Indoco Remedies Q4 Review – Strong Management Guidance, Execution Remains Key: ICICI Direct

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Indoco Remedies Ltd.’s Q4 FY21 revenue grew 12.2% YoY to Rs 305 crore.

Export formulations grew 65.6% YoY to Rs 132 crore driven by strong growth in regulated and emerging markets.

Domestic formulations de-grew 13.0% YoY to Rs 139 crore due to continued impact on anti-infective and respiratory segment.

Active pharmaceutical ingredient segment remained subdued at Rs 20 crore, down 1.5% YoY.

Ebitda margins expanded 569 basis points YoY to 17.9% on account of lower staff, travel and promotional spend partly offset by decline in gross margin performance.

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ICICI Direct Indoco Q4FY21 Result Update.pdf


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