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Prabhudas Lilladher Report
Indoco Remedies Ltd.’s Q3 FY21 revenue were in-line with our estimate based on growth led by export formulations while Ebitdam beat of 90 basis points due to operating leverage through cost saving program.
We maintain our positive outlook on the company and believe –
1. Medical representative productivity would improve to Rs 3 lakhs/month (from Rs 2.5 lakh/month) with similar headcounts of field force,
2. India formulations growth to return to 10- 12% from FY22,
3. U.S. launch of ophthalmic and oral abbreviated new drug applications in partnerships and
4. lower remediation cost as regulatory issue is resolved.
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