Hikal Ltd // Pharmaceuticals

Pros:
Cons:
Stock is trading at 3.15 times its book value
Company has a low return on equity of 11.90% for last 3 years.

Peer Comparison

S.No. Name CMP Rs. P/E Mar Cap Rs.Cr. Div Yld % NP Qtr Rs.Cr. Qtr Profit Var % Sales Qtr Rs.Cr. Qtr Sales Var % ROCE %
1. Piramal Enterp. 2518.35 9.07 45502.37 0.99 -69.81 -33.36 2902.49 29.24 28.33
2. Sun Pharma.Inds. 624.00 37.04 149717.86 0.32 1111.06 138.36 7224.17 16.35 10.24
3. Unichem Labs. 207.25 0.58 1457.86 2.41 -20.65 -1476.67 201.43 42.54 -242.51
4. Aurobindo Pharma 731.35 18.15 42850.35 0.34 455.66 -12.12 4250.27 15.54 25.84
5. Cadila Health. 385.05 18.79 39419.21 0.91 460.50 232.73 2893.70 32.42 21.04
6. Claris Lifescien 396.55 1.37 2163.88 0.50 -317.43 -1809.37 2.07 -54.51 -10.91
7. Cipla 645.60 35.00 51985.51 0.46 445.61 4.87 3938.99 11.74 8.91
8. Hikal 175.20 27.06 2160.23 0.46 15.93 19.59 325.60 23.94 14.23

Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2015 Dec 2015 Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018
203.98 240.4 289.79 221.23 232.31 250.84 309.57 262.71 292.27 350.63 390.49 325.6
164.88 194.47 230.21 177.64 185.09 202.56 251.48 213.04 238.5 283.77 319.04 264.96
Operating Profit 39.1 45.93 59.58 43.59 47.22 48.28 58.09 49.67 53.77 66.86 71.45 60.64
OPM % 19.17% 19.11% 20.56% 19.7% 20.33% 19.25% 18.76% 18.91% 18.4% 19.07% 18.3% 18.62%
Other Income 0.27 0.79 0.33 0.93 0.85 0.47 1.2 1.58 0.39 0.87 1.62 1.37
Depreciation 16.53 17.02 17.37 17.77 17.18 17.07 17.13 21.26 21.45 21.47 21.41 22.58
Interest 17.18 14.0 13.27 13.2 11.32 13.72 10.04 11.69 13.06 11.9 12.47 16.01
Profit before tax 5.66 15.7 29.27 13.55 19.57 17.96 32.12 18.3 19.65 34.36 39.19 23.42
Tax 0.84 3.29 7.02 2.01 3.25 4.13 3.19 4.98 4.32 11.12 13.85 7.49
Net Profit 4.82 12.41 22.25 11.54 16.32 13.83 28.93 13.32 15.33 23.24 25.34 15.93

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 1,359
173 239 372 414 384 533 524 642 689 745 817 1,054 1,106
Operating Profit 60 63 106 123 110 162 136 187 183 181 197 242 253
OPM % 25.83% 20.79% 22.13% 22.85% 22.2% 23.27% 20.59% 22.58% 20.93% 19.55% 19.45% 18.65% 18.6%
Other Income 6 20 2 2 16 5 6 34 2 2 3 4 4
Interest 14 12 25 35 41 64 60 68 60 62 48 49 53
Depreciation 15 18 21 33 38 42 49 55 64 67 69 86 87
Profit before tax 36 52 62 57 46 60 33 98 60 53 83 112 117
Tax 3 3 3 -4 1 6 8 34 19 12 13 34 37
Net Profit 34 50 59 60 44 54 26 64 41 41 71 77 80
EPS 2.52 4.18 4.78 4.7 3.47 4.26 2.01 5.09 3.15 3.21 5.73 6.27
Dividend Payout % 29.03% 21.29% 0.0% 21.85% 22.26% 18.23% 16.12% 11.55% 20.29% 19.89% 13.95% 12.77%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:11.72%
5 Years:14.44%
3 Years:14.13%
TTM:28.76%
Compounded Profit Growth
10 Years:-0.71%
5 Years:4.22%
3 Years:23.99%
TTM:10.28%
Return on Equity
10 Years:17.67%
5 Years:12.39%
3 Years:11.90%
TTM: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
62 15 16 16 16 16 16 16 16 16 16 16
Reserves 136 172 203 272 296 335 327 382 411 443 589 653
Borrowings 201 372 482 463 506 507 584 546 547 505 598 635
133 110 264 311 269 310 301 333 327 320 224 274
Total Liabilities 485 669 965 1,063 1,087 1,168 1,228 1,278 1,302 1,285 1,426 1,578
193 203 471 562 576 578 661 644 639 623 668 634
CWIP 20 109 109 35 51 75 49 61 62 66 63 118
Investments 45 60 18 18 18 18 3 3 3 3 4 3
227 297 367 447 443 497 515 570 597 592 692 824
Total Assets 485 669 965 1,063 1,087 1,168 1,228 1,278 1,302 1,285 1,426 1,578

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