Hikal Ltd

Hikal Ltd

₹ 299 -1.47%
19 Apr - close price
About

Hikal is a partner to companies in the Pharmaceuticals, Crop Protection, and Specialty Chemicals industry. The company is in the business of supplying research services, active ingredients and intermediates for its customers. Hikal's manufacturing facilities have been inspected and approved by leading multinational companies in the Crop protection and Pharmaceutical sectors. The Crop protection facilities are located at Taloja and Mahad {Maharashtra). The Pharmaceutical manufacturing facilities are situated in Jigani (Bengaluru) and Panoli (Gujarat). Hikal's R & D facilities are located in Pune.[1]

Key Points

Business Segments
1. Pharmaceuticals (58% of revenue from operations in FY22) [1]: Active pharmaceutical ingredients (APIs), custom manufacturing, intermediates and advanced intermediates.
2. Crop Protection (42% of revenue from operations in FY22): Active ingredients, advanced intermediates, intermediates. Custom Synthesis and Contract manufacturing of Agrochemicals, Intermediates and Specialty Chemicals.
3. Research & Technology: Process development, new product development, contract and custom development. It gives services to the following Industries: Pharmaceutical (Generics & Custom Manufacturing), Biotech, Animal Healthcare, Crop Protection, Specialty Chemicals and Biocides and Food. [2] [3]

  • Market Cap 3,681 Cr.
  • Current Price 299
  • High / Low 329 / 250
  • Stock P/E 51.4
  • Book Value 92.9
  • Dividend Yield 0.40 %
  • ROCE 8.43 %
  • ROE 7.08 %
  • Face Value 2.00

Pros

Cons

  • Stock is trading at 3.21 times its book value
  • The company has delivered a poor sales growth of 9.31% over past five years.
  • Company has a low return on equity of 12.5% over last 3 years.
  • 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
463 532 457 469 515 502 379 559 540 545 388 435 448
372 423 361 378 422 441 356 489 466 457 338 377 383
Operating Profit 91 109 96 91 93 61 23 70 75 88 50 58 65
OPM % 20% 21% 21% 19% 18% 12% 6% 12% 14% 16% 13% 13% 14%
1 3 3 1 1 0 3 1 3 0 1 1 0
Interest 8 10 8 8 7 8 11 11 13 13 14 13 14
Depreciation 22 22 23 24 25 24 26 27 28 27 28 29 29
Profit before tax 62 81 68 60 62 29 -12 33 36 49 10 17 22
Tax % 35% 37% 26% 26% 27% 28% 25% 24% 26% 26% 29% 25% 25%
40 51 51 44 45 21 -9 25 26 36 7 13 16
EPS in Rs 3.27 4.13 4.10 3.57 3.67 1.68 -0.72 2.01 2.14 2.92 0.56 1.02 1.31
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
708 660 829 872 926 1,014 1,296 1,590 1,507 1,720 1,943 2,023 1,816
525 476 642 689 745 813 1,054 1,291 1,234 1,398 1,602 1,765 1,555
Operating Profit 183 184 187 182 181 201 242 298 273 323 341 258 261
OPM % 26% 28% 23% 21% 20% 20% 19% 19% 18% 19% 18% 13% 14%
-20 -42 34 2 2 -3 4 2 -12 5 5 5 2
Interest 66 60 68 60 62 48 49 58 52 36 31 48 54
Depreciation 45 49 55 64 67 69 86 93 82 85 96 109 112
Profit before tax 51 33 98 60 53 80 112 149 127 206 219 105 97
Tax % 10% 24% 35% 32% 23% 16% 31% 31% 33% 36% 27% 26%
46 25 64 40 41 68 77 103 84 133 160 78 72
EPS in Rs 3.73 2.04 5.17 3.28 3.34 5.49 6.26 8.36 6.85 10.80 13.02 6.36 5.81
Dividend Payout % 21% 16% 12% 20% 20% 15% 13% 14% 18% 19% 12% 19%
Compounded Sales Growth
10 Years: 12%
5 Years: 9%
3 Years: 10%
TTM: -8%
Compounded Profit Growth
10 Years: 2%
5 Years: 0%
3 Years: -6%
TTM: 14%
Stock Price CAGR
10 Years: 16%
5 Years: 11%
3 Years: 12%
1 Year: 3%
Return on Equity
10 Years: 12%
5 Years: 13%
3 Years: 12%
Last Year: 7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 16 16 16 16 16 16 16 25 25 25 25 25 25
Reserves 414 434 488 516 547 589 653 732 792 909 1,043 1,109 1,121
533 584 546 547 505 598 635 661 646 610 675 748 773
169 157 219 212 206 177 237 268 306 370 470 504 472
Total Liabilities 1,132 1,191 1,270 1,292 1,275 1,379 1,542 1,686 1,768 1,913 2,213 2,385 2,391
639 660 644 639 623 668 634 713 735 713 879 948 929
CWIP 76 49 61 62 66 63 118 79 161 254 295 412 506
Investments 3 3 3 3 3 4 3 1 1 1 11 5 5
414 479 562 588 583 645 788 893 871 946 1,028 1,020 950
Total Assets 1,132 1,191 1,270 1,292 1,275 1,379 1,542 1,686 1,768 1,913 2,213 2,385 2,391

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
137 61 154 102 186 163 139 186 285 229 294 315
-54 -28 -23 -43 -64 -102 -110 -125 -164 -156 -284 -292
-87 -27 -124 -69 -124 -63 -25 -55 -101 -97 -6 -8
Net Cash Flow -4 6 7 -10 -2 -2 4 6 20 -24 4 15

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 53 47 39 54 44 92 81 80 82 103 82 80
Inventory Days 225 359 302 268 229 189 158 156 147 107 121 104
Days Payable 134 158 127 117 101 93 86 68 95 92 91 103
Cash Conversion Cycle 144 248 214 205 173 188 153 168 135 118 112 81
Working Capital Days 56 84 95 84 97 126 107 114 90 113 98 86
ROCE % 15% 14% 16% 11% 11% 12% 13% 15% 14% 16% 15% 8%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
68.77% 68.77% 68.77% 68.77% 68.77% 68.77% 68.82% 68.85% 68.85% 68.85% 68.85% 68.85%
4.20% 6.36% 6.91% 6.92% 3.91% 4.27% 4.40% 4.56% 4.57% 4.81% 6.14% 6.55%
0.70% 0.59% 0.39% 0.89% 0.89% 1.37% 1.57% 2.18% 2.78% 3.11% 3.15% 3.53%
26.33% 24.28% 23.93% 23.42% 26.43% 25.58% 25.20% 24.40% 23.79% 23.22% 21.85% 21.06%
No. of Shareholders 61,87068,23372,45075,34179,10578,50075,78075,16775,11076,12674,65771,840

* 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.

Click on the line-items to see the names of individual entities.

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