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.
Stock is trading at 0.89 times its book value
Market value of investments Rs.3106.85 Cr. is more than the Market Cap Rs.1091.32 Cr.
Cons:
The company has delivered a poor growth of -35.49% over past five years.
Tax rate seems low
Earnings include an other income of Rs.11.88 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 Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Jun 2013 Mar 2015 Dec 2015 Mar 2016 Dec 2016 Mar 2017 Dec 2017 Mar 2018 Mar 2019
376 426 34 26 28 30 36 30 33 25
311 355 33 28 29 29 34 26 33 22
Operating Profit 66 71 1 -2 -2 1 1 4 0 3
OPM % 17% 17% 2% -9% -6% 2% 4% 14% 0% 13%
Other Income 0 0 2 -3 2 1 3 4 3 2
Interest 2 1 0 0 0 0 -0 0 0 0
Depreciation 9 10 0 1 2 1 1 1 1 1
Profit before tax 55 60 3 -6 -2 1 3 8 3 5
Tax % 21% 23% -65% 32% 24% 9% 15% 26% -81% 19%
Net Profit 44 47 25 75 25 26 30 44 33 56
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2008 Mar 2009 Mar 2010 Mar 2015 Mar 2016 Mar 2017 Mar 2018
990 1,099 1,121 144 134 147 125
848 1,016 1,018 134 131 143 114
Operating Profit 142 83 103 10 3 5 11
OPM % 14% 8% 9% 7% 3% 3% 9%
Other Income 39 7 16 21 28 27 37
Interest 35 42 32 1 0 0 0
Depreciation 33 38 43 6 6 5 4
Profit before tax 114 9 44 23 25 27 44
Tax % 1% -19% 10% -3% 2% -3% 5%
Net Profit 112 11 40 107 235 145 163
EPS in Rs 3.84 0.35 1.41 3.96 8.75 5.44 6.10
Dividend Payout % 19% 51% 17% 4% 2% 4% 3%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:-18.67%
5 Years:-35.49%
3 Years:-4.52%
TTM:-7.31%
Compounded Profit Growth
10 Years:6.54%
5 Years:32.24%
3 Years:14.24%
TTM:12.83%
Return on Equity
10 Years:17.41%
5 Years:20.95%
3 Years:21.54%
Last Year:15.91%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
28 27 27 53 53 53 53 51
Reserves 314 304 311 474 750 858 1,032 1,178
Borrowings 423 475 408 0 9 0 0 0
181 209 251 96 68 87 80 58
Total Liabilities 946 1,015 997 624 880 998 1,166 1,288
367 405 393 169 146 171 179 209
CWIP 22 7 4 2 0 0 0 0
Investments 14 8 8 299 605 732 913 1,020
543 595 591 154 129 94 74 59
Total Assets 946 1,015 997 624 880 998 1,166 1,288

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2015 Mar 2016 Mar 2017 Mar 2018
54 123 149 22 10 52 24
-225 -56 -24 5 -5 -47 -22
39 -70 -118 -25 -5 -5 -3
Net Cash Flow -133 -2 7 2 -0 -0 -1

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 7% 10% 4% 4% 4% 4%
Debtor Days 85 71 63 122 76 54 74
Inventory Turnover 4.98 4.64 0.87 1.68 2.34 3.02