Reviews

INDOCO REMEDIES LTD.

Ticker : 532612
FV: Rs 2
52-Week H/L: Rs 377.15/190

We had previously recommended Indoco Remedies in volume 37, no. 27, dated April 26, 2021, when the scrip was trading at Rs 324.60. It was recommended based on an optimistic growth outlook for the company. On a consolidated quarterly front, the company recorded net sales of Rs 332.29 crore for Q3FY21, which is an increase of 14.84 per cent from its net sales of Rs 289.35 crore reported for Q3FY20. The operating profit jumped to Rs 35.59 crore in Q3FY21 from Rs 60.54 crore posted in Q3FY20, registering a gain of 70.1 per cent. The net profit was reported at Rs 25.36 crore in Q3FY21 from Rs 9.10 crore in Q3FY21, recording a significant rise. Considering the positive financial & business performance, Indoco Remedies has been able to achieve strong growth. Hence, we recommend to ‘BOOK PROFIT’ as of May 6, 2021, at Rs 375.55 per share with a gain of 15.6 per cent.