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)

Pros:
Company is virtually debt free.
Company has been maintaining a healthy dividend payout of 29.20%
Cons:

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

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
1,005 976 1,067 821 890 1,038 1,088 995 1,285 1,343 1,256 1,140
714 599 705 576 613 712 701 643 771 820 845 761
Operating Profit 291 378 362 245 277 326 386 352 514 523 411 379
OPM % 29% 39% 34% 30% 31% 31% 36% 35% 40% 39% 33% 33%
Other Income 20 22 21 30 34 17 48 49 80 35 42 32
Interest 0 0 1 0 1 0 -0 1 0 3 0 0
Depreciation 31 31 31 32 34 37 39 42 42 42 42 44
Profit before tax 280 368 350 242 276 306 396 358 552 513 410 366
Tax % 20% 27% 26% 27% 25% 26% 34% 26% 28% 26% 29% 27%
Net Profit 224 268 259 177 207 225 262 266 398 379 289 267
EPS in Rs 8.43 10.11 9.77 6.65 7.79 8.46 9.85 10.03 14.98 14.29 10.90 10.07
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 5,024
616 701 517 809 1,149 1,306 1,492 1,914 2,314 2,583 2,561 3,030 3,197
Operating Profit 417 490 412 505 696 823 1,022 1,170 1,406 1,440 1,255 1,850 1,827
OPM % 40% 41% 44% 38% 38% 39% 41% 38% 38% 36% 33% 38% 36%
Other Income 14 23 31 29 66 49 81 36 92 74 109 157 188
Interest 10 7 3 2 5 3 3 3 4 3 2 5 3
Depreciation 36 48 51 53 62 77 92 136 118 123 142 169 171
Profit before tax 385 458 388 479 695 792 1,009 1,067 1,375 1,388 1,219 1,833 1,841
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 1,334
EPS in Rs 13.52 16.13 12.53 15.62 19.51 21.75 28.13 29.87 41.84 39.68 32.76 50.20 50.24
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:25.25%
Compounded Profit Growth
10 Years:11.96%
5 Years:10.61%
3 Years:5.65%
TTM:39.06%
Stock Price CAGR
10 Years:19.23%
5 Years:15.31%
3 Years:10.75%
1 Year:33.57%
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
13 13 26 27 27 27 27 27 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
Borrowings 86 53 33 23 55 33 18 27 42 36 63 106
237 260 313 460 574 612 731 886 640 807 798 973
Total Liabilities 1,197 1,575 1,888 2,311 2,805 3,198 3,784 4,475 5,040 6,252 6,821 8,052
497 590 590 590 738 908 1,222 1,309 1,439 1,559 1,996 2,087
CWIP 63 20 24 104 182 303 144 218 264 444 120 492
Investments 56 172 442 528 480 411 505 736 813 1,639 1,897 1,953
581 793 833 1,089 1,405 1,575 1,913 2,212 2,524 2,610 2,809 3,519
Total Assets 1,197 1,575 1,888 2,311 2,805 3,198 3,784 4,475 5,040 6,252 6,821 8,052

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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