Divi's Laboratories Ltd

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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 107,861 Cr.
  • Current Price 4,063
  • High / Low 4,147 / 2,090
  • Stock P/E 57.7
  • Book Value 314
  • Dividend Yield 0.39 %
  • ROCE 25.2 %
  • ROE 19.2 %
  • Face Value 2.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 30.84%
  • Company's median sales growth is 18.06% of last 10 years

Cons

  • Stock is trading at 12.96 times its book value
  • The company has delivered a poor sales growth of 11.61% over past five years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
821 995 1,324 1,360 1,267 1,163 1,446 1,396 1,390 1,730 1,749 1,701
501 643 802 827 851 776 955 902 945 1,030 1,008 1,010
Operating Profit 319 352 521 533 416 387 491 494 444 700 741 691
OPM % 39% 35% 39% 39% 33% 33% 34% 35% 32% 40% 42% 41%
Other Income 11 49 80 34 41 30 47 42 77 17 14 19
Interest 1 1 0 3 0 0 4 2 0 0 0 0
Depreciation 45 42 42 42 42 44 46 47 50 56 61 68
Profit before tax 286 359 559 522 415 373 488 487 471 661 693 642
Tax % 19% 25% 28% 25% 30% 27% 27% 26% 18% 26% 25% 27%
Net Profit 231 268 404 389 292 272 357 359 388 492 520 471
EPS in Rs 8.72 10.08 15.21 14.67 11.00 10.26 13.44 13.53 14.62 18.54 19.57 17.73

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
1,180 942 1,317 1,864 2,145 2,532 3,115 3,776 4,064 3,891 4,946 5,394 6,571
699 536 816 1,173 1,329 1,514 1,942 2,354 2,616 2,623 3,073 3,571 3,994
Operating Profit 481 405 501 691 816 1,018 1,173 1,422 1,449 1,269 1,873 1,823 2,577
OPM % 41% 43% 38% 37% 38% 40% 38% 38% 36% 33% 38% 34% 39%
Other Income 22 34 27 56 45 68 38 94 73 107 155 190 127
Interest 7 3 2 5 3 3 3 5 3 2 5 7 1
Depreciation 48 51 53 62 77 92 136 118 123 142 169 186 235
Profit before tax 448 385 472 681 781 991 1,072 1,393 1,395 1,231 1,855 1,819 2,468
Tax % 7% 12% 9% 22% 23% 22% 21% 19% 24% 29% 27% 24%
Net Profit 417 340 429 533 602 773 852 1,126 1,060 877 1,353 1,377 1,870
EPS in Rs 16.09 12.88 16.19 20.09 22.67 29.13 32.07 42.41 39.95 33.04 50.96 51.85 70.46
Dividend Payout % 9% 23% 31% 32% 33% 34% 31% 24% 25% 30% 31% 31%
Compounded Sales Growth
10 Years:19%
5 Years:12%
3 Years:10%
TTM:25%
Compounded Profit Growth
10 Years:15%
5 Years:10%
3 Years:9%
TTM:46%
Stock Price CAGR
10 Years:28%
5 Years:32%
3 Years:50%
1 Year:80%
Return on Equity
10 Years:23%
5 Years:21%
3 Years:19%
Last Year:19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
13 26 27 27 27 27 27 53 53 53 53 53 53
Reserves 1,228 1,491 1,771 2,105 2,474 2,937 3,469 4,240 5,304 5,872 6,904 7,257 8,270
Borrowings 53 33 23 55 33 18 27 42 36 63 106 39 5
254 308 454 570 605 729 883 562 762 797 973 1,183 1,196
Total Liabilities 1,548 1,859 2,275 2,757 3,139 3,710 4,405 4,898 6,155 6,785 8,036 8,531 9,524
590 590 590 738 909 1,222 1,309 1,439 1,559 1,996 2,088 2,782 3,495
CWIP 20 24 104 182 303 144 218 264 444 120 492 920 499
Investments 172 441 526 477 408 502 733 803 1,631 1,889 1,946 971 0
767 804 1,055 1,359 1,519 1,842 2,145 2,392 2,521 2,780 3,511 3,858 5,530
Total Assets 1,548 1,859 2,275 2,757 3,139 3,710 4,405 4,898 6,155 6,785 8,036 8,531 9,524

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
301 369 327 338 480 557 826 1,038 1,150 776 954 1,216
-217 -317 -221 -204 -255 -305 -521 -406 -1,140 -478 -685 -83
-82 -48 -104 -131 -231 -248 -303 -631 2 -314 -246 -1,091
Net Cash Flow 1 5 1 3 -5 3 3 0 13 -17 23 41

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 41% 27% 28% 34% 33% 36% 33% 36% 29% 22% 29% 25%
Debtor Days 82 87 101 97 87 104 87 85 81 95 86 96
Inventory Turnover 1.35 0.76 1.09 1.38 1.23 1.20 1.32 1.42 1.40 1.35 1.35 1.34

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
52.03 52.02 52.01 52.01 52.01 52.01 52.00 51.97 51.97 51.96 51.95 51.95
18.35 17.15 20.03 21.21 20.95 19.61 19.70 19.08 18.17 18.28 20.37 19.87
16.27 17.16 14.95 14.22 14.87 15.46 15.47 15.59 16.80 18.80 16.86 16.74
13.35 13.67 13.01 12.56 12.17 12.92 12.83 13.35 13.07 10.96 10.83 11.45

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