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).

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Cons:
Company might be capitalizing the interest cost

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019
1,969 2,224 2,535 2,457 2,363 2,257 2,204 2,280 2,166 2,581 2,555 2,563
1,590 1,775 1,770 2,013 1,786 1,868 1,881 1,953 1,819 2,141 2,120 2,199
Operating Profit 379 449 765 444 577 388 323 327 347 440 435 364
OPM % 19% 20% 30% 18% 24% 17% 15% 14% 16% 17% 17% 14%
Other Income 76 -2 15 -132 15 30 -23 70 138 307 -109 39
Interest 43 63 62 70 71 70 70 74 79 85 89 82
Depreciation 64 69 63 69 78 75 75 74 79 82 83 81
Profit before tax 348 315 655 173 444 273 154 248 327 580 154 240
Tax % 35% 29% 27% -6% 25% 22% 32% 39% 29% 29% 24% 33%
Net Profit 227 224 477 184 333 214 105 152 233 414 116 162
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 TTM
1,189 1,934 2,040 2,412 2,949 4,021 5,012 6,005 6,563 7,562 9,079 9,074 9,865
763 1,131 1,702 1,792 2,357 3,306 3,997 4,914 5,348 6,125 7,045 7,457 8,280
Operating Profit 426 803 338 620 592 714 1,015 1,091 1,214 1,437 2,035 1,617 1,586
OPM % 36% 42% 17% 26% 20% 18% 20% 18% 18% 19% 22% 18% 16%
Other Income 17 51 179 50 144 18 11 11 -180 20 -42 89 375
Interest 40 71 146 166 160 147 160 189 190 179 237 286 335
Depreciation 42 72 103 121 95 98 127 217 300 234 264 302 326
Profit before tax 361 711 269 384 482 488 739 697 544 1,044 1,491 1,119 1,301
Tax % 14% 11% 28% 14% 5% 5% 15% 22% 61% 29% 26% 28%
Net Profit 310 632 192 324 453 460 620 542 210 743 1,109 804 925
EPS in Rs 12.83 25.30 7.58 11.96 16.70 17.02 22.89 19.99 7.31 26.33 39.29 28.49
Dividend Payout % 3% 3% 5% 3% 2% 3% 0% 0% 26% 8% 5% 7%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:16.72%
5 Years:12.60%
3 Years:11.41%
TTM:8.38%
Compounded Profit Growth
10 Years:2.42%
5 Years:5.37%
3 Years:45.12%
TTM:15.07%
Return on Equity
10 Years:20.30%
5 Years:20.82%
3 Years:23.31%
Last Year:16.68%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
24 25 25 27 27 27 27 27 27 28 28 28 28
Reserves 662 1,493 1,573 2,328 2,010 2,375 2,736 2,956 1,756 3,601 4,464 5,135 5,577
Borrowings 937 991 2,094 1,869 2,108 2,244 2,765 3,267 3,800 3,988 4,724 4,639 3,877
321 437 565 659 952 1,237 1,643 2,383 2,895 2,785 2,790 3,201 3,807
Total Liabilities 1,944 2,946 4,257 4,884 5,098 5,883 7,171 8,634 8,479 10,403 12,006 13,004 13,289
593 919 1,566 1,787 2,034 2,223 2,822 3,091 2,015 2,594 2,755 3,030 3,835
CWIP 217 337 545 601 178 263 6 5 477 543 708 1,122 1,234
Investments 19 19 18 18 0 0 0 0 17 17 16 15 30
1,115 1,671 2,128 2,478 2,885 3,398 4,342 5,538 5,969 7,249 8,527 8,838 8,190
Total Assets 1,944 2,946 4,257 4,884 5,098 5,883 7,171 8,634 8,479 10,403 12,006 13,004 13,289

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
93 372 16 352 931 804 648 854 482 345 657 1,648
-269 -510 -950 -387 -404 -318 -558 -566 -712 -950 -1,001 -1,003
176 189 849 70 -436 -361 195 -98 199 699 543 -468
Net Cash Flow 0 51 -85 36 91 125 285 190 -31 93 199 177

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 29% 38% 13% 14% 15% 14% 18% 15% 16% 19% 21% 15%
Debtor Days 174 152 171 163 140 113 119 131 140 120 97 94
Inventory Turnover 5.57 5.77 3.96 3.60 3.89 5.04 6.15 6.76 5.96 5.33 4.90 4.35