Glenmark Pharmaceuticals Ltd

Glenmark Pharmaceuticals is a global pharmaceutical company. The Company is engaged in the development of new chemical entities (NCEs) and new biological entities (NBEs).

  • Market Cap: 9,904 Cr.
  • Current Price: 350.90
  • 52 weeks High / Low 667.00 / 267.25
  • Book Value: 446.59
  • Stock P/E: 8.71
  • Dividend Yield: 0.57 %
  • ROCE: 12.87 %
  • ROE: 12.04 %
  • Sales Growth (3Yrs): 1.02 %
  • Listed on BSE and NSE
  • Company Website
  • Face Value: 1.00
Pros:
Stock is trading at 0.79 times its book value
Debtor days have improved from 183.74 to 120.83 days.
Cons:
Tax rate seems low
Contingent liabilities of Rs.3680.94 Cr.
Dividend payout has been low at 3.89% of profits over last 3 years
** Remarks:
Some businesses are provided tax benefits to encourage their development

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

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
2,192 2,065 1,548 1,427 1,330 1,446 1,406 1,680 1,632 1,587 1,499 1,790
1,347 1,393 1,195 1,107 1,120 1,166 1,088 1,288 1,283 1,319 1,190 1,409
Operating Profit 844 672 353 320 210 281 318 392 349 269 309 381
OPM % 39% 33% 23% 22% 16% 19% 23% 23% 21% 17% 21% 21%
Other Income 106 -287 43 104 71 73 228 616 -58 168 69 192
Interest 50 50 46 47 47 51 55 61 55 53 68 65
Depreciation 26 27 30 24 24 24 27 27 26 26 32 33
Profit before tax 875 308 320 353 210 279 463 921 210 358 277 475
Tax % 19% -16% 15% 7% 8% 21% 14% 19% 7% 21% 18% 9%
Net Profit 711 357 271 328 194 222 397 748 196 281 228 432
EPS in Rs 25.21 12.65 9.60 11.62 6.88 7.85 14.08 26.49 6.94 9.97 8.07 15.31
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

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
1,340 823 983 1,163 1,565 1,949 2,301 5,086 6,115 7,989 5,520 6,305 6,508
858 603 819 877 1,253 1,617 1,805 3,618 4,349 5,089 4,417 4,977 5,201
Operating Profit 482 221 164 286 311 332 496 1,467 1,766 2,900 1,103 1,327 1,307
OPM % 36% 27% 17% 25% 20% 17% 22% 29% 29% 36% 20% 21% 20%
Other Income 23 139 78 72 55 116 67 -86 116 -89 326 955 371
Interest 44 95 100 86 61 44 31 30 36 153 191 224 241
Depreciation 29 19 21 21 21 25 30 119 100 105 96 106 118
Profit before tax 431 246 121 251 284 380 502 1,232 1,747 2,553 1,143 1,952 1,320
Tax % 10% 11% -6% 15% 7% -2% 14% 18% 15% 16% 11% 17%
Net Profit 389 218 128 212 265 386 434 1,008 1,484 2,141 1,014 1,622 1,137
EPS in Rs 15.53 8.63 4.69 7.78 9.48 13.92 15.66 36.72 52.60 75.86 35.95 57.49 40.29
Dividend Payout % 4% 5% 8% 5% 20% 14% 12% 5% 4% 3% 6% 3%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:22.58%
5 Years:22.34%
3 Years:1.02%
TTM:11.02%
Compounded Profit Growth
10 Years:19.98%
5 Years:25.38%
3 Years:-3.25%
TTM:-11.92%
Stock Price CAGR
10 Years:3.19%
5 Years:-13.49%
3 Years:-26.30%
1 Year:-45.97%
Return on Equity
10 Years:17.44%
5 Years:18.47%
3 Years:15.88%
Last Year:12.04%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
25 25 27 27 27 27 27 27 28 28 28 28 28
Reserves 1,003 1,205 1,746 1,953 2,159 2,496 2,879 4,925 7,338 9,408 10,363 11,914 12,574
Borrowings 528 1,066 760 1,143 489 581 353 410 787 2,777 2,981 3,134 3,265
380 280 243 251 504 792 981 2,314 2,148 2,014 2,288 2,417 2,142
Total Liabilities 1,935 2,576 2,777 3,374 3,179 3,896 4,240 7,676 10,301 14,227 15,661 17,494 18,010
368 173 190 224 224 276 449 1,231 1,438 1,596 1,699 1,413 1,611
CWIP 226 32 47 34 69 172 83 294 276 271 420 286 214
Investments 197 238 993 1,041 1,083 1,294 1,409 1,660 1,858 1,867 3,213 3,269 4,701
1,146 2,133 1,546 2,076 1,803 2,154 2,299 4,491 6,729 10,493 10,329 12,525 11,484
Total Assets 1,935 2,576 2,777 3,374 3,179 3,896 4,240 7,676 10,301 14,227 15,661 17,494 18,010

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
247 94 983 421 195 253 114 145 355 878 1,124 2,490
-16 -589 -1,000 -655 602 -119 211 -176 -1,545 -2,580 -1,137 -2,256
-231 496 10 259 -780 -14 -385 -32 1,223 1,879 -62 -155
Net Cash Flow -0 1 -7 26 16 120 -60 -64 32 177 -75 79

Ratios Standalone Figures in Rs. Crores / View Consolidated

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 % 32% 18% 9% 12% 12% 15% 17% 33% 26% 29% 10% 13%
Debtor Days 162 182 123 59 84 104 180 175 182 177 253 121
Inventory Turnover 5.45 4.08 7.01 7.57 9.40 10.65 11.49 10.74 7.17 7.56 4.89 6.24