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: 58,150 Cr.
  • Current Price: 2,190
  • 52 weeks High / Low 2537.95 / 1466.00
  • Book Value: 275.36
  • Stock P/E: 42.24
  • Dividend Yield: 0.73 %
  • ROCE: 28.51 %
  • ROE: 21.01 %
  • Sales Growth (3Yrs): 9.41 %
  • Listed on BSE and NSE
  • Company Website
  • Face Value: 2.00
Edit ratios
Pros:
Company has reduced debt.
Company is virtually debt free.
Company has been maintaining a healthy dividend payout of 28.90%
Cons:
Stock is trading at 7.95 times its book value

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Dec 2013 Mar 2014 Dec 2014 Mar 2015 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020
690 750 797 821 995 1,324 1,360 1,267 1,163 1,446 1,396 1,390
402 484 517 501 643 802 827 851 776 955 902 945
Operating Profit 288 266 279 319 352 521 533 416 387 491 494 444
OPM % 42% 35% 35% 39% 35% 39% 39% 33% 33% 34% 35% 32%
4 9 24 11 49 80 34 41 30 47 42 77
Interest 0 1 0 1 1 0 3 0 0 4 2 0
Depreciation 23 25 29 45 42 42 42 42 44 46 47 50
Profit before tax 268 249 274 286 359 559 522 415 373 488 487 471
Tax % 20% 21% 21% 19% 25% 28% 25% 30% 27% 27% 26% 18%
Net Profit 215 196 217 231 268 404 389 292 272 357 359 388
EPS in Rs 8.10 7.40 8.16 8.70 10.08 15.21 14.67 11.00 10.26 13.44 13.53 14.62
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
1,033 1,180 942 1,317 1,864 2,145 2,532 3,115 3,776 4,064 3,891 4,946 5,394
623 699 536 816 1,173 1,329 1,514 1,942 2,354 2,616 2,623 3,073 3,578
Operating Profit 410 481 405 501 691 816 1,018 1,173 1,422 1,449 1,269 1,873 1,816
OPM % 40% 41% 43% 38% 37% 38% 40% 38% 38% 36% 33% 38% 34%
14 22 34 27 56 45 68 38 94 73 107 155 196
Interest 10 7 3 2 5 3 3 3 5 3 2 5 6
Depreciation 36 48 51 53 62 77 92 136 118 123 142 169 186
Profit before tax 378 448 385 472 681 781 991 1,072 1,393 1,395 1,231 1,855 1,819
Tax % 8% 7% 12% 9% 22% 23% 22% 21% 19% 24% 29% 27%
Net Profit 348 417 340 429 533 602 773 852 1,126 1,060 877 1,353 1,377
EPS in Rs 2.66 15.83 12.38 15.37 19.03 21.40 27.43 30.04 42.41 39.95 33.04 50.96 51.85
Dividend Payout % 7% 9% 23% 31% 32% 33% 34% 31% 24% 25% 30% 31%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:15.41%
5 Years:14.33%
3 Years:9.41%
TTM:9.06%
Compounded Profit Growth
10 Years:12.50%
5 Years:11.78%
3 Years:6.23%
TTM:1.76%
Stock Price CAGR
10 Years:19.04%
5 Years:18.09%
3 Years:49.73%
1 Year:35.99%
Return on Equity
10 Years:23.36%
5 Years:21.98%
3 Years:19.49%
Last Year:21.01%

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 Mar 2020
13 13 26 27 27 27 27 27 53 53 53 53 53
Reserves 848 1,228 1,491 1,771 2,105 2,474 2,937 3,469 4,240 5,304 5,872 6,904 7,257
Borrowings 86 53 33 23 55 33 18 27 42 36 63 106 39
231 254 308 454 570 605 729 883 562 762 797 973 1,187
Total Liabilities 1,179 1,548 1,859 2,275 2,757 3,139 3,710 4,405 4,898 6,155 6,785 8,036 8,536
497 590 590 590 738 909 1,222 1,309 1,439 1,559 1,996 2,088 2,782
CWIP 63 20 24 104 182 303 144 218 264 444 120 492 920
Investments 56 172 441 526 477 408 502 733 803 1,631 1,889 1,946 971
563 767 804 1,055 1,359 1,519 1,842 2,145 2,392 2,521 2,780 3,511 3,863
Total Assets 1,179 1,548 1,859 2,275 2,757 3,139 3,710 4,405 4,898 6,155 6,785 8,036 8,536

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
292 301 369 327 338 480 557 826 1,038 1,150 776 954
-225 -217 -317 -221 -204 -255 -305 -521 -406 -1,140 -478 -685
-65 -82 -48 -104 -131 -231 -248 -303 -631 2 -314 -246
Net Cash Flow 2 1 5 1 3 -5 3 3 0 13 -17 23

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 % 47% 41% 27% 28% 34% 33% 36% 33% 36% 29% 22% 29%
Debtor Days 74 82 87 101 97 87 104 87 85 81 95 86
Inventory Turnover 1.81 1.35 0.76 1.09 1.38 1.23 1.20 1.32 1.42 1.40 1.35 1.35

Shareholding pattern in percentages

Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020
52.07 52.07 52.07 52.05 52.03 52.02 52.01 52.01 52.01 52.01 52.00 51.97
14.57 16.26 17.10 18.41 18.35 17.15 20.03 21.21 20.95 19.61 19.70 19.08
16.44 16.19 16.73 15.77 16.27 17.16 14.95 14.22 14.87 15.46 15.47 15.59
16.92 15.48 14.10 13.77 13.35 13.67 13.01 12.56 12.17 12.92 12.83 13.35