BDH Industries Ltd

BDH Industries is engaged in the manufacturing of therapeutic formulations covering a range of pharmaceuticals. The Company offers a range of oral solid dosage (OSD) technologies. The Company offers its products in various therapeutic classes, such as antifungal, antibiotics, anticancer, anti-diabetic, antidepressant, anti-ulcerant, antimalarial, anti-inflammatory, analgesic, antispasmodic, anti-tuberculosis, cardiovascular, dermatological, non-steroidal anti-inflammatory drugs, psychotropic, trichology, and vitamins and minerals.

Pros:
Stock is trading at 1.10 times its book value
Stock is providing a good dividend yield of 3.53%.
Company is expected to give good quarter
Company has been maintaining a healthy dividend payout of 35.96%
Cons:
The company has delivered a poor growth of 0.39% over past five years.
Company has a low return on equity of 12.26% for last 3 years.
Company might be capitalizing the interest cost

Peer Comparison Sector: Pharmaceuticals // Industry: Pharmaceuticals - Indian - Formulations

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Quarterly Results Figures in Rs. Crores

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
13.02 9.78 11.72 9.16 6.98 11.16 11.37 11.50 12.96 11.43 19.17 8.13
11.63 8.73 10.37 8.16 6.34 9.75 9.78 9.77 11.16 9.79 16.37 7.37
Operating Profit 1.39 1.05 1.35 1.00 0.64 1.41 1.59 1.73 1.80 1.64 2.80 0.76
OPM % 10.68% 10.74% 11.52% 10.92% 9.17% 12.63% 13.98% 15.04% 13.89% 14.35% 14.61% 9.35%
Other Income 0.29 0.33 0.30 0.33 0.25 0.19 0.17 0.21 0.19 0.23 0.23 0.23
Interest 0.06 0.07 0.09 0.12 0.04 0.07 0.05 0.09 0.08 0.07 0.18 0.18
Depreciation 0.18 0.18 0.18 0.17 0.19 0.19 0.21 0.17 0.21 0.24 0.18 0.20
Profit before tax 1.44 1.13 1.38 1.04 0.66 1.34 1.50 1.68 1.70 1.56 2.67 0.61
Tax % 32.64% 31.86% 32.61% 34.62% 33.33% 32.84% 20.00% 26.79% 25.88% 30.13% 27.72% 11.48%
Net Profit 0.97 0.76 0.93 0.67 0.44 0.89 1.20 1.23 1.26 1.10 1.93 0.55
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
19.89 14.83 22.80 28.98 36.97 39.25 40.16 42.38 44.27 45.84 43.18 40.94 51.69
17.74 13.09 20.62 26.71 34.19 35.89 36.86 38.71 40.47 41.77 38.37 35.58 44.69
Operating Profit 2.15 1.74 2.18 2.27 2.78 3.36 3.30 3.67 3.80 4.07 4.81 5.36 7.00
OPM % 10.81% 11.73% 9.56% 7.83% 7.52% 8.56% 8.22% 8.66% 8.58% 8.88% 11.14% 13.09% 13.54%
Other Income 0.22 0.19 0.35 0.30 -0.08 0.14 0.74 1.23 1.22 1.80 1.24 0.82 0.88
Interest 1.13 1.25 1.42 1.07 0.95 0.93 0.83 0.74 0.48 0.33 0.35 0.25 0.51
Depreciation 0.61 0.65 0.69 0.70 0.72 0.96 0.72 0.76 0.74 0.73 0.72 0.75 0.83
Profit before tax 0.63 0.03 0.42 0.80 1.03 1.61 2.49 3.40 3.80 4.81 4.98 5.18 6.54
Tax % 26.98% 0.00% 19.05% 32.50% 24.27% 32.30% 32.53% 32.65% 32.11% 33.06% 33.13% 27.22%
Net Profit 0.46 0.03 0.34 0.54 0.78 1.09 1.67 2.30 2.57 3.23 3.34 3.76 4.84
EPS in Rs 0.77 0.05 0.57 0.91 1.23 1.73 2.66 3.67 3.98 5.10 5.62 6.34
Dividend Payout % 0.00% 0.00% 0.00% 0.00% 38.08% 32.70% 35.57% 30.99% 39.29% 36.78% 35.57% 35.55%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:10.69%
5 Years:0.39%
3 Years:-2.57%
TTM:26.04%
Compounded Profit Growth
10 Years:62.11%
5 Years:17.48%
3 Years:13.52%
TTM:28.72%
Return on Equity
10 Years:8.52%
5 Years:11.66%
3 Years:12.26%
Last Year:12.43%

Balance Sheet Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
5.94 5.94 5.94 5.94 5.94 5.94 5.94 5.94 5.94 5.94 5.94 5.94 5.94
Reserves 13.07 13.05 13.38 13.91 14.25 14.92 15.91 17.18 18.14 21.36 23.29 25.32 28.40
Borrowings 13.60 12.94 12.87 12.79 8.75 6.05 7.76 11.33 8.88 9.47 8.43 7.53 12.99
7.08 6.88 6.08 6.24 5.12 7.72 12.24 13.93 18.83 15.50 16.98 18.29 18.41
Total Liabilities 39.69 38.81 38.27 38.88 34.06 34.63 41.85 48.38 51.79 52.27 54.64 57.08 65.74
15.86 16.25 15.76 15.67 16.11 15.29 15.07 14.69 13.22 13.10 22.94 22.59 22.02
CWIP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.06 0.00 4.05 0.00 0.00 0.00
Investments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
23.83 22.56 22.51 23.21 17.95 19.34 26.78 33.63 38.57 35.12 31.70 34.49 43.72
Total Assets 39.69 38.81 38.27 38.88 34.06 34.63 41.85 48.38 51.79 52.27 54.64 57.08 65.74

Cash Flows Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
-2.55 1.30 1.12 0.93 5.38 8.65 5.00 3.87 6.19 4.31 7.21 -0.15
-2.32 -1.06 -0.20 -0.64 -1.50 -0.15 -0.54 -0.45 -0.14 -4.66 -5.28 0.40
4.38 -0.65 -0.78 -0.08 -4.05 -3.04 1.31 2.89 -3.26 -0.59 -2.77 -2.54
Net Cash Flow -0.49 -0.41 0.14 0.21 -0.17 5.46 5.77 6.31 2.79 -0.94 -0.83 -2.29

Ratios Figures in Rs. Crores

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 5.83% 3.97% 5.74% 5.83% 6.69% 9.10% 11.82% 12.96% 12.67% 14.69% 14.32% 14.21%
Debtor Days 176.72 191.24 137.68 128.97 87.57 69.00 79.89 68.04 80.88 63.78 67.37 63.48
Inventory Turnover 1.78 1.33 2.17 3.15 5.42 8.86 10.74 9.94 8.72 8.82 11.02 8.97