For 1QFY2018 Indoco Remedies posted poor set of numbers. Sales came in at `204cr (`214cr expected) v/s. `253cr in 1QFY2017, a yoy de-growth of 19.1%. The company witnessed a disruptive 1QFY2018, with domestic as well International sales getting affected adversely due to GST implementation in India and voluntary stoppage of ophthalmic product supplies to US respectively. On operating front, the EBITDA margins came in at (1.7%) ((0.9%) expected) v/s. 14.7% in 1QFY2017, mainly on the back of lower than expected sales during the quarter. Thus, the PAT came in at ` (21.7)cr (`(13.8)cr expected) v/s. `19.7cr in 1QFY2017. We maintain our sell rating on the stock, with a price target of `153.

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