Bliss GVS Pharma Ltd

₹ 117 0.69%

25 Apr 3:40 p.m.

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 ₹ 1,221 Cr.
Current Price ₹ 117
High / Low ₹ 150 / 70.8
Stock P/E 13.9
Book Value ₹ 88.8
Dividend Yield 0.43 %
ROCE 11.8 %
ROE 8.30 %
Face Value ₹ 1.00

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Pros

Cons

The company has delivered a poor sales growth of -1.60% over past five years.
Promoter holding is low: 35.0%
Company has a low return on equity of 6.87% over last 3 years.
Company has high debtors of 187 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

Consolidated Figures in Rs. Crores / View Standalone

	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
	164	132	168	196	216	167	189	172	206	185	160	212	201
	126	115	134	167	182	147	150	148	158	179	135	158	157
Operating Profit	38	17	35	29	34	20	39	25	48	6	24	54	44
OPM %	23%	13%	21%	15%	16%	12%	21%	14%	23%	3%	15%	26%	22%
	4	6	8	5	-68	12	7	2	6	3	5	13	5
Interest	1	2	1	1	1	2	2	2	1	5	1	1	2
Depreciation	4	4	4	4	4	4	5	5	5	5	6	6	7
Profit before tax	37	17	37	30	-39	26	39	20	47	-1	22	59	40
Tax %	26%	51%	29%	26%	-25%	11%	30%	21%	37%	561%	34%	27%	27%
	28	8	26	22	-49	23	27	16	30	3	14	43	29
EPS in Rs	2.48	0.60	2.35	2.05	-4.83	1.89	2.48	1.33	2.68	0.32	1.41	4.05	2.64
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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	397	345	407	547	798	815	899	689	577	747	752	757
	196	285	273	304	391	596	618	739	566	471	629	634	628
Operating Profit	71	111	71	103	156	203	197	160	123	107	118	117	129
OPM %	27%	28%	21%	25%	29%	25%	24%	18%	18%	18%	16%	16%	17%
	16	14	28	20	24	12	-8	35	26	20	-42	18	26
Interest	4	10	18	16	19	20	23	4	8	6	5	10	10
Depreciation	4	6	11	11	13	20	21	9	13	17	17	19	24
Profit before tax	79	109	71	96	148	175	145	182	129	104	54	106	120
Tax %	34%	46%	42%	36%	32%	36%	39%	30%	26%	29%	57%	28%
	53	60	41	61	100	113	89	127	95	74	23	77	90
EPS in Rs	5.09	5.60	3.97	5.81	8.00	7.95	5.70	11.99	9.43	6.64	1.45	6.80	8.42
Dividend Payout %	15%	12%	13%	12%	6%	8%	18%	8%	5%	8%	34%	7%

Compounded Sales Growth
10 Years:	7%
5 Years:	-2%
3 Years:	3%
TTM:	3%

Compounded Profit Growth
10 Years:	2%
5 Years:	0%
3 Years:	-12%
TTM:	1%

Stock Price CAGR
10 Years:	9%
5 Years:	-7%
3 Years:	3%
1 Year:	52%

Return on Equity
10 Years:	13%
5 Years:	11%
3 Years:	7%
Last Year:	8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	277	327	402	476	526	636	725	798	808	873	920
	45	148	173	160	132	225	118	102	126	122	109	102	100
	54	165	123	166	218	311	206	157	168	147	181	171	168
Total Liabilities	310	571	583	662	762	1,023	860	905	1,030	1,077	1,109	1,157	1,197
	40	168	213	234	225	305	143	146	242	234	281	379	380
CWIP	7	1	4	0	9	4	0	47	0	2	22	3	2
Investments	1	0	0	0	0	0	0	0	0	0	2	8	4
	262	402	365	428	527	714	717	712	788	840	803	768	812
Total Assets	310	571	583	662	762	1,023	860	905	1,030	1,077	1,109	1,157	1,197

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	36	6	41	38	113	289	18	40	47	64	135	34
	-22	-124	-11	-29	-50	-249	48	-79	-40	-45	-103	-6
	26	110	-8	-42	-40	-10	-76	17	-6	-21	-24	-25
Net Cash Flow	40	-8	22	-34	23	30	-10	-22	0	-2	9	3

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	228	222	201	116	134	187	290	293	192	187
Inventory Days	29	58	70	69	55	50	55	46	64	110	116	94
Days Payable	95	212	176	165	153	100	55	47	75	82	86	79
Cash Conversion Cycle	111	71	121	126	102	67	134	186	279	321	221	202
Working Capital Days	135	130	146	160	125	76	182	180	269	319	219	221
ROCE %	39%	35%	20%	23%	31%	29%	27%	26%	18%	12%	14%	12%

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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Aug 2019

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Jan 2018

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