Indoco Remedies‘ stock rose 7% to an eight-month high of Rs 414.85 on Thursday during intraday trading as investors bet on further increase in its margins.
It reached its highest level since March 2022, when the pharmaceutical company’s stock was traded. As opposed to the S&P BSE Sensex’s 0.35 percent increase over the preceding week, it increased by 17%. Before that, on January 3, 2022, the stock reached a 52-week high of Rs 459.
54% of sales were made using domestic formulations. Primary treatments include those for the respiratory, immune, gastrointestinal, stomatological, and vitamin systems. Revenues came from formula exports, which comprised 41% of total sales, while APIs provided 4% and CRAMS contributed the remaining 20%.
Indoco Remedies reported a 12% year-over-year (YoY) improvement in revenues for July to September (Q2FY23), totaling Rs 433 crore. EBITDA increased by 1.7% YoY to Rs 88 crore, while margins were at 20.3%. In the meantime, profit after tax increased YoY by 19% to Rs 49.7 crore.
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