility, Plant II commissioned at Verna Goa

2003

UK-MHRA approval for the Solid Dosage facility at Plant I
Exports to regulated markets commence
First contract for Dossier Development with European company
Domestic Marketing makes a foray into the lifestyle segment

2004

First Contract for Development services with US Company
Karvol brand acquisition from Solvay Pharmaceuticals Pvt. Ltd
Four Patent applications filed
Company jumps five ranks in two years in the ORG-IMS Retail Audit

2005

First ANDA filed on the basis of Exhibit batches manufactured in our sterile facility in Goa
Development Contracts for injectable products signed with a US Company
Tablet capacity doubled by commissioning an extended facility in the existing UK-MHRA approved plant
Shares of the Company listed on BSE and NSE

2006

US-FDA approval for Ophthalmic facility, Plant-II in GOA
Contract signed for supply of 18 generic products to German Market
2 ANDAs filed with USFDA
Commencement of liquid manufacturing facility at Baddi, Himachal Pradesh
New R&D Centre at Rabale, near Mumbai becomes functional
Solid Dosage facility at Goa Plant I re-inspected & approved by UK-MHRA
UK-MHRA approval for Creams & Ointments facility
Darmstadt-Germany approves our Goa facility for Solid Dosage manufacturing
Acquisition of LaNOVA Chem Pvt. Ltd. with its brand new API manufacturing facility of international standards
Launch of Surge - a specialty marketing division

2007

ANVISA (Brazil) approval for the Solid Dosage facility at GOA Plant I
Commencement of exports to the US markets
Launch of Warren-Excel and Spera - two specialty marketing divisions

2008

IDMA Quality Excellence Awards 2008 - The Sterile Facility at Goa Plant II received the Gold Award and the Solid Dosage Forms and Externals Facility at Goa Plant I received the Silver Award
TGA (Australia) approval for the Solid Dosage, Liquid Orals and Creams &Ointments Dosage forms at GOA Plant I
First shipment of Diclofenac Ophthalmic solution shipped to USA against an approved ANDA
Successfully faced Slovenia audit for the Solid Oral Dosage forms at Baddi Plant
MCC (South Africa) approval for the Solid Dosage facility at GOA Plant I and for the Sterile facility at Goa Plant II

2009

UK-MHRA approval for the Solid Oral Dosage forms at Baddi Plant
Export sales exceeded Rs. 1 Billion in the FY 08-09
Successfully faced Slovenia audit for the Sterile Facility at Goa Plant II for the Injections Area

2010

Indoco Remedies teams up with ASPEN, South Africa by licensing out intellectual property (dossiers) for marketing its products in emerging markets covering 30 countries, including SA, Brazil, Mexico, Venezuela, Russia & Australia
Indoco Remedies licenses out technology to Watson Pharmaceuticals Inc. USA. Under the terms of profit sharing agreement, Indoco will develop, manufacture and supply a basket of sterile products to Watson for the US market

2011

Indoco received the Silver Quality Excellence Award for Sterile Manufacturing Facility in Goa and Solid Dosages Facility in Baddi (HimachalPradesh) at IDMA's Golden Jubilee celebrations

2012

Indoco announced the signing of an agreement with DSM, a € 9 billion Company, for commercial cooperation for Active Pharmaceutical Ingredients (APIs). Indoco and DSM have formed a strategic alliance, wherein DSM shall be marketing and selling the APIs manufactured by INDOCO
Innovation in Quality Award at CPhI Pharma Awards

2014

Inauguration of New GLP Analytical facility for Formulation
US-FDA approves Sterile (Plant II) and Solid Dosages (Plant III) facilities in Goa
IDMA Best Patent Award for Tazarotene & Adapalene

2015

Indoco wins IDMA Patent Appreciation Award for Betaxolol
Indoco acquires Piramal's Clinical Research division

2016

Indoco Honoured with the IDMA Best Patent Award for Three International Patents
Indoco achieves a milestone of Rs1000 crore
Indoco acquires Oral Solid Dosage manufacturing facility in Baddi from Micro Labs Ltd., Bangalore
Indoco's Allopurinol ANDA gets USFDA approval
Indoco climbs 187 ranks up - Fortune India
Indoco receives USFDA approval for solid dosages Plant I in Goa
Indoco honoured with the 'Best Patent Award' by PHARMEXCIL in the Bulk Drugs / API category

2017

Indoco receives the Express Pharma Export Excellence Award 2017
Indoco receives UKMHRA approval for solid dosages Plant I in Goa
Indoco receives the IDMA Best Patent Award for four API Process Patents
Indoco receives patent grant for Linezolid & Brinzolamide (FDFs) from United States Patent and Trademark Office (USPTO)

2018

Indoco commissions New API manufacturing facility at Patalganga
Indoco's Goa Plant II & III clears USFDA inspection
Indoco's API manufacturing facilities at Patalganga and Rabale successfully clear USFDA inspection
Indoco's API Patalganga site receives Renewed Accreditation Certificate from The Pharmaceuticals and Medical Devices Agency (PMDA), Japan
Indoco receives the IDMA Best Indian Patent Award for five API Process Patents
Indoco's Goa plant III receives EU GMP certification

2019

Indoco's Clinical Research Organisation receives zero 483s from USFDA
Indoco's stalwart brand CYCLOPAM crosses Rs 100 crore sales (as per IMS)
Indoco successfully completes UK-MHRA inspection at Goa Plant II
UK-MHRA reinstates full GMP status for Indoco's Goa Plant I
USFDA clears Indoco's Goa Plant II & III
Indoco gets European Patent Grant for unique process of Brinzolamide Eye Drops
Indoco wins the IDMA Formulations Patent Award 2017-18 for 2 International and 1 Indian patent
Indoco's new solid dosages facility at Baddi receives UK-MHRA approva
Indoco's Sterile Manufacturing Facility (Plant II) Clears USFDA Inspection

2020

Indoco receives USFDA approval for Apixaban Tablets 2.5 mg & 5 mg
Indoco awarded with the IDMA Formulations Best Patent Award 2018-19 for 2 formulation patents - Diclofenac & Quetiapine
Olopatadine ANDA filed from Indoco's Goa Plant II receives USFDA approval
AnaCipher Clinical Research receives BE study approval from WHO
First consignment of Glycopyrrolate Injection dispatched from Goa Plant II for launch in USA
Indoco receives USFDA approval for Succinylcholine Chloride Injection USP
Indoco receives USFDA approval for Olanzapine Tablets