Bilcare Ltd

₹ 60.2 -2.40%

19 Apr 4:01 p.m.

About

Incorporated in 1987, Bilcare Ltd. is engaged in the business of Pharmaceutical Packaging, Global Clinical Services, R&D services and Anti Counterfeit Technology (nCid).

Key Points

Products & Services offered:
a) Pharma Packaging:^[1]
Pharma Packaging is available in two broad categories viz., Polymer based Packaging Films and Aluminum based Packaging Foils. Their sub-categories are:
Blister Films
Blister Foils
Lidding Foils
CR Foils
Laminates
b) Global Clinical Supplies and Services:^[2]
Company handles domestic and global manufacturing of IMPs and Placebos, Primary
and secondary packaging with various blinding techniques, IWRS, Storage at variable temperatures.

Website BSE

Market Cap ₹ 142 Cr.
Current Price ₹ 60.2
High / Low ₹ 95.4 / 42.5
Stock P/E
Book Value ₹ 178
Dividend Yield 0.00 %
ROCE 2.66 %
ROE -3.11 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.
Stock is trading at 0.34 times its book value
Company's working capital requirements have reduced from 53.3 days to 36.0 days

Cons

Company has low interest coverage ratio.
The company has delivered a poor sales growth of -18.8% over past five years.
Promoter holding is low: 30.0%
Company has a low return on equity of -15.9% over last 3 years.
Contingent liabilities of Rs.45.1 Cr.
Earnings include an other income of Rs.238 Cr.
Company's cost of borrowing seems high

* 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: Packaging Industry: Packaging

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	156	176	178	204	208	256	248	254	246	234	182	190	175
	138	165	165	188	194	237	232	240	234	219	169	173	158
Operating Profit	18	10	12	16	13	19	16	14	12	14	13	17	17
OPM %	12%	6%	7%	8%	6%	7%	6%	6%	5%	6%	7%	9%	10%
	2	38	4	34	0	5	3	10	-6	231	3	1	4
Interest	19	21	18	18	16	17	16	16	16	11	19	20	21
Depreciation	11	12	11	9	10	9	9	9	10	9	10	10	11
Profit before tax	-11	15	-13	23	-12	-3	-7	-2	-20	225	-13	-13	-10
Tax %	4%	0%	-0%	-3%	2%	-38%	11%	-60%	6%	65%	1%	5%	-34%
	-10	15	-13	23	-11	-3	-6	-3	-19	78	-13	-12	-14
EPS in Rs	-5.55	4.97	-6.49	9.51	-5.90	-2.48	-2.84	-2.42	-7.98	19.63	-3.36	-3.22	-2.91
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	3,642	3,547	3,062	2,692	2,603	2,633	2,778	2,997	1,827	623	845	982	781
	3,165	3,159	2,819	2,506	2,396	2,443	2,617	2,827	1,782	572	784	925	719
Operating Profit	476	387	243	186	207	190	161	170	45	51	60	57	62
OPM %	13%	11%	8%	7%	8%	7%	6%	6%	2%	8%	7%	6%	8%
	8	-8	24	9	-87	107	297	59	254	45	44	237	238
Interest	164	167	217	236	151	176	249	283	174	76	69	60	71
Depreciation	131	148	141	191	164	177	416	378	239	46	39	38	41
Profit before tax	188	63	-91	-232	-194	-56	-207	-433	-114	-25	-4	196	189
Tax %	26%	30%	-25%	7%	58%	-42%	4%	-5%	13%	55%	-3%	74%
	140	44	-114	-216	-82	-80	-199	-453	-99	-11	-4	50	39
EPS in Rs	58.00	16.81	-48.14	-91.76	-36.04	-35.91	-85.43	-193.28	-43.97	-8.95	-5.35	6.39	10.14
Dividend Payout %	3%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	-12%
5 Years:	-19%
3 Years:	-19%
TTM:	-22%

Compounded Profit Growth
10 Years:	%
5 Years:	15%
3 Years:	25%
TTM:	37%

Stock Price CAGR
10 Years:	0%
5 Years:	18%
3 Years:	5%
1 Year:	28%

Return on Equity
10 Years:	-32%
5 Years:	-124%
3 Years:	-16%
Last Year:	-3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	24	24	24	24	24	24	24	24	24	24	24	24	24
Reserves	1,311	1,302	1,300	1,073	689	590	376	-93	85	63	52	507	396
	1,371	2,104	2,146	2,311	2,122	2,014	2,089	2,270	707	677	690	639	8
	1,074	971	899	933	786	830	913	888	297	300	362	418	36
Total Liabilities	3,779	4,400	4,368	4,340	3,620	3,457	3,402	3,087	1,112	1,064	1,127	1,588	464
	1,582	1,493	2,126	1,926	2,432	2,403	2,180	2,005	534	494	465	1,045	14
CWIP	55	846	262	218	161	149	170	79	0	0	1	1	0
Investments	0	0	0	0	1	0	1	0	0	0	0	2	296
	2,141	2,061	1,979	2,196	1,026	904	1,051	1,003	577	570	661	539	154
Total Assets	3,779	4,400	4,368	4,340	3,620	3,457	3,402	3,087	1,112	1,064	1,127	1,588	464

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	92	227	314	-315	177	300	98	206	256	72	41	-7
	-383	-966	-351	247	-358	-129	-203	-104	1,309	2	-4	36
	285	661	48	119	149	-155	91	-103	-1,600	-83	-55	-19
Net Cash Flow	-5	-78	12	50	-32	16	-13	-1	-35	-9	-18	10

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	115	106	105	125	35	29	38	38	22	90	95	70
Inventory Days	91	80	103	105	108	84	90	82	28	90	83	43
Days Payable	89	90	76	93	86	81	102	71	35	93	102	79
Cash Conversion Cycle	117	95	132	137	57	32	25	49	15	88	76	33
Working Capital Days	123	130	145	156	35	16	24	28	27	67	57	36
ROCE %	14%	8%	3%	1%	2%	2%	-8%	-6%	-9%	3%	3%	3%

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	30.01%	30.01%	30.01%	30.01%	30.01%	30.01%	30.01%	30.01%	30.01%	30.01%	30.01%	30.01%
	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
	69.94%	69.94%	69.94%	69.95%	69.94%	69.94%	69.95%	69.95%	69.95%	69.94%	69.95%	69.95%
No. of Shareholders	21,670	21,870	21,928	22,322	23,158	23,236	23,419	22,322	21,691	19,875	19,181	19,116

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	32.97%	30.01%	30.01%	30.01%	30.01%	30.01%	30.01%	30.01%
	0.05%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
	66.99%	69.94%	69.94%	69.94%	69.94%	69.95%	69.95%	69.95%
No. of Shareholders	18,141	17,008	16,530	15,827	20,017	22,322	22,322	19,116

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Bilcare Ltd

Bilcare Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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