Indoco Remedies share price falls over 4%; should you buy or sell this stock? Here's what top brokerages say
₹346.20 against the previous close of ₹351.05 and fell 4.14 per cent to the level of ₹336.50 in Friday's trade so far. The stock traded 4.14 per cent lower at ₹336.50 around 10:40 am on the BSE. Indoco Remedies share price hit its 52-week high of ₹423.10 on January 2 this year and its 52-week low of ₹307 on April 26 this year, on the BSE.
In the last one year, the stock has moved up by just half a per cent while the equity benchmark Sensex has gained nearly 11 per cent in the same period. During market hours on Thursday, October 19, Indoco reported a 13 per cent quarter-on-quarter (QoQ) rise in its Q2FY24 standalone revenue at ₹465.2 crore against ₹413.2 crore in Q1FY24. EBITDA to net sales for the quarter is 15.6 per cent at ₹72.4 crore, compared to 15.2 per cent at ₹62.9 crore in the preceding quarter.
Profit after tax (PAT) for the quarter stood at ₹32.9 crore, up 28 per cent QoQ, compared to ₹25.7 crore in Q1FY24, the company said in its exchange filing on Thursday. However, on a year-on-year basis, the company's standalone PAT fell 32 per cent. In the same quarter last year, the company's PAT was ₹48.7 crore, according to the company's exchange filing.
“Our Q2 performance is primarily driven by international business, API business and sustained performance by domestic business," said Aditi Panandikar, Managing Director, Indoco Remedies. Shares of the company closed 1.67 per cent higher on the BSE on Thursday after the company's Q2 earnings. (Exciting news! Mint is now on WhatsApp Channels.
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