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IPCA Laboratories Ltd
IPCA Laboratories Ltd is a fully integrated pharmaceutical company. Due to non-compliance with US FDA requirements, IPCA profits declined during FY15-FY17.
We believe the worst is over for IPCA and is likely to show strong PAT growth in FY19E-20E due to (a) likely resolution of the USFDA issue leading to a revival of US sales (b) ramp up in the institutional antimalarial sales, and (c) improvement in profitability with margin expansion as remediation expenses will decline from FY19E.
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