Divis Laboratories Ltd

₹ 3,387 1.55%
27 Jan - close price
About

Divis Laboratories Ltd is engaged in manufacturing of Active Pharmaceutical Ingredients (APIs), Intermediates and Nutraceutical ingredients with predominance in exports. It has a market presence in 95 countries and ~14,000 employees and is one of the leading pharmaceutical companies in the world.[1]

Key Points

Product Portfolio
The company is engaged in production of leading generic APIs, Nutraceutical ingredients and custom synthesis of APIs and intermediates for global companies.
It has a product portfolio of 122 products across various therapeutic areas.[1]
The company derives ~47% of total revenues from top 5 products. Naproxen (an anti-inflammatory drug) contributed ~18% of total sales during FY20. The company is one of the leading suppliers of this drug.[2]

  • Market Cap 89,926 Cr.
  • Current Price 3,387
  • High / Low 4,641 / 3,195
  • Stock P/E 30.3
  • Book Value 455
  • Dividend Yield 0.89 %
  • ROCE 35.1 %
  • ROE 28.2 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 22.8% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 28.4%

Cons

  • Stock is trading at 7.45 times its book value

* 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.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
1,404 1,390 1,376 1,710 1,714 1,656 1,718 1,950 1,968 2,467 2,495 2,204 1,823
919 894 928 1,011 981 978 1,019 1,099 1,149 1,367 1,399 1,366 1,214
Operating Profit 485 497 449 699 732 678 699 851 819 1,100 1,096 838 609
OPM % 35% 36% 33% 41% 43% 41% 41% 44% 42% 45% 44% 38% 33%
47 40 77 18 14 20 23 36 19 17 51 90 79
Interest 4 2 0 0 0 0 0 0 0 0 0 0 0
Depreciation 46 47 50 56 61 68 70 73 77 80 81 83 85
Profit before tax 483 489 475 661 685 630 652 814 760 1,037 1,066 844 603
Tax % 27% 26% 18% 26% 25% 27% 25% 32% 20% 12% 17% 18% 19%
Net Profit 353 361 392 492 513 461 488 552 606 907 883 692 487
EPS in Rs 13.29 13.59 14.76 18.54 19.34 17.37 18.38 20.79 22.84 34.17 33.26 26.05 18.34
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
1,315 1,845 2,129 2,514 3,084 3,720 4,024 3,816 4,880 5,311 6,799 8,880 8,989
809 1,149 1,306 1,492 1,914 2,314 2,582 2,558 3,028 3,491 3,971 5,000 5,346
Operating Profit 505 696 823 1,022 1,170 1,406 1,441 1,258 1,851 1,820 2,828 3,880 3,643
OPM % 38% 38% 39% 41% 38% 38% 36% 33% 38% 34% 42% 44% 41%
29 66 49 81 36 92 73 106 155 187 57 109 236
Interest 2 5 3 3 3 4 3 2 5 7 2 2 0
Depreciation 53 62 77 92 136 118 123 142 169 186 255 311 329
Profit before tax 479 695 792 1,009 1,067 1,375 1,388 1,219 1,833 1,813 2,628 3,677 3,549
Tax % 9% 21% 23% 22% 21% 19% 24% 29% 27% 24% 26% 20%
Net Profit 436 546 611 792 847 1,111 1,053 870 1,333 1,373 1,955 2,949 2,969
EPS in Rs 16.42 20.56 23.03 29.82 31.90 41.84 39.68 32.76 50.20 51.71 73.63 111.07 111.82
Dividend Payout % 30% 32% 33% 34% 31% 24% 25% 31% 32% 31% 27% 27%
Compounded Sales Growth
10 Years: 17%
5 Years: 17%
3 Years: 22%
TTM: 23%
Compounded Profit Growth
10 Years: 18%
5 Years: 23%
3 Years: 31%
TTM: 41%
Stock Price CAGR
10 Years: 20%
5 Years: 25%
3 Years: 20%
1 Year: -14%
Return on Equity
10 Years: 23%
5 Years: 22%
3 Years: 24%
Last Year: 28%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
27 27 27 27 27 53 53 53 53 53 53 53 53
Reserves 1,802 2,148 2,527 3,008 3,535 4,304 5,356 5,907 6,920 7,264 9,218 11,638 12,022
23 55 33 18 27 42 36 63 106 34 0 0 0
457 573 610 731 886 566 765 785 961 1,164 1,452 1,617 1,365
Total Liabilities 2,308 2,803 3,196 3,784 4,475 4,965 6,210 6,808 8,040 8,514 10,724 13,308 13,440
590 738 908 1,222 1,309 1,439 1,559 1,996 2,087 2,776 3,699 4,321 4,328
CWIP 104 182 303 144 218 264 444 120 492 920 711 470 542
Investments 528 480 411 505 736 813 1,639 1,897 1,953 979 7 79 82
1,086 1,403 1,573 1,913 2,212 2,450 2,568 2,795 3,508 3,839 6,307 8,438 8,488
Total Assets 2,308 2,803 3,196 3,784 4,475 4,965 6,210 6,808 8,040 8,514 10,724 13,308 13,440

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
326 334 483 558 822 1,036 1,149 765 964 1,208 1,947 1,910
-222 -204 -254 -305 -521 -411 -1,137 -476 -684 -81 75 -2,195
-104 -131 -231 -248 -303 -630 3 -314 -246 -1,091 -34 -532
Net Cash Flow -0 -1 -2 5 -1 -5 15 -25 34 36 1,988 -817

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 109 106 96 115 97 95 91 106 96 105 94 106
Inventory Days 374 307 369 355 335 284 291 311 324 299 322 316
Days Payable 83 74 72 59 67 56 103 98 94 99 118 92
Cash Conversion Cycle 399 339 392 411 365 323 280 319 325 305 298 330
Working Capital Days 167 149 156 165 149 169 156 191 181 186 155 178
ROCE % 28% 34% 33% 36% 32% 35% 28% 21% 28% 24% 32% 35%

Shareholding Pattern

Numbers in percentages

12 recently
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
51.97 51.97 51.96 51.95 51.95 51.95 51.95 51.95 51.94 51.94 51.94 51.94
19.08 18.17 18.28 20.37 19.87 20.60 20.70 19.30 18.45 16.52 15.40 15.15
15.59 16.80 18.80 16.86 16.74 16.56 16.36 17.73 18.32 19.98 20.75 20.62
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.03 0.05
13.35 13.07 10.96 10.83 11.45 10.89 11.00 11.02 11.28 11.56 11.88 12.23

* 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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