Amrutanjan Health Care Ltd

About

AHCL has been manufacturing ayurvedic balm for pain management since 1893, and is currently managed by the third-generation of promoters. The company is more than 120 years old and is into OTC products in the segments of pain management, women's hygiene, and packaged fruit juice drink. [1]

Key Points

High Market Share in Modern Trade [1]
Amrutanjan has maintained the No. 1 rank in Modern Trade in Head Category with the volume market share of 41.1%* in CY19.

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  • Market Cap 2,653 Cr.
  • Current Price 908
  • High / Low 940 / 403
  • Stock P/E 39.7
  • Book Value 73.7
  • Dividend Yield 0.46 %
  • ROCE 43.6 %
  • ROE 32.6 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 23.42% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 23.37%

Cons

  • Stock is trading at 12.31 times its book value
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
62 70 86 45 75 83 59 47 92 100 94 78
53 63 68 46 63 71 50 39 64 74 82 64
Operating Profit 9 7 18 -2 12 12 9 8 28 26 12 15
OPM % 14% 9% 21% -4% 15% 14% 15% 16% 31% 26% 13% 19%
Other Income 2 2 3 2 2 2 3 2 4 3 3 3
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 9 7 20 -1 12 13 11 9 31 28 14 16
Tax % 30% 28% 30% 22% 31% 25% 26% 26% 25% 25% 25% 26%
Net Profit 6 5 14 -1 8 9 8 6 24 21 10 12
EPS in Rs 2.22 1.81 4.88 -0.24 2.87 3.25 2.70 2.20 8.06 7.18 3.50 4.13

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
86 99 128 128 131 154 174 207 220 253 261 333 364
76 86 108 109 108 130 143 178 192 222 231 258 283
Operating Profit 11 13 20 19 23 25 32 29 28 31 31 75 82
OPM % 12% 13% 16% 15% 18% 16% 18% 14% 13% 12% 12% 22% 22%
Other Income 10 5 5 4 3 5 6 7 8 7 8 11 12
Interest 0 1 3 2 2 1 0 0 0 0 0 1 1
Depreciation 1 2 3 3 3 2 3 2 3 3 4 4 4
Profit before tax 19 16 19 18 21 26 35 34 33 35 34 82 90
Tax % 38% 33% 29% 32% 32% 35% 35% 35% 39% 29% 27% 25%
Net Profit 12 11 13 12 15 17 22 22 20 25 25 61 67
EPS in Rs 4.57 4.15 4.97 5.86 7.68 7.47 6.84 8.39 8.58 20.93 22.87
Dividend Payout % 38% 43% 33% 36% 32% 30% 25% 26% 22% 26% 24% 20%
Compounded Sales Growth
10 Years:13%
5 Years:14%
3 Years:15%
TTM:38%
Compounded Profit Growth
10 Years:19%
5 Years:23%
3 Years:48%
TTM:107%
Stock Price CAGR
10 Years:28%
5 Years:24%
3 Years:54%
1 Year:123%
Return on Equity
10 Years:19%
5 Years:21%
3 Years:23%
Last Year:33%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
3 3 3 3 3 3 3 3 3 3 3 3
Reserves 94 100 78 85 94 102 118 113 126 143 156 213
Borrowings 1 27 22 13 6 0 0 2 0 0 2 1
20 24 22 26 22 25 28 34 38 42 44 57
Total Liabilities 119 153 124 127 124 130 149 152 166 188 205 274
16 30 19 17 15 13 22 27 28 26 26 23
CWIP 7 0 1 1 1 4 1 1 0 0 0 2
Investments 46 68 34 30 14 14 10 10 8 18 18 18
51 54 70 79 95 100 116 115 131 144 161 232
Total Assets 119 153 124 127 124 130 149 152 166 188 205 274

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
12 6 13 8 18 19 21 8 19 21 18 90
-47 -30 4 16 16 -5 1 -0 -8 -11 -14 -88
-8 20 -27 -17 -14 -12 -11 -5 -9 -7 -12 -6
Net Cash Flow -43 -4 -9 8 20 2 12 3 2 3 -7 -4

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 43 43 37 78 66 62 55 51 46 47 37 19
Inventory Days 84 75 59 44 45 44 44 44 40 45 74 45
Days Payable 121 87 68 55 44 46 51 110 102 92 98 106
Cash Conversion Cycle 6 31 27 67 67 61 48 -15 -16 0 13 -41
Working Capital Days 39 40 38 58 54 42 45 80 26 30 71 29
ROCE % 18% 14% 19% 20% 24% 26% 29% 28% 25% 25% 23% 44%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
50.02 50.02 50.02 50.02 50.02 50.02 50.02 50.02 50.02 50.02 50.02 50.02
1.00 1.93 2.53 3.23 4.37 4.69 3.63 2.36 1.95 2.00 1.50 1.53
8.58 8.73 8.43 8.52 8.26 8.12 7.97 7.52 7.42 7.76 7.50 6.94
40.39 39.32 39.02 38.23 37.35 37.17 38.38 40.10 40.60 40.16 40.92 41.41
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.06 0.06 0.10

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