Granules India Ltd

granulesindia.com BSE: 532482 NSE : GRANULES
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Granules India is primarily engaged in the business of manufacturing and selling of Active Pharmaceutical Ingredients (APIs), Pharmaceutical Formulation intermediates (PFIs) and Finished Dosages (FDs).(Source : 202003-01 Annual Report Page No:109)

Website BSE NSE
  • Market Cap ₹ 8,610 Cr.
  • Current Price ₹ 347
  • High / Low ₹ 438 / 154
  • Stock P/E 18.2
  • Book Value ₹ 77.1
  • Dividend Yield 0.29 %
  • ROCE 17.2 %
  • ROE 18.7 %
  • Face Value ₹ 1.00
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Pros

  • Company has reduced debt.
  • Company has delivered good profit growth of 28.22% CAGR over last 5 years
  • Company's median sales growth is 16.43% of last 10 years

Cons

  • Stock is trading at 4.51 times its book value
  • Company might be capitalizing the interest cost

Peer comparison

Sector: Pharmaceuticals Industry: Pharmaceuticals - Indian - Bulk Drugs

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
504 453 581 632 613 595 700 704 600 736 858 845
460 381 480 518 516 477 556 541 500 552 602 633
Operating Profit 44 73 101 113 98 119 144 163 100 184 256 212
OPM % 9% 16% 17% 18% 16% 20% 21% 23% 17% 25% 30% 25%
Other Income 13 29 17 8 21 27 9 -29 82 6 3 16
Interest 6 7 8 7 7 7 7 7 7 6 6 7
Depreciation 20 25 27 27 27 29 30 39 39 34 36 37
Profit before tax 30 71 84 87 84 110 115 89 137 149 217 184
Tax % 32% 27% 28% 30% 24% 25% 17% 28% 32% 25% 25% 20%
Net Profit 20 52 60 60 64 83 96 64 92 111 164 147
EPS in Rs 0.81 2.04 2.37 2.37 2.52 3.27 3.77 2.52 3.63 4.51 6.61 5.93
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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
289 460 475 654 761 1,084 1,292 1,357 1,411 1,685 2,279 2,599 3,038
256 399 418 575 676 925 1,082 1,081 1,112 1,406 1,895 2,073 2,287
Operating Profit 33 61 57 79 86 159 210 276 299 278 384 525 752
OPM % 11% 13% 12% 12% 11% 15% 16% 20% 21% 17% 17% 20% 25%
Other Income 1 13 0 1 1 4 3 5 35 27 75 90 108
Interest 16 18 12 17 18 20 32 37 32 33 28 27 26
Depreciation 12 19 18 21 23 30 53 58 72 76 105 137 146
Profit before tax 7 38 27 43 46 112 128 186 230 196 326 451 687
Tax % 39% 19% 22% 30% 30% 33% 29% 33% 28% 32% 27% 26%
Net Profit 4 30 21 30 33 75 91 123 165 133 236 335 514
EPS in Rs 0.21 1.51 1.04 1.49 1.62 3.71 4.45 5.68 7.19 5.22 9.30 13.19 20.68
Dividend Payout % 64% 9% 14% 13% 12% 9% 11% 11% 13% 19% 11% 8%
Compounded Sales Growth
10 Years:19%
5 Years:15%
3 Years:23%
TTM:16%
Compounded Profit Growth
10 Years:26%
5 Years:28%
3 Years:24%
TTM:45%
Stock Price CAGR
10 Years:44%
5 Years:22%
3 Years:52%
1 Year:118%
Return on Equity
10 Years:18%
5 Years:18%
3 Years:16%
Last Year:19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions
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
22 22 20 20 20 20 20 22 23 25 25 25 25
Reserves 153 181 200 225 254 335 411 640 881 1,279 1,504 1,818 1,884
Borrowings 183 147 121 204 270 442 482 641 656 978 991 892 772
46 66 95 123 138 195 289 260 319 388 458 560 808
Total Liabilities 405 415 436 571 683 992 1,203 1,563 1,879 2,670 2,979 3,296 3,488
243 237 239 250 263 482 617 560 644 777 944 1,204 1,400
CWIP 2 2 7 29 109 125 62 77 267 515 496 294 108
Investments 0 0 0 0 10 0 0 70 108 157 210 19 19
159 176 190 291 301 385 524 856 859 1,222 1,328 1,779 1,961
Total Assets 405 415 436 571 683 992 1,203 1,563 1,879 2,670 2,979 3,296 3,488

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
-28 60 49 26 91 108 150 151 188 -1 262 476
-9 -13 -25 -54 -128 -255 -146 -162 -326 -462 -270 -160
39 -46 -25 49 46 147 19 86 56 529 -17 -213
Net Cash Flow 2 1 -1 20 10 0 24 75 -82 66 -25 103

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 % 16% 11% 15% 13% 20% 19% 20% 18% 12% 15% 17%
Debtor Days 80 52 55 53 34 37 39 101 108 136 108 103
Inventory Turnover 4.76 4.38 4.76 4.10 4.39 3.98 3.18 2.75 3.44 3.95 3.26

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
44.89 44.88 44.87 42.90 42.90 42.90 42.90 42.86 42.13 42.04 42.04 42.04
8.56 9.51 9.72 12.77 13.88 14.44 17.74 21.70 22.95 26.31 26.38 23.11
6.18 6.45 3.03 3.01 3.11 3.25 3.21 3.01 3.21 0.15 0.32 1.50
40.37 39.16 42.37 41.32 40.11 39.41 36.14 32.43 31.71 31.50 31.27 33.36

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