Indoco Remedies jumps 17 per cent to hit all-time high; heres what fuelled the rally!

Indoco Remedies is a fully integrated, research-oriented pharma company engaged in the manufacturing & marketing of formulations (finished dosage forms) and active pharmaceutical ingredients (APIs). The company has seven decades of presence in the Indian Pharma market and a strong foothold in the international market across 55 countries.  

The stock is trading up by nearly 17 per cent and also, marked a fresh all-time high on Thursday. The company has announced its quarterly results recently wherein, it reported a growth of 40 per cent YoY in the total revenue to Rs 386.75 crore. EBITDA margins also improved by 480 bps YoY to 22.5 per cent due to strong sales and better gross margin while net profit rose more than two-fold to Rs 39.66 crore. Domestic sales grew by 45.8 per cent YoY and regulated markets revenue also witnessed a jump of 68 per cent YoY.   

Besides, the company launched two new products during the quarter in the domestic market. Meanwhile, EPS for the quarter stood at Rs 4.3.   

The stock is up by nearly 69 per cent on a YTD basis and by 14 per cent on an MTD basis. Interestingly, it is trading very close to its upper circuit, which is at Rs 530.25 level.  

Will the stock hit an upper circuit, what do you think? Share your views in the comments section.   

We had recommeded this stock in our  Flash News Investment Weekly (FNIW).  Click on this link to check the performance and know more about other recommendations performance: https://www.dsij.in/Products/Investor-Pack/flash-news-investment