Lactose (India) Ltd
Lactose India Ltd is a pharmaceutical company established in 1991.It specializes in the manufacturing of Excipients (Lactose / Colour Coatings), Lactulose, Solid Dosage Forms, Liquid Dosage Forms, at Vadodara, Gujarat. It commands ~40 % market share. The Company then broadened its horizons to enter into the Contract / Toll manufacturing business. The company has also entered Finished Pharmaceutical Formulations & APIs.[1]
- Market Cap ₹ 185 Cr.
- Current Price ₹ 147
- High / Low ₹ 174 / 40.2
- Stock P/E 35.0
- Book Value ₹ 33.6
- Dividend Yield 0.00 %
- ROCE 9.33 %
- ROE 2.98 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 23.6% CAGR over last 5 years
Cons
- Stock is trading at 4.38 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 1.02% over last 3 years.
- Promoters have pledged 26.1% of their holding.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Pharmaceuticals Industry: Pharmaceuticals - Indian - Bulk Drugs
Quarterly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
42 | 46 | 22 | 24 | 34 | 36 | 31 | 41 | 40 | 35 | 46 | 66 | 110 | |
38 | 43 | 21 | 19 | 24 | 24 | 25 | 31 | 31 | 29 | 34 | 54 | 94 | |
Operating Profit | 4 | 3 | 1 | 5 | 10 | 11 | 6 | 10 | 9 | 6 | 12 | 11 | 17 |
OPM % | 9% | 6% | 5% | 22% | 30% | 32% | 18% | 24% | 23% | 18% | 27% | 17% | 15% |
-0 | 1 | 2 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 1 | 1 | 1 | |
Interest | 1 | 1 | 1 | 3 | 4 | 4 | 5 | 5 | 6 | 5 | 5 | 6 | 6 |
Depreciation | 2 | 2 | 2 | 2 | 3 | 3 | 4 | 4 | 4 | 4 | 5 | 5 | 5 |
Profit before tax | 1 | 1 | 0 | 1 | 4 | 4 | -3 | 1 | 0 | -3 | 3 | 1 | 7 |
Tax % | 33% | 30% | 60% | 42% | 28% | 36% | 52% | 33% | 30% | 24% | 23% | 18% | |
1 | 1 | 0 | 0 | 3 | 3 | -1 | 1 | 0 | -2 | 2 | 1 | 5 | |
EPS in Rs | 0.95 | 1.28 | 0.04 | 0.59 | 3.17 | 2.87 | -1.32 | 0.71 | 0.07 | -2.17 | 1.95 | 0.96 | 4.20 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Compounded Sales Growth | |
---|---|
10 Years: | 4% |
5 Years: | 16% |
3 Years: | 18% |
TTM: | 104% |
Compounded Profit Growth | |
---|---|
10 Years: | 2% |
5 Years: | 24% |
3 Years: | 157% |
TTM: | 83% |
Stock Price CAGR | |
---|---|
10 Years: | 31% |
5 Years: | 36% |
3 Years: | 73% |
1 Year: | 222% |
Return on Equity | |
---|---|
10 Years: | 2% |
5 Years: | 1% |
3 Years: | 1% |
Last Year: | 3% |
Balance Sheet
Figures in Rs. Crores
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Sep 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 7 | 8 | 8 | 8 | 9 | 10 | 10 | 10 | 10 | 11 | 13 | 13 | 13 |
Reserves | 6 | 7 | 7 | 7 | 11 | 17 | 21 | 24 | 24 | 23 | 27 | 28 | 30 |
5 | 8 | 23 | 39 | 37 | 34 | 38 | 36 | 39 | 46 | 41 | 39 | 39 | |
18 | 24 | 22 | 25 | 26 | 24 | 14 | 11 | 10 | 8 | 10 | 22 | 25 | |
Total Liabilities | 36 | 47 | 60 | 80 | 83 | 85 | 83 | 82 | 84 | 88 | 90 | 102 | 106 |
15 | 15 | 28 | 62 | 61 | 64 | 63 | 60 | 62 | 59 | 59 | 56 | 54 | |
CWIP | 1 | 11 | 15 | 1 | 1 | 1 | 0 | 1 | 0 | 4 | 0 | 0 | 0 |
Investments | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 |
20 | 20 | 16 | 15 | 21 | 20 | 19 | 20 | 22 | 25 | 30 | 46 | 52 | |
Total Assets | 36 | 47 | 60 | 80 | 83 | 85 | 83 | 82 | 84 | 88 | 90 | 102 | 106 |
Cash Flows
Figures in Rs. Crores
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
-3 | 14 | 7 | 13 | 1 | 8 | 0 | 5 | 7 | 2 | 8 | 8 | |
-3 | -14 | -21 | -23 | 3 | -5 | -2 | -2 | -3 | -6 | -1 | -1 | |
6 | 1 | 13 | 10 | -5 | -3 | 4 | -5 | -4 | 5 | -8 | -8 | |
Net Cash Flow | 0 | 1 | -1 | -1 | -0 | -0 | 3 | -2 | 1 | 1 | -0 | -1 |
Ratios
Figures in Rs. Crores
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 91 | 83 | 125 | 83 | 96 | 91 | 63 | 62 | 64 | 67 | 90 | 69 |
Inventory Days | 101 | 47 | 69 | 129 | 344 | 440 | 456 | 384 | 471 | 587 | 343 | 342 |
Days Payable | 65 | 119 | 308 | 273 | 340 | 559 | 330 | 242 | 202 | 153 | 195 | 266 |
Cash Conversion Cycle | 127 | 11 | -114 | -61 | 100 | -27 | 188 | 204 | 333 | 501 | 238 | 145 |
Working Capital Days | 79 | 32 | -20 | -61 | -33 | -23 | 18 | 43 | 76 | 125 | 100 | 88 |
ROCE % | 12% | 9% | -3% | 8% | 13% | 15% | 4% | 9% | 8% | 3% | 10% | 9% |
Documents
Announcements
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 5m
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 25 Apr
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 23 Apr
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Compliance Certificate Under Regulation 7(3) Of SEBI (LODR) Regulation 2015
22 Apr - Compliance Certificate under Regulation 7(3) of SEBI (LODR) Regulation 2015 for the year ended 31st March 2024.
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Compliances Certificate For The Year Ended 31St March 2024
22 Apr - Compliance Certificate under Regulation 40(10) of SEBI (LODR) Regulation 2015, for the year ended 31st March 2024.
Annual reports
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2010
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Financial Year 2009
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Business Overview:[1]
Company manufactures Excipients (Lactose/Colour Coatings), Lactulose, Solid Dosage Forms, Liquid Dosage Forms, Finished Pharmaceutical Formulations & Active Pharmaceutical Ingredients, and is also into Contract manufacturing business.