Divi's Laboratories Ltd

Divis Laboratories is engaged in the manufacture of Active Pharmaceutical ingredients (API's), Intermediates and Nutraceutical ingredients with predominance in exports. In addition to generic business, the company, through its Custom synthesis business, supports innovator pharma companies for their patented products business right from gram scale requirements for clinical trials to launch as well as late life cycle management.(Source : 201903 Annual Report Page No: 91)

  • Market Cap: 64,273 Cr.
  • Current Price: 2,421
  • 52 weeks High / Low 2537.95 / 1466.00
  • Book Value: 266.77
  • Stock P/E: 50.60
  • Dividend Yield: 0.66 %
  • ROCE: 27.66 %
  • ROE: 20.32 %
  • Sales Growth (3Yrs): 9.47 %
  • Listed on BSE and NSE
  • Company Website
  • Face Value: 2.00
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Pros:
Company has reduced debt.
Company is virtually debt free.
Company has been maintaining a healthy dividend payout of 29.20%
Cons:
Stock is trading at 9.08 times its book value

Peer comparison Sector: Pharmaceuticals // Industry: Pharmaceuticals - Indian - Bulk Drugs

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019
1,067 821 890 1,038 1,088 995 1,285 1,343 1,256 1,140 1,404 1,390
705 576 613 712 701 643 771 820 845 761 919 894
Operating Profit 362 245 277 326 386 352 514 523 411 379 485 497
OPM % 34% 30% 31% 31% 36% 35% 40% 39% 33% 33% 35% 36%
Other Income 21 30 34 17 48 49 80 35 42 32 47 40
Interest 1 0 1 0 -0 1 0 3 0 0 4 2
Depreciation 31 32 34 37 39 42 42 42 42 44 46 47
Profit before tax 350 242 276 306 396 358 552 513 410 366 483 489
Tax % 26% 27% 25% 26% 34% 26% 28% 26% 29% 27% 27% 26%
Net Profit 259 177 207 225 262 266 398 379 289 267 353 361
EPS in Rs 9.77 6.65 7.79 8.46 9.85 10.03 14.98 14.29 10.90 10.07 13.29 13.59
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

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
1,033 1,191 929 1,315 1,845 2,129 2,514 3,084 3,720 4,024 3,816 4,880 5,191
616 701 517 809 1,149 1,306 1,492 1,914 2,314 2,583 2,561 3,030 3,419
Operating Profit 417 490 412 505 696 823 1,022 1,170 1,406 1,440 1,255 1,850 1,772
OPM % 40% 41% 44% 38% 38% 39% 41% 38% 38% 36% 33% 38% 34%
Other Income 14 23 31 29 66 49 81 36 92 74 109 157 161
Interest 10 7 3 2 5 3 3 3 4 3 2 5 6
Depreciation 36 48 51 53 62 77 92 136 118 123 142 169 179
Profit before tax 385 458 388 479 695 792 1,009 1,067 1,375 1,388 1,219 1,833 1,748
Tax % 8% 7% 11% 9% 21% 23% 22% 21% 19% 24% 29% 27%
Net Profit 354 424 344 436 546 611 792 847 1,111 1,053 870 1,333 1,270
EPS in Rs 2.71 16.13 12.52 15.61 19.51 21.75 28.12 29.87 41.84 39.68 32.76 50.20 47.85
Dividend Payout % 7% 9% 23% 30% 32% 33% 34% 31% 24% 25% 31% 32%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:15.14%
5 Years:14.18%
3 Years:9.47%
TTM:10.18%
Compounded Profit Growth
10 Years:11.96%
5 Years:10.61%
3 Years:5.65%
TTM:-2.65%
Stock Price CAGR
10 Years:20.74%
5 Years:21.99%
3 Years:56.62%
1 Year:53.20%
Return on Equity
10 Years:22.98%
5 Years:21.44%
3 Years:19.02%
Last Year:20.32%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
13 13 26 27 27 27 27 27 53 53 53 53 53
Reserves 861 1,249 1,516 1,802 2,148 2,527 3,008 3,535 4,304 5,356 5,907 6,920 7,029
Borrowings 86 53 33 23 55 33 18 27 42 36 63 106 14
236 259 312 457 573 610 731 886 566 765 785 961 960
Total Liabilities 1,196 1,574 1,886 2,308 2,803 3,196 3,784 4,475 4,965 6,210 6,808 8,040 8,056
497 590 590 590 738 908 1,222 1,309 1,439 1,559 1,996 2,087 2,201
CWIP 63 20 24 104 182 303 144 218 264 444 120 492 940
Investments 56 172 442 528 480 411 505 736 813 1,639 1,897 1,953 1,142
580 792 831 1,086 1,403 1,573 1,913 2,212 2,450 2,568 2,795 3,508 3,773
Total Assets 1,196 1,574 1,886 2,308 2,803 3,196 3,784 4,475 4,965 6,210 6,808 8,040 8,056

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
302 301 368 326 334 483 558 822 1,036 1,149 765 964
-235 -217 -317 -222 -204 -254 -305 -521 -411 -1,137 -476 -684
-65 -82 -48 -104 -131 -231 -248 -303 -630 3 -314 -246
Net Cash Flow 2 1 3 -0 -1 -2 5 -1 -5 15 -25 34

Ratios Standalone Figures in Rs. Crores / View Consolidated

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 % 48% 41% 27% 28% 34% 33% 36% 32% 35% 28% 21% 28%
Debtor Days 76 87 92 109 106 96 115 97 95 91 106 96
Inventory Turnover 4.25 3.55 2.12 2.57 3.09 2.92 2.96 3.07 3.27 3.33 3.01 3.31

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