Bliss GVS Pharma Ltd

₹ 110 -0.68%

19 Apr - close price

About

Incorporated in 1984, Bliss GVS Pharma Limited is engaged in manufacturing, marketing, trading and export of pharmaceutical formulations in the form of suppositories, pessaries, capsules, tablets, and syrups.

Key Points

Product Portfolio:
a) Pharma Products:^[1]
Capsules, Creams/Gels/Ointments, Dry Powder for Injection and for Oral Suspension, Eye/Ear Drops, Effervescent tablets, Lotions, Injections, Liquid Preparations, Lozenges, Nasal Solutions, Oral Solids, Parenteral, etc.
b) Other Healthcare Products:^[2]
Balm, Cream, Lotion, OTC products, Petroleum Jelly, Powder, Roll On
c) Therapeutics:^[3]
Analgesic, Antacid, Anti-malarial, Anti-fungal, Anti-bacterial, Anti-biotic, Anti-inflammatory, Anti-diarrheic, anti-diabetic, etc.

Website BSE NSE

Market Cap ₹ 1,152 Cr.
Current Price ₹ 110
High / Low ₹ 150 / 70.8
Stock P/E 16.9
Book Value ₹ 93.4
Dividend Yield 0.45 %
ROCE 12.8 %
ROE 9.53 %
Face Value ₹ 1.00

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Pros

Company is almost debt free.
Stock is trading at 1.18 times its book value

Cons

Promoter holding is low: 35.0%
Company has a low return on equity of 10.1% over last 3 years.
Earnings include an other income of Rs.31.5 Cr.
Dividend payout has been low at 6.44% of profits over last 3 years
Company has high debtors of 243 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Pharmaceuticals Industry: Pharmaceuticals - Indian - Formulations

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	127	105	133	174	191	138	147	139	169	143	109	171	161
	96	90	107	142	159	120	128	112	135	133	98	129	133
Operating Profit	31	15	26	33	32	19	19	27	33	11	11	42	29
OPM %	25%	14%	19%	19%	17%	14%	13%	19%	20%	8%	10%	25%	18%
	3	4	8	6	9	12	19	14	11	6	7	11	8
Interest	1	2	1	1	1	2	2	2	1	5	1	1	2
Depreciation	3	3	3	3	4	3	4	4	4	4	5	6	6
Profit before tax	30	14	29	35	36	26	32	35	40	8	11	46	29
Tax %	26%	35%	25%	29%	25%	27%	23%	28%	27%	28%	31%	26%	27%
	22	9	22	25	27	19	25	25	29	6	8	34	21
EPS in Rs	2.18	0.89	2.10	2.39	2.62	1.84	2.37	2.45	2.81	0.59	0.72	3.25	1.98
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	267	354	288	313	326	348	298	427	442	466	636	598	585
	195	253	222	227	230	247	209	331	342	374	527	508	492
Operating Profit	71	101	66	86	97	101	88	95	100	91	109	90	93
OPM %	27%	29%	23%	28%	30%	29%	30%	22%	23%	20%	17%	15%	16%
	16	15	30	21	23	9	11	33	37	18	35	51	32
Interest	4	7	9	11	14	9	7	3	7	4	4	10	9
Depreciation	4	4	4	5	6	6	6	6	9	14	14	15	21
Profit before tax	80	105	82	91	100	95	87	120	122	91	126	116	94
Tax %	34%	46%	34%	34%	35%	38%	34%	38%	24%	26%	27%	26%
	53	57	54	60	66	59	57	74	92	68	93	85	68
EPS in Rs	5.12	5.50	5.23	5.82	6.36	5.73	5.53	7.22	8.95	6.54	8.94	8.21	6.54
Dividend Payout %	15%	13%	10%	12%	8%	10%	18%	14%	6%	8%	6%	6%

Compounded Sales Growth
10 Years:	5%
5 Years:	15%
3 Years:	11%
TTM:	-1%

Compounded Profit Growth
10 Years:	4%
5 Years:	9%
3 Years:	-2%
TTM:	-31%

Stock Price CAGR
10 Years:	8%
5 Years:	-8%
3 Years:	4%
1 Year:	45%

Return on Equity
10 Years:	13%
5 Years:	11%
3 Years:	10%
Last Year:	10%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	10	10	10	10	10	10	10	10	10	10	10	10	10
Reserves	200	248	305	358	422	481	531	593	673	745	841	927	967
	6	76	86	90	81	75	94	72	93	92	90	81	75
	54	122	85	97	71	99	59	61	79	98	139	122	122
Total Liabilities	270	456	486	555	585	666	694	736	855	946	1,080	1,140	1,175
	40	49	54	82	79	76	73	79	180	175	225	326	334
CWIP	1	1	4	0	2	2	0	43	0	2	22	3	2
Investments	9	19	19	19	21	21	18	18	18	18	18	18	18
	220	388	409	454	483	567	602	596	657	750	815	793	820
Total Assets	270	456	486	555	585	666	694	736	855	946	1,080	1,140	1,175

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	78	-52	65	15	60	38	23	48	63	67	114	44
	-24	-27	-24	-19	-15	-29	16	-68	-60	-62	-92	-13
	-14	52	-3	-31	-35	-15	-22	9	-6	-12	-13	-26
Net Cash Flow	40	-27	38	-35	10	-6	17	-11	-3	-6	9	5

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	176	225	232	246	280	251	346	293	334	273	234	243
Inventory Days	29	48	53	58	59	61	100	89	93	121	96	86
Days Payable	94	181	147	130	94	139	88	50	86	96	89	88
Cash Conversion Cycle	111	92	138	173	245	173	357	332	342	298	241	241
Working Capital Days	136	143	163	216	263	400	553	367	401	367	294	323
ROCE %	43%	40%	25%	24%	23%	19%	15%	19%	18%	12%	14%	13%

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	33.24%	33.19%	33.14%	33.14%	34.51%	34.55%	34.46%	35.04%	35.12%	35.06%	34.97%	34.97%
	21.24%	21.01%	19.59%	17.33%	17.17%	16.68%	16.53%	16.60%	16.50%	16.31%	15.35%	14.74%
	6.72%	6.67%	6.66%	6.66%	6.65%	6.64%	6.63%	6.63%	6.62%	6.61%	6.60%	6.59%
	38.80%	39.13%	40.61%	42.87%	41.67%	42.13%	42.35%	41.73%	41.73%	42.00%	43.08%	43.71%
No. of Shareholders	39,999	42,742	41,080	45,866	46,327	45,753	44,983	43,041	42,182	43,234	40,758	45,157

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	60.16%	60.16%	41.60%	41.60%	33.31%	33.14%	35.04%	34.97%
	5.44%	10.84%	23.87%	24.16%	22.83%	17.33%	16.60%	14.74%
	0.25%	0.14%	1.62%	2.96%	6.72%	6.66%	6.63%	6.59%
	34.15%	28.86%	32.91%	31.28%	37.14%	42.87%	41.73%	43.71%
No. of Shareholders	15,811	19,930	15,010	14,151	28,543	45,866	43,041	45,157

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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