Hikal Ltd

Hikal Ltd offers solutions across the life sciences value chain. They provide world-class active ingredients, intermediates and R&D services to global pharmaceuticals, animal health, biotech, crop protection and specialty chemicals companies.

Pros:
Cons:
Stock is trading at 3.12 times its book value
Company has a low return on equity of 11.85% for last 3 years.

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

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
290 221 232 251 310 263 292 351 390 326 395 412
230 178 185 203 251 213 238 284 319 265 320 333
Operating Profit 60 44 47 48 58 50 54 67 71 61 75 78
OPM % 21% 20% 20% 19% 19% 19% 18% 19% 18% 19% 19% 19%
Other Income 0 1 1 0 1 2 0 1 2 1 0 1
Interest 13 13 11 14 10 12 13 12 12 16 16 13
Depreciation 17 18 17 17 17 21 21 21 21 23 24 24
Profit before tax 29 14 20 18 32 18 20 34 39 23 36 42
Tax % 24% 15% 17% 23% 10% 27% 22% 32% 35% 32% 31% 30%
Net Profit 22 12 16 14 29 13 15 23 25 16 24 29
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

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
233 301 478 536 494 694 660 829 872 926 1,014 1,296 1,523
172 238 348 359 381 503 476 642 689 745 814 1,054 1,237
Operating Profit 61 63 130 177 113 191 185 187 182 181 200 242 286
OPM % 26% 21% 27% 33% 23% 27% 28% 23% 21% 20% 20% 19% 19%
Other Income 5 20 -22 -53 12 -24 -42 34 2 2 1 4 4
Interest 14 12 25 35 41 64 60 68 60 62 48 49 58
Depreciation 15 18 21 33 38 42 49 55 64 67 69 86 91
Profit before tax 36 52 62 56 46 60 33 98 60 53 83 112 140
Tax % 7% 5% 6% -6% 3% 10% 23% 35% 32% 22% 15% 31%
Net Profit 34 50 59 60 44 54 26 64 41 41 71 77 95
EPS in Rs 2.52 4.18 4.78 4.70 3.47 4.26 2.01 5.09 3.15 3.21 5.73 6.27
Dividend Payout % 29% 21% 0% 22% 22% 18% 16% 12% 20% 20% 14% 13%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:15.72%
5 Years:14.44%
3 Years:14.13%
TTM:25.30%
Compounded Profit Growth
10 Years:6.59%
5 Years:4.22%
3 Years:24.00%
TTM:17.64%
Return on Equity
10 Years:17.40%
5 Years:12.34%
3 Years:11.85%
Last Year:12.12%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Sep 2018
62 15 16 16 16 16 16 16 16 16 16 16 25
Reserves 136 172 203 272 296 335 327 382 411 443 589 653 678
Borrowings 200 372 482 463 506 507 584 546 547 505 598 635 607
133 110 264 311 269 310 301 333 327 320 224 274 329
Total Liabilities 485 669 965 1,063 1,087 1,168 1,228 1,278 1,302 1,285 1,426 1,578 1,639
193 203 471 562 576 578 661 644 639 623 668 634 674
CWIP 20 109 109 35 51 75 49 61 62 66 63 118 95
Investments 45 60 18 18 18 18 3 3 3 3 4 3 2
227 297 367 447 443 497 515 570 597 592 692 824 868
Total Assets 485 669 965 1,063 1,087 1,168 1,228 1,278 1,302 1,285 1,426 1,578 1,639

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
50 34 103 126 113 137 61 155 102 186 163 139
-58 -126 -132 -68 -71 -62 -28 -23 -43 -64 -103 -110
-20 87 35 -54 -47 -78 -27 -124 -69 -124 -63 -25
Net Cash Flow -29 -6 6 4 -5 -4 7 7 -10 -2 -2 4

Ratios Standalone / View Consolidated

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 % 13% 11% 18% 20% 11% 18% 16% 18% 12% 12% 12% 13%
Debtor Days 68 70 63 67 63 52 47 39 54 44 92 81
Inventory Turnover 2.22 2.26 3.02 3.06 2.79 3.82 2.94 2.92 2.79 3.06 3.66 4.57