Gland Pharma Ltd

Gland Pharma Ltd

₹ 1,282 -0.15%
24 Mar - close price
About

Established in Hyderabad, India in 1978, Gland Pharma has grown over the years from a contract manufacturer of small volume liquid parenteral products, to become one of the largest and fastest growing injectable-focused companies, with a global footprint across 60 countries, including the United States, Europe, Canada, Australia, India and other markets. We operate primarily under a business to business (B2B) model and have an excellent track record in the development, manufacturing and marketing of complex injectables. This presence across the value chain has helped us witness exponential growth. We are promoted by Shanghai Fosun Pharma, a global pharmaceutical major.

Key Points

Revenue breakup
Gland Pharma is primarily a contract manufacturer of injectables, with B2B segment generating ~95% of revenues in FY22 [1]

As of Q3FY22, Glands key markets continue to remain MENA, LATAM and APAC & Core markets, namely US, Canada, Europe, Australia and New Zealand accounted for 70% of the revenue, similar to the contribution in Q3 FY '22. India market accounts for 9% of our Q3FY23 revenue.[2]

As of FY2022, Exports contribution to the revenue of the Company is approximately 80.30%. Gland exports to almost 60 countries across 6 continents [3]

  • Market Cap 21,117 Cr.
  • Current Price 1,282
  • High / Low 3,559 / 1,130
  • Stock P/E 21.5
  • Book Value 464
  • Dividend Yield 0.00 %
  • ROCE 24.8 %
  • ROE 18.5 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 23.9% CAGR over last 5 years

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend

* 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

Standalone Figures in Rs. Crores / View Consolidated

Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
646 635 884 832 859 888 1,154 1,080 1,063 1,103 857 1,048 926
434 395 472 534 595 560 718 704 714 755 587 753 642
Operating Profit 212 240 413 298 264 328 436 377 349 348 270 295 284
OPM % 33% 38% 47% 36% 31% 37% 38% 35% 33% 32% 32% 28% 31%
25 46 32 20 35 47 62 51 46 65 74 66 62
Interest 6 0 0 1 1 1 1 1 1 2 1 2 3
Depreciation 24 24 24 25 25 25 25 26 28 31 35 37 38
Profit before tax 207 262 420 293 273 349 472 401 366 381 309 322 305
Tax % 26% 26% 25% 25% 25% 25% 26% 25% 25% 25% 26% 26% 25%
Net Profit 154 195 314 219 204 260 351 302 273 286 229 240 228
EPS in Rs 99.45 12.57 20.24 14.12 12.50 15.92 21.40 18.40 16.64 17.41 13.94 14.55 13.82
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

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
468 527 755 991 994 1,348 1,479 1,620 2,044 2,633 3,463 4,401 3,934
356 394 519 630 678 845 854 1,085 1,338 1,678 2,161 2,890 2,736
Operating Profit 112 133 236 361 316 502 625 535 706 955 1,302 1,511 1,198
OPM % 24% 25% 31% 36% 32% 37% 42% 33% 35% 36% 38% 34% 30%
0 14 5 9 30 37 34 49 66 139 135 224 267
Interest 0 3 13 13 17 16 6 4 4 7 3 5 7
Depreciation 0 11 15 28 57 63 74 78 82 95 99 110 140
Profit before tax 112 133 213 327 272 459 578 502 686 993 1,335 1,619 1,317
Tax % 22% 24% 26% 32% 23% 32% 28% 36% 34% 22% 25% 25%
Net Profit 87 101 158 224 209 314 414 321 452 773 997 1,212 983
EPS in Rs 74.07 86.09 134.45 190.40 133.53 202.40 267.01 207.24 291.65 49.88 60.94 73.78 59.72
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 24%
5 Years: 24%
3 Years: 29%
TTM: -6%
Compounded Profit Growth
10 Years: 28%
5 Years: 24%
3 Years: 38%
TTM: -17%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: -60%
Return on Equity
10 Years: 20%
5 Years: 19%
3 Years: 20%
Last Year: 19%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
12 12 12 12 16 15 16 16 16 16 16 16 16
Reserves 339 440 598 822 1,379 1,662 2,074 2,395 2,847 3,631 5,887 7,142 7,633
62 84 123 176 166 117 6 6 5 5 5 5 5
170 182 187 277 197 292 378 512 655 435 588 671 963
Total Liabilities 582 718 920 1,287 1,758 2,086 2,474 2,928 3,523 4,086 6,496 7,834 8,617
168 206 309 460 649 788 872 843 929 968 954 1,502 1,566
CWIP 66 143 202 208 192 202 161 199 123 188 338 191 125
Investments 0 0 0 0 0 0 0 0 0 0 1 163 8
348 369 409 619 917 1,096 1,441 1,887 2,471 2,929 5,203 5,978 6,918
Total Assets 582 718 920 1,287 1,758 2,086 2,474 2,928 3,523 4,086 6,496 7,834 8,617

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
220 476 202 185 701 605 791
-12 -100 -359 -319 -761 -1,521 -1,007
-93 -116 -4 -3 -7 1,238 35
Net Cash Flow 115 260 -160 -136 -67 322 -181

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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 58 64 62 62 62 95 103 107 90 83 71 99
Inventory Days 230 169 229 283 248 271 283 388 250 312 205
Days Payable 68 57 74 58 60 136 161 190 82 97 80
Cash Conversion Cycle 58 225 174 217 288 283 239 229 289 251 286 225
Working Capital Days 103 84 70 100 141 155 154 185 191 161 169 168
ROCE % 29% 36% 39% 22% 28% 30% 22% 27% 30% 28% 25%

Shareholding Pattern

Numbers in percentages

7 recently
Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
58.36 58.25 58.14 58.02 58.00 58.00 57.87 57.86 57.86
12.73 11.87 10.44 11.01 11.30 10.72 9.41 6.10 4.67
10.81 11.25 12.10 11.75 11.66 12.46 17.36 21.92 23.13
18.10 18.63 19.32 19.21 19.05 18.82 15.35 14.13 14.35

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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