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Ipca is a fully-integrated Indian pharmaceutical company manufacturing over 350 formulations and 80 APIs for various therapeutic segments. Contribution from Global Fund tenders, new anti-malaria products (injection and dispersible tabs), strong API pricing/demand, Bayshore acquisition and likely pick-up in UK revenues are the key drivers.
Further the company has reduced its debt dependency to 0.2x from 0.4x in FY14. Cash flow is also steadily increasing. Hence Buy.
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