Cadila Healthcare Ltd

Cadila Healthcare is one of the leading, innovation driven pharmaceutical companies in India with presence across the pharmaceutical value chain of innovation (research & development), manufacturing, marketing and selling of finished dosage human formulations (generics, branded generics and specialty formulations, including biosimilars and vaccines), active pharmaceutical ingredients (APIs), animal healthcare products and consumer wellness products. Innovation is the backbone of the Company as it ensures business sustainability by ensuring the continuous supply of new products to various businesses.(Source : 201903 Annual Report Page No: 26)

Pros:
Company has been maintaining a healthy dividend payout of 20.53%
Cons:
Company might be capitalizing the interest cost

Peer Comparison Sector: Pharmaceuticals // Industry: Pharmaceuticals - Indian - Bulk Drugs & Formln

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
2,353 2,311 2,467 2,185 3,222 3,260 3,238 2,894 2,961 3,578 3,733 3,496
1,841 1,907 2,004 1,909 2,365 2,404 2,399 2,249 2,273 2,738 2,932 2,864
Operating Profit 512 404 463 277 857 856 839 645 688 840 800 632
OPM % 22% 17% 19% 13% 27% 26% 26% 22% 23% 23% 21% 18%
Other Income 24 16 73 21 22 26 44 101 30 31 38 23
Interest 14 7 10 22 40 13 15 35 36 46 77 89
Depreciation 86 90 114 122 126 147 144 142 148 154 156 172
Profit before tax 434 324 412 154 712 722 724 570 535 672 606 394
Tax % 15% 2% 0% 19% 30% 25% 20% 21% 23% 24% 21% 20%
Net Profit 380 324 386 138 503 543 591 460 418 511 460 304
EPS in Rs 3.71 3.16 3.77 1.35 4.92 5.31 5.77 4.50 4.08 4.99 4.49 2.97
Notes Notes 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 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
2,266 2,862 3,574 4,631 5,263 6,358 7,224 8,651 9,427 9,376 11,905 13,166 13,768
1,865 2,353 2,863 3,602 4,179 5,228 6,022 6,898 7,095 7,474 9,076 10,192 10,808
Operating Profit 400 509 711 1,028 1,084 1,129 1,202 1,753 2,332 1,902 2,829 2,973 2,960
OPM % 18% 18% 20% 22% 21% 18% 17% 20% 25% 20% 24% 23% 22%
Other Income 72 70 109 11 51 33 32 48 112 127 113 201 122
Interest 52 98 82 70 183 169 90 68 53 45 91 194 248
Depreciation 97 112 134 127 158 185 201 287 292 373 539 599 628
Profit before tax 323 370 604 842 794 809 942 1,446 2,099 1,612 2,312 2,382 2,206
Tax % 19% 18% 12% 13% 14% 15% 11% 18% 8% 8% 24% 22%
Net Profit 258 303 505 711 653 654 804 1,151 1,934 1,488 1,776 1,849 1,692
EPS in Rs 2.44 2.79 4.73 6.70 5.86 5.83 7.43 10.55 18.89 14.53 17.34 18.05 16.53
Dividend Payout % 22% 20% 14% 18% 24% 24% 23% 21% 17% 22% 20% 19%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:16.49%
5 Years:12.75%
3 Years:11.78%
TTM:9.16%
Compounded Profit Growth
10 Years:18.89%
5 Years:16.84%
3 Years:-2.67%
TTM:-19.35%
Return on Equity
10 Years:25.94%
5 Years:24.91%
3 Years:21.13%
Last Year:18.66%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
63 68 68 102 102 102 102 102 102 102 102 102
Reserves 999 1,167 1,560 2,069 2,484 2,842 3,337 4,149 5,597 6,858 8,642 10,284
Borrowings 838 1,267 1,090 1,092 2,289 2,918 2,700 2,651 2,442 5,207 5,407 7,899
670 881 1,066 1,392 1,617 1,621 1,990 2,327 2,409 4,484 5,364 7,225
Total Liabilities 2,570 3,384 3,784 4,655 6,492 7,483 8,130 9,230 10,551 16,651 19,515 25,511
1,260 1,530 1,684 1,833 2,857 3,026 3,124 3,352 3,748 5,755 6,483 12,164
CWIP 140 189 248 431 484 736 892 798 951 1,543 1,527 837
Investments 25 25 21 21 24 114 87 154 416 435 746 674
1,144 1,640 1,831 2,370 3,127 3,607 4,028 4,926 5,436 8,918 10,759 11,837
Total Assets 2,570 3,384 3,784 4,655 6,492 7,483 8,130 9,230 10,551 16,651 19,515 25,511

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
185 219 695 683 511 603 903 994 1,894 1,312 919 2,882
-492 -409 -372 -466 -1,200 -682 -438 -465 -860 -2,872 -974 -5,477
300 350 -325 -172 860 286 -529 -351 -935 2,316 52 1,885
Net Cash Flow -6 159 -1 44 171 207 -64 178 99 756 -3 -710

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 24% 22% 27% 31% 24% 18% 18% 23% 29% 16% 18% 15%
Debtor Days 57 58 48 60 64 55 57 67 68 89 98 110
Inventory Turnover 5.25 5.33 5.29 5.93 5.53 5.52 5.60 5.96 6.56 5.97 5.68 5.19