Albert David Ltd

Albert David is engaged in manufacturing and trading of Pharmaceutical Formulations, Infusion Solutions, Herbal Dosage Forms and Bulk Drugs by way of domestic sale or export.(Source : 201903 Annual Report Page No: 99)

Pros:
Company has reduced debt.
Company is virtually debt free.
Stock is trading at 1.02 times its book value
Company has been maintaining a healthy dividend payout of 21.48%
Debtor days have improved from 34.06 to 26.02 days.
Cons:
The company has delivered a poor growth of 1.98% over past five years.
Company has a low return on equity of 9.37% for last 3 years.
Earnings include an other income of Rs.16.49 Cr.

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

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Quarterly Results Figures in Rs. Crores

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
59 70 55 91 75 68 94 78 77 68 92 90
59 62 66 78 71 57 82 76 73 58 78 77
Operating Profit -0 8 -11 14 4 11 13 2 4 10 13 13
OPM % -0% 12% -21% 15% 5% 17% 13% 3% 6% 15% 15% 14%
Other Income 1 3 2 2 4 2 2 1 10 3 2 1
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 2 1 2 2 2 2 2 2 2 2 2 2
Profit before tax -1 9 -12 13 5 11 12 1 12 11 13 12
Tax % 8% 30% 30% 36% 26% 49% 37% 72% 12% 35% 29% 34%
Net Profit -1 7 -8 8 4 6 8 0 11 7 9 8
EPS in Rs -1.86 11.60 -14.56 14.62 7.05 10.12 13.74 0.72 19.24 12.99 16.28 13.88
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
154 181 200 217 228 261 287 317 318 293 285 316 326
134 158 173 189 204 236 254 281 301 266 267 286 286
Operating Profit 20 23 27 28 24 26 33 37 17 27 18 30 40
OPM % 13% 13% 13% 13% 11% 10% 11% 12% 5% 9% 6% 10% 12%
Other Income 3 3 2 1 1 2 1 2 57 8 9 15 16
Interest 4 6 4 3 4 4 4 3 2 1 1 1 1
Depreciation 7 8 9 10 10 11 11 15 9 8 8 7 7
Profit before tax 12 12 16 16 11 13 18 20 63 26 18 38 49
Tax % 38% 38% 35% 34% 32% 36% 32% 32% 24% 39% 45% 29%
Net Profit 7 8 10 11 8 9 13 14 48 16 10 27 36
EPS in Rs 12.35 12.59 17.25 18.27 12.63 14.23 21.18 22.89 82.98 27.96 17.24 46.68 62.39
Dividend Payout % 23% 27% 25% 24% 34% 30% 23% 23% 7% 20% 32% 13%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:5.75%
5 Years:1.98%
3 Years:-0.16%
TTM:3.36%
Compounded Profit Growth
10 Years:13.57%
5 Years:16.41%
3 Years:25.60%
TTM:97.18%
Stock Price CAGR
10 Years:12.44%
5 Years:5.37%
3 Years:5.18%
1 Year:6.26%
Return on Equity
10 Years:11.51%
5 Years:10.43%
3 Years:9.37%
Last Year:13.58%

Balance Sheet Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
6 6 6 6 6 6 6 6 6 6 6 6 6
Reserves 45 50 57 65 70 75 85 87 131 177 180 205 220
Borrowings 59 58 55 9 40 38 42 30 20 30 28 0 2
40 47 66 120 90 67 69 71 68 73 78 91 97
Total Liabilities 150 161 185 200 205 186 201 194 225 286 292 302 325
73 72 76 69 69 72 67 49 44 87 83 77 79
CWIP 0 1 1 3 6 1 3 5 5 9 5 5 16
Investments 0 0 0 0 0 0 16 16 48 59 68 113 124
77 89 108 128 130 113 115 123 128 132 136 106 106
Total Assets 150 161 185 200 205 186 201 194 225 286 292 302 325

Cash Flows Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
8 20 17 25 11 20 21 28 68 20 30 32
-24 -9 -13 -5 -12 -9 -24 -9 -38 -36 -11 -19
19 -3 -5 -11 -11 -8 -2 -18 -18 7 -5 -17
Net Cash Flow 2 9 -1 9 -12 3 -5 1 12 -10 15 -4

Ratios Figures in Rs. Crores

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 17% 16% 17% 20% 16% 14% 18% 18% 17% 15% 7% 18%
Debtor Days 44 43 48 33 48 52 54 47 41 41 35 26
Inventory Turnover 4.30 5.06 6.09 6.56 6.09 6.31 6.69 6.67 6.31 5.91 6.08 7.25

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