Granules India Ltd

₹ 296 1.48%
31 Jan - close price
granulesindia.com BSE: 532482 NSE : GRANULES
About

Granules India Ltd and its subsidiaries are primarily involved in the manufacturing and selling of Active Pharma Ingredients (APIs), Pharmaceutical Formulation Intermediates (PFIs) and Finished Dosages.[1]

Key Points

APIs Vertical (~28% of revenues)[1]
The company is one of the global leaders in the manufacturing of paracetamol, metformin, guaifenesin, and Methocarbamol. It completed expansion of API manufacturing capacities of paracetamol, metformin and guaifenesin in FY20.[2]

Website BSE NSE
  • Market Cap ₹ 7,341 Cr.
  • Current Price ₹ 296
  • High / Low ₹ 381 / 227
  • Stock P/E 14.4
  • Book Value ₹ 105
  • Dividend Yield 0.51 %
  • ROCE 17.4 %
  • ROE 17.5 %
  • Face Value ₹ 1.00
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Pros

  • Company has delivered good profit growth of 20.5% CAGR over last 5 years
  • Company's median sales growth is 16.4% of last 10 years

Cons

  • Company might be capitalizing the interest cost

* 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.

Peer comparison

Sector: Pharmaceuticals Industry: Pharmaceuticals - Indian - Bulk Drugs

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
704 600 736 858 845 799 850 888 997 1,030 1,020 1,151 1,146
541 500 552 602 633 597 648 737 823 837 808 908 915
Operating Profit 163 100 184 256 212 202 201 151 174 193 212 243 231
OPM % 23% 17% 25% 30% 25% 25% 24% 17% 17% 19% 21% 21% 20%
-29 82 6 3 16 3 8 4 5 4 5 5 1
Interest 7 7 6 6 7 7 7 5 5 6 7 13 17
Depreciation 39 39 34 36 37 44 39 40 39 40 43 44 48
Profit before tax 89 137 149 217 184 154 163 110 135 150 166 190 167
Tax % 28% 32% 25% 25% 20% 17% 26% 27% 25% 26% 23% 24% 26%
Net Profit 64 92 111 164 147 128 120 81 101 111 128 145 124
EPS in Rs 2.52 3.63 4.51 6.61 5.93 5.15 4.85 3.26 4.07 4.48 5.14 5.84 5.01
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
475 654 761 1,084 1,292 1,357 1,411 1,685 2,279 2,599 3,238 3,765 4,346
418 575 676 925 1,082 1,081 1,112 1,406 1,895 2,073 2,382 3,038 3,468
Operating Profit 57 79 86 159 210 276 299 278 384 526 856 727 878
OPM % 12% 12% 11% 15% 16% 20% 21% 17% 17% 20% 26% 19% 20%
0 1 1 4 3 5 35 27 75 90 26 13 14
Interest 12 17 18 20 32 37 32 33 28 27 26 23 43
Depreciation 18 21 23 30 53 58 72 76 105 137 151 159 176
Profit before tax 27 43 46 112 128 186 230 196 326 451 704 558 673
Tax % 22% 30% 30% 33% 29% 33% 28% 32% 27% 26% 22% 26%
Net Profit 21 30 33 75 91 123 165 133 236 335 549 413 508
EPS in Rs 1.04 1.49 1.62 3.71 4.45 5.68 7.19 5.22 9.30 13.19 22.18 16.64 20.47
Dividend Payout % 14% 13% 12% 9% 11% 11% 13% 19% 11% 8% 7% 9%
Compounded Sales Growth
10 Years: 19%
5 Years: 22%
3 Years: 18%
TTM: 23%
Compounded Profit Growth
10 Years: 30%
5 Years: 20%
3 Years: 21%
TTM: 18%
Stock Price CAGR
10 Years: 37%
5 Years: 20%
3 Years: 29%
1 Year: -5%
Return on Equity
10 Years: 20%
5 Years: 19%
3 Years: 21%
Last Year: 17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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
20 20 20 20 20 22 23 25 25 25 25 25 25
Reserves 200 225 254 335 411 640 881 1,279 1,504 1,818 2,149 2,562 2,573
121 204 270 442 482 641 656 978 991 892 849 1,106 1,077
95 123 138 195 289 260 319 388 458 487 690 819 1,183
Total Liabilities 436 571 683 992 1,203 1,563 1,879 2,670 2,979 3,223 3,713 4,512 4,858
239 250 263 482 617 560 644 777 944 1,204 1,332 1,541 1,743
CWIP 7 29 109 125 62 77 267 515 496 294 239 356 297
Investments 0 0 10 0 0 70 108 157 210 19 19 20 21
190 291 301 385 524 856 859 1,222 1,328 1,706 2,123 2,594 2,797
Total Assets 436 571 683 992 1,203 1,563 1,879 2,670 2,979 3,223 3,713 4,512 4,858

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
49 26 91 108 150 151 188 -1 262 476 432 332
-25 -54 -128 -255 -146 -162 -326 -462 -270 -160 -277 -379
-25 49 46 147 19 86 56 529 -17 -213 -299 190
Net Cash Flow -1 20 10 0 24 75 -82 66 -25 103 -144 143

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 55 53 34 37 39 101 108 136 108 93 86 90
Inventory Days 93 97 107 99 110 128 145 114 112 125 205 190
Days Payable 64 67 72 77 92 91 116 112 94 102 142 124
Cash Conversion Cycle 84 83 69 59 57 138 137 138 126 116 150 156
Working Capital Days 72 65 56 48 41 115 120 156 120 116 109 119
ROCE % 11% 15% 13% 20% 19% 20% 18% 12% 15% 17% 25% 17%

Shareholding Pattern

Numbers in percentages

Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
42.86 42.13 42.04 42.04 42.04 42.04 42.04 41.98 41.98 41.98 42.02 42.02
21.70 22.95 26.31 26.38 23.11 18.35 21.18 21.38 23.19 23.13 22.66 23.66
3.01 3.21 0.15 0.32 1.50 2.86 2.77 4.34 3.98 3.03 4.22 4.75
32.43 31.71 31.50 31.27 33.36 36.76 34.01 32.30 30.85 31.85 31.10 29.56

* 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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