External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<div><div><div><div><ul><li>Domestic Business: The domestic business growth should be driven by new launches, price increase (6%) and volume growth.</li></ul><div><div><div><ul><li>US Business: Indoco’s solid oral dosage portfolio has not seen much price erosion.</li></ul><div><div><div><div><ul><li>Inflationary pressures are easing, but still not fully normalised: The company acts as a contract manufacturer for several of its products in Europe and it has been able to pass on the cost increases in these products.</li></ul></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Domestic Business: The domestic business growth should be driven by new launches, price increase (6%) and volume growth.US Business: Indoco’s solid oral dosage portfolio has not seen much price erosion.Inflationary pressures are easing, but still not fully normalised: The company acts as a contract manufacturer for several of its products in Europe and it has been able to pass on the cost increases in these products.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<div><ul><li>The company expects to launch 6-7 ophthalmic products in the US. We expect IRL to be the third generic player to launch gCombigan, which has a market size of ~US$400mn in the US market.</li><li>IRL has enough API and excipients inventory to last for the next two month.</li><li>Launched 6 new products in the Indian market in FY22, including Subitral, which was the fastest brand to reach Rs10mn sales within just 40 days of its launch</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p></div>

The company expects to launch 6-7 ophthalmic products in the US. We expect IRL to be the third generic player to launch gCombigan, which has a market size of ~US$400mn in the US market.IRL has enough API and excipients inventory to last for the next two month.Launched 6 new products in the Indian market in FY22, including Subitral, which was the fastest brand to reach Rs10mn sales within just 40 days of its launchContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indoco Remedies - Strong Growth in Regulated Markets

Thematic (Sector/Industry)

<ul><li>4QFY22 is expected to be a flattish quarter for most Pharma companies in our coverage universe.</li><li>We expect a few companies to benefit from the US market, including Sun Pharma, Natco Pharma, Biocon and Cipla.</li><li>Sun Pharma is expected to gain on Winlevi ramp-up and growth in key products, including Cequa and Ilumya Revlimid launch in March 2022 will see some favourable impact in 4QFY22.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

4QFY22 is expected to be a flattish quarter for most Pharma companies in our coverage universe.We expect a few companies to benefit from the US market, including Sun Pharma, Natco Pharma, Biocon and Cipla.Sun Pharma is expected to gain on Winlevi ramp-up and growth in key products, including Cequa and Ilumya Revlimid launch in March 2022 will see some favourable impact in 4QFY22.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pharmaceutical Sector: Sequentially Flattish Quarter Expected

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Indoco manufactures and markets branded formulations and APIs for the domestic and export markets</li><li>In domestic formulations, through its nine marketing divisions, the company serves a range of specialties</li><li>Target Price and Valuation: We value Indoco Remedies at Rs 510 i.e. 18x P/E on FY24E EPS of Rs 28.3</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Indoco manufactures and markets branded formulations and APIs for the domestic and export marketsIn domestic formulations, through its nine marketing divisions, the company serves a range of specialtiesTarget Price and Valuation: We value Indoco Remedies at Rs 510 i.e. 18x P/E on FY24E EPS of Rs 28.3Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indoco Remedies: Mixed Q3; Pick-Up in Exports Key Trigger

<p>About the stock: Indoco manufactures and markets branded formulations and APIs for the domestic and export markets. In domestic formulations, through its nine marketing divisions the company serves a range of specialties.</p><ul><li>Domestic formulations accounted for 51% of revenues. Major therapies are: respiratory, anti-infectives, stomatologicals, gastrointestinals &amp; vitamins</li><li>Formulation exports accounted for 40% (regulated markets:81%) of revenues while APIs contributed 8% with remaining coming from CRAMS</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

About the stock: Indoco manufactures and markets branded formulations and APIs for the domestic and export markets. In domestic formulations, through its nine marketing divisions the company serves a range of specialties.Domestic formulations accounted for 51% of revenues. Major therapies are: respiratory, anti-infectives, stomatologicals, gastrointestinals &amp; vitaminsFormulation exports accounted for 40% (regulated markets:81%) of revenues while APIs contributed 8% with remaining coming from CRAMSContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indoco Remedies: Stellar Numbers, Margins in Q1

India

Indoco Remedies Limited researches and develops, manufactures, markets, and distributes pharmaceuticals. The Company's products include Analgesics/Antipyretics, Antacids, Anthelmintics, and Antiamoebics.

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Indoco Remedies (INDR IN)

Indoco Remedies- Management Meet Update

We hosted the Indoco Remedies management at our Annual Investor Conference to discuss the business outlook. Indoco Remedies expects the US market...

Nirmal Bang

Indoco Remedies - Strong Growth in Regulated Markets

Indoco Remedies’ (IRL) sales were in-line with estimate, growing by 34% YoY. Gross margin dipped by 178bps QoQ due to cost inflation in...

Nirmal Bang

Pharmaceutical Sector: Sequentially Flattish Quarter Expected

4QFY22 is expected to be a flattish quarter for most Pharma companies in our coverage universe. We expect a few companies to benefit from the US...

Nirmal Bang

Indoco Remedies: Mixed Q3; Pick-Up in Exports Key Trigger

Indoco manufactures and markets branded formulations and APIs for the domestic and export markets. In domestic formulations, through its nine...

ICICI Securities Limited

Indoco Remedies: Stellar Numbers, Margins in Q1

Indoco manufactures and markets branded formulations and APIs for the domestic and export markets. In domestic formulations, through its nine...

ICICI Securities Limited

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