Divi's Laboratories Ltd

₹ 3,726 -5.62%
12 Aug - close price
About

Divis Laboratories Ltd is engaged in manufacturing of Advanced 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 98,919 Cr.
  • Current Price 3,726
  • High / Low 5,425 / 3,365
  • Stock P/E 31.8
  • Book Value 442
  • Dividend Yield 0.81 %
  • ROCE 35.1 %
  • ROE 28.2 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 22.8% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 28.2%

Cons

  • Stock is trading at 8.43 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

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
1,163 1,446 1,396 1,390 1,730 1,749 1,701 1,788 1,961 1,988 2,493 2,518 2,255
776 955 902 945 1,030 1,008 1,010 1,072 1,109 1,169 1,396 1,414 1,408
Operating Profit 387 491 494 444 700 741 691 716 852 818 1,097 1,104 847
OPM % 33% 34% 35% 32% 40% 42% 41% 40% 43% 41% 44% 44% 38%
30 47 42 77 17 14 19 24 36 19 17 52 88
Interest 0 4 2 0 0 0 0 0 0 0 0 0 0
Depreciation 44 46 47 50 56 61 68 70 73 77 80 81 84
Profit before tax 373 488 487 471 661 693 642 669 814 760 1,034 1,076 851
Tax % 27% 27% 26% 18% 26% 25% 27% 25% 32% 20% 13% 17% 18%
Net Profit 272 357 359 388 492 520 471 502 557 606 902 895 702
EPS in Rs 10.26 13.44 13.53 14.62 18.54 19.57 17.73 18.91 20.99 22.84 33.99 33.70 26.44

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
1,317 1,864 2,145 2,532 3,115 3,776 4,064 3,891 4,946 5,394 6,969 8,960 9,254
816 1,173 1,329 1,514 1,942 2,354 2,615 2,622 3,072 3,568 4,102 5,075 5,387
Operating Profit 501 691 816 1,018 1,173 1,423 1,450 1,269 1,874 1,826 2,867 3,885 3,866
OPM % 38% 37% 38% 40% 38% 38% 36% 33% 38% 34% 41% 43% 42%
27 56 45 68 38 93 72 107 154 186 57 112 177
Interest 2 5 3 3 3 5 3 2 5 7 2 2 1
Depreciation 53 62 77 92 136 118 123 142 169 186 256 312 322
Profit before tax 472 681 781 991 1,072 1,393 1,395 1,231 1,855 1,819 2,666 3,684 3,720
Tax % 9% 22% 23% 22% 21% 19% 24% 29% 27% 24% 26% 20%
Net Profit 429 533 602 773 852 1,126 1,060 877 1,353 1,377 1,984 2,960 3,105
EPS in Rs 16.19 20.09 22.67 29.13 32.07 42.41 39.95 33.04 50.96 51.85 74.75 111.52 116.97
Dividend Payout % 31% 32% 33% 34% 31% 24% 25% 30% 31% 31% 27% 27%
Compounded Sales Growth
10 Years: 17%
5 Years: 17%
3 Years: 22%
TTM: 29%
Compounded Profit Growth
10 Years: 19%
5 Years: 23%
3 Years: 30%
TTM: 52%
Stock Price CAGR
10 Years: 20%
5 Years: 42%
3 Years: 34%
1 Year: -25%
Return on Equity
10 Years: 24%
5 Years: 22%
3 Years: 24%
Last Year: 28%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
27 27 27 27 27 53 53 53 53 53 53 53
Reserves 1,771 2,105 2,474 2,937 3,469 4,240 5,304 5,872 6,904 7,257 9,242 11,675
23 55 33 18 27 42 36 63 106 39 5 4
454 570 605 729 883 562 762 797 973 1,183 1,471 1,628
Total Liabilities 2,275 2,757 3,139 3,710 4,405 4,898 6,155 6,785 8,036 8,531 10,771 13,360
590 738 909 1,222 1,309 1,439 1,559 1,996 2,088 2,782 3,704 4,325
CWIP 104 182 303 144 218 264 444 120 492 920 711 470
Investments 526 477 408 502 733 803 1,631 1,889 1,946 971 0 72
1,055 1,359 1,519 1,842 2,145 2,392 2,521 2,780 3,511 3,858 6,356 8,493
Total Assets 2,275 2,757 3,139 3,710 4,405 4,898 6,155 6,785 8,036 8,531 10,771 13,360

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
327 338 480 557 826 1,038 1,150 776 954 1,216 1,947 1,912
-221 -204 -255 -305 -521 -406 -1,140 -478 -685 -83 75 -2,195
-104 -131 -231 -248 -303 -631 2 -314 -246 -1,091 -35 -532
Net Cash Flow 1 3 -5 3 3 0 13 -17 23 41 1,987 -816

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 101 97 87 104 87 85 81 95 86 96 88 99
Inventory Days 399 319 382 372 350 293 307 314 347 316 329 341
Days Payable 86 75 73 61 68 56 104 96 96 100 117 96
Cash Conversion Cycle 415 341 396 416 368 322 284 313 336 312 300 344
Working Capital Days 167 145 152 159 143 162 151 182 177 182 152 177
ROCE % 28% 34% 33% 36% 33% 36% 29% 22% 29% 25% 32% 35%

Shareholding Pattern

Numbers in percentages

11 recently
Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
52.01 52.00 51.97 51.97 51.96 51.95 51.95 51.95 51.95 51.95 51.94 51.94
19.61 19.70 19.08 18.17 18.28 20.37 19.87 20.60 20.70 19.30 18.45 16.52
15.46 15.47 15.59 16.80 18.80 16.86 16.74 16.56 16.36 17.73 18.32 19.98
12.92 12.83 13.35 13.07 10.96 10.83 11.45 10.89 11.00 11.02 11.28 11.56

Documents

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