Alembic Pharmaceuticals Ltd

About

Alembic Pharmaceuticals is in the business of development, manufacturing, and marketing of Pharmaceuticals products i.e. Formulations and Active Pharmaceutical Ingredients.
The company has 3 R&D and 5 manufacturing facilities.

Key Points

52% turnover from International Generics [1]
Alembic Pharma operates through 3 primary business segments - International generics (52% of sales, with 75% being from the US), Domestic branded business (32% of sales), and API business(16% of sales) as of Q3FY21.

US Generics business has grown at a CAGR of 29% for last 4 years [2]

See full details
  • Market Cap 15,551 Cr.
  • Current Price 791
  • High / Low 1,150 / 720
  • Stock P/E 14.9
  • Book Value 261
  • Dividend Yield 1.77 %
  • ROCE 26.0 %
  • ROE 28.2 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 26.96%
  • Company has been maintaining a healthy dividend payout of 21.28%
  • Debtor days have improved from 45.83 to 23.59 days.

Cons

  • Promoter holding has decreased over last 3 years: -3.48%
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
1,127 1,018 927 949 1,241 1,209 1,207 1,341 1,457 1,314 1,280 1,326
825 776 749 724 895 884 879 934 1,014 949 939 1,090
Operating Profit 302 242 178 225 346 325 328 407 443 365 342 236
OPM % 27% 24% 19% 24% 28% 27% 27% 30% 30% 28% 27% 18%
Other Income 2 4 3 -30 0 0 -10 0 3 3 4 2
Interest 6 6 5 5 7 7 8 7 4 2 3 2
Depreciation 29 29 30 35 36 42 44 42 44 47 51 53
Profit before tax 270 211 146 155 303 276 266 360 398 318 292 183
Tax % 26% 19% 10% 23% 17% 18% 23% 19% 18% 19% 19% 19%
Net Profit 200 170 124 124 246 234 225 301 333 293 251 165
EPS in Rs 10.61 9.01 6.58 6.56 13.06 12.42 11.93 15.99 16.96 14.88 12.75 8.37

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
1,202 1,465 1,520 1,863 2,056 3,166 3,105 3,131 3,935 4,606 5,393 5,378
1,042 1,246 1,268 1,506 1,653 2,159 2,490 2,488 3,061 3,383 3,836 3,992
Operating Profit 160 219 252 358 403 1,007 615 643 874 1,223 1,558 1,386
OPM % 13% 15% 17% 19% 20% 32% 20% 21% 22% 27% 29% 26%
Other Income 4 13 4 4 4 7 2 7 9 -39 10 12
Interest 28 38 15 10 4 5 5 3 18 27 16 11
Depreciation 30 34 35 40 44 72 83 105 115 157 183 195
Profit before tax 107 161 206 311 359 936 529 541 749 1,000 1,368 1,191
Tax % 20% 19% 20% 24% 21% 23% 23% 22% 21% 20% 19%
Net Profit 85 130 165 236 283 720 403 413 584 829 1,178 1,041
EPS in Rs 6.90 8.77 12.49 15.01 38.20 21.39 21.89 31.00 43.97 59.94 52.96
Dividend Payout % 6% 20% 29% 24% 23% 9% 19% 18% 18% 23% 23%
Compounded Sales Growth
10 Years:16%
5 Years:11%
3 Years:20%
TTM:8%
Compounded Profit Growth
10 Years:30%
5 Years:10%
3 Years:42%
TTM:3%
Stock Price CAGR
10 Years:34%
5 Years:3%
3 Years:8%
1 Year:-17%
Return on Equity
10 Years:29%
5 Years:25%
3 Years:27%
Last Year:28%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
38 38 38 38 38 38 38 38 38 38 39
Reserves 259 357 465 638 847 1,560 1,865 2,182 2,681 3,182 5,088
Borrowings 328 353 187 109 264 114 89 708 1,128 1,747 500
246 304 358 432 493 718 698 1,013 931 1,022 1,082
Total Liabilities 844 1,052 1,048 1,217 1,641 2,429 2,689 3,941 4,778 5,989 6,709
272 268 344 397 547 708 799 993 1,158 1,552 1,789
CWIP 26 58 32 21 83 93 396 1,010 1,551 1,846 2,182
Investments 3 3 3 3 2 87 50 42 49 18 236
542 723 668 796 1,009 1,541 1,444 1,896 2,019 2,573 2,502
Total Assets 844 1,052 1,048 1,217 1,641 2,429 2,689 3,941 4,778 5,989 6,709

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
95 142 265 240 172 948 329 312 812 449 1,463
-57 -56 -67 -81 -256 -307 -486 -884 -756 -731 -840
-47 -45 -229 -151 87 -224 -129 503 59 155 -597
Net Cash Flow -9 41 -31 8 3 417 -286 -69 115 -127 26

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 61 50 56 54 64 40 40 61 45 69 24
Inventory Days 136 133 143 159 196 266 269 302 356 417 431
Days Payable 86 108 129 148 166 264 213 313 237 220 194
Cash Conversion Cycle 111 75 70 65 94 42 96 51 164 266 261
Working Capital Days 101 91 70 56 75 49 72 93 83 118 88
ROCE % 29% 31% 44% 38% 66% 29% 22% 23% 24% 26%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
72.96 72.96 72.97 72.97 72.97 72.97 72.97 72.97 69.77 69.78 69.48 69.48
9.32 9.37 9.50 9.56 9.55 9.23 8.29 7.30 7.03 6.96 6.56 6.41
5.56 5.68 5.48 5.41 6.42 6.73 6.86 7.10 9.43 10.14 10.97 11.25
12.16 11.99 12.05 12.06 11.06 11.07 11.88 12.63 13.76 13.12 12.99 12.86

Documents