Alembic Ltd

Alembic Limited is engaged in the business of pharmaceuticals, real estate and power assets. The Company's segments include API and Real Estate. The Company's pharmaceuticals business is engaged in manufacturing and marketing of fermentation and chemistry-based active pharmaceuticals ingredients (API).

Pros:
Company is virtually debt free.
Market value of investments Rs.3068.03 Cr. is more than the Market Cap Rs.1323.71 Cr.
Debtor days have improved from 55.69 to 39.83 days
Cons:
Stock is trading at 2.85 times its book value
The company has delivered a poor growth of -4.22% over past five years.
Tax rate seems low
Company has a low return on equity of 9.10% for last 3 years.
Earnings include an other income of Rs.38.02 Cr.
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: Pharmaceuticals // Industry: Pharmaceuticals - Indian - Bulk Drugs & Formln

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
27 36 30 33 30 33 45 34 24 25 26 24
26 34 28 28 26 33 36 27 21 22 24 21
Operating Profit 1 1 2 5 4 0 8 6 3 3 2 3
OPM % 3% 4% 6% 15% 14% 0% 19% 19% 13% 13% 7% 11%
Other Income 1 3 4 26 4 3 1 24 2 2 2 33
Interest 0 -0 0 0 0 0 0 0 0 0 0 0
Depreciation 1 1 1 1 1 1 1 1 1 1 1 1
Profit before tax 1 3 4 30 8 3 9 30 4 5 3 34
Tax % 9% 15% 23% 5% 26% -81% 22% 2% 17% 19% 24% -2%
Net Profit 1 3 3 28 6 5 7 29 3 4 2 35
EPS in Rs 0.03 0.11 0.13 1.06 0.21 0.17 0.26 1.14 0.13 0.16 0.08 1.37
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

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
990 1,085 1,010 202 121 179 154 144 134 147 125 124 99
848 1,006 927 199 122 164 126 134 131 143 114 106 88
Operating Profit 142 79 83 3 -1 16 28 10 3 5 11 18 11
OPM % 14% 7% 8% 1% -1% 9% 18% 7% 3% 3% 9% 15% 11%
Other Income 42 17 22 -2 4 10 18 21 28 27 37 29 38
Interest 38 52 38 2 5 5 4 1 0 0 0 0 0
Depreciation 33 38 43 10 11 10 8 6 6 5 4 3 3
Profit before tax 114 6 23 -11 -14 11 33 23 25 27 44 45 46
Tax % 1% -30% 12% -15% 10% -4% 12% -3% 2% -3% 5% 8%
Net Profit 112 7 21 -13 -12 11 30 24 25 27 42 41 44
EPS in Rs 0.78 0.23 0.73 0.00 0.00 0.42 1.08 0.87 0.90 1.03 1.56 1.60 1.74
Dividend Payout % 19% 75% 32% -0% -0% 23% 14% 17% 16% 19% 13% 12%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:-19.51%
5 Years:-4.22%
3 Years:-2.62%
TTM:-29.71%
Compounded Profit Growth
10 Years:11.02%
5 Years:6.27%
3 Years:16.59%
TTM:-4.56%
Stock Price CAGR
10 Years:11.94%
5 Years:6.65%
3 Years:24.58%
1 Year:46.87%
Return on Equity
10 Years:6.81%
5 Years:9.04%
3 Years:9.10%
Last Year:9.29%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

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
28 27 27 27 27 27 53 53 53 53 53 51 51
Reserves 314 300 289 183 170 179 177 211 295 314 395 361 413
Borrowings 423 475 408 68 103 25 22 0 9 0 0 0 0
234 247 282 70 98 119 110 96 68 87 80 63 49
Total Liabilities 999 1,050 1,006 347 398 350 362 360 425 454 528 475 514
367 405 393 202 195 185 178 169 146 171 179 209 217
CWIP 22 7 4 0 0 3 2 2 0 0 0 0 0
Investments 14 8 8 16 23 23 21 35 150 189 276 205 241
596 630 601 129 179 139 161 154 129 94 74 61 55
Total Assets 999 1,050 1,006 347 398 350 362 360 425 454 528 475 514

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
54 123 127 15 -59 80 -10 22 10 52 24 22
-225 -56 -24 -20 -5 12 18 5 -5 -47 -23 68
39 -70 -118 7 65 -94 -8 -25 -5 -5 -3 -89
Net Cash Flow -133 -2 -14 1 0 -2 -0 2 -0 -0 -2 1

Ratios Standalone Figures in Rs. Crores / View Consolidated

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% 8% 8% -1% -2% 6% 16% 9% 8% 8% 10% 10%
Debtor Days 85 67 67 85 48 37 66 122 76 54 74 40
Inventory Turnover 6.08 4.92 4.18 1.31 1.54 1.87 1.52 1.53 1.68 2.34 3.02 3.66