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 28.90%
Cons:

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Dec 2013 Mar 2014 Dec 2014 Mar 2015 Jun 2018 Mar 2019 Jun 2019
658 690 750 797 821 995 1,267 1,163
407 402 484 517 501 643 851 776
Operating Profit 250 288 266 279 319 352 416 387
OPM % 38% 42% 35% 35% 39% 35% 33% 33%
Other Income 8 4 9 24 11 49 41 30
Interest 1 0 1 0 1 1 0 0
Depreciation 20 23 25 29 45 42 42 44
Profit before tax 237 268 249 274 286 359 415 373
Tax % 24% 20% 21% 21% 19% 25% 30% 27%
Net Profit 181 215 196 217 231 268 292 272
EPS in Rs 6.80 8.11 7.40 8.16 8.70 10.08 11.00 10.26
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
1,033 1,180 942 1,317 1,864 2,145 2,532 3,115 3,776 4,064 3,891 4,946
623 699 536 816 1,173 1,329 1,514 1,942 2,354 2,616 2,623 3,073
Operating Profit 410 481 405 501 691 816 1,018 1,173 1,422 1,449 1,269 1,873
OPM % 40% 41% 43% 38% 37% 38% 40% 38% 38% 36% 33% 38%
Other Income 14 22 34 27 56 45 68 38 94 73 107 155
Interest 10 7 3 2 5 3 3 3 5 3 2 5
Depreciation 36 48 51 53 62 77 92 136 118 123 142 169
Profit before tax 378 448 385 472 681 781 991 1,072 1,393 1,395 1,231 1,855
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
EPS in Rs 13.29 15.83 12.38 15.38 19.03 21.41 27.43 30.04 42.41 39.95 33.04 50.96
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:27.10%
Compounded Profit Growth
10 Years:12.50%
5 Years:11.78%
3 Years:6.23%
TTM:53.51%
Stock Price CAGR
10 Years:19.87%
5 Years:14.80%
3 Years:11.08%
1 Year:35.23%
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
13 13 26 27 27 27 27 27 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
Borrowings 86 53 33 23 55 33 18 27 42 36 63 106
235 261 315 463 579 615 729 890 643 811 811 987
Total Liabilities 1,183 1,555 1,866 2,284 2,765 3,149 3,710 4,412 4,979 6,204 6,799 8,050
497 590 590 590 738 909 1,222 1,309 1,439 1,559 1,996 2,088
CWIP 63 20 24 104 182 303 144 218 264 444 120 492
Investments 56 172 441 526 477 408 502 733 803 1,631 1,889 1,946
567 774 811 1,064 1,368 1,529 1,842 2,152 2,474 2,570 2,794 3,525
Total Assets 1,183 1,555 1,866 2,284 2,765 3,149 3,710 4,412 4,979 6,204 6,799 8,050

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 4.17 3.36 2.05 2.46 2.98 2.83 2.86 2.97 3.19 3.22 2.91 3.17