Lincoln Pharmaceuticals Ltd

Lincoln Pharmaceuticals Limited (LPL) is engaged in the business of manufacturing, marketing and distribution of pharmaceutical products.

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Pros:

Company has good consistent profit growth of 29.61% over 5 years

Cons:

Promoter's stake has decreased

The company has delivered a poor growth of 11.13% over past five years.

Promoter holding is low: 32.39%

Peer Comparison

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Detailed Comparison with:

	Dec 2015	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018
	82.69	86.89	76.11	69.82	62.81	87.85	87.19	85.64	75.56	72.50	96.63	97.95
	72.15	85.70	62.88	60.36	56.92	81.58	81.37	72.65	60.84	64.14	74.96	81.85
Operating Profit	10.54	1.19	13.23	9.46	5.89	6.27	5.82	12.99	14.72	8.36	21.67	16.10
OPM %	12.75%	1.37%	17.38%	13.55%	9.38%	7.14%	6.68%	15.17%	19.48%	11.53%	22.43%	16.44%
Other Income	0.00	7.99	3.44	3.31	3.17	0.22	2.56	2.91	2.74	1.67	2.24	4.39
Interest	1.55	1.07	1.64	1.32	1.01	1.43	1.17	1.03	0.95	1.11	0.82	1.46
Depreciation	0.89	0.90	0.96	0.86	1.04	0.99	0.96	1.37	0.97	1.10	1.14	1.07
Profit before tax	8.10	7.21	14.07	10.59	7.01	4.07	6.25	13.50	15.54	7.82	21.95	17.96
Tax %	36.67%	29.40%	24.59%	25.21%	28.67%	5.41%	27.84%	26.44%	28.38%	8.06%	28.93%	19.77%
Net Profit	5.14	5.10	10.61	7.93	5.01	3.85	4.50	9.93	11.13	7.19	15.60	14.41

	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
	63	89	114	121	166	175	192	208	223	311	304	325	343
	57	79	104	111	157	161	176	190	200	278	261	279	282
Operating Profit	6	9	10	11	9	13	16	19	23	33	43	46	61
OPM %	10%	11%	9%	9%	6%	8%	8%	9%	10%	11%	14%	14%	18%
Other Income	-0	-0	-1	1	3	3	5	1	5	6	2	6	11
Interest	1	2	2	3	5	8	7	5	6	6	5	4	4
Depreciation	1	1	1	1	2	2	2	2	3	3	4	4	4
Profit before tax	4	7	7	8	6	7	11	13	19	30	36	43	63
Tax %	31%	29%	35%	28%	32%	31%	13%	9%	23%	28%	23%	24%
Net Profit	3	5	4	6	4	5	10	11	15	22	27	33	48
EPS in Rs	3.80	5.90	27.25	4.90	2.37	2.95	5.91	6.90	8.85	13.13	13.70	16.38
Dividend Payout %	30%	20%	21%	24%	24%	20%	10%	9%	11%	8%	9%	9%

* Sales is net of excise duty and discounts

	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
	8	8	9	11	16	16	16	16	16	16	20	20	20
Reserves	21	25	28	42	60	64	73	83	95	115	170	200	226
Borrowings	13	13	16	27	45	57	61	51	48	61	53	56	37
	13	16	22	30	42	60	61	70	32	50	42	52	68
Total Liabilities	55	61	73	110	164	197	211	220	192	242	285	327	351
	9	11	17	21	28	33	33	32	33	63	68	83	85
CWIP	0	0	0	1	4	2	2	2	3	3	7	0	1
Investments	0	4	0	0	0	11	11	11	13	20	36	39	41
	47	46	56	88	132	151	164	174	144	156	174	205	224
Total Assets	55	61	73	110	164	197	211	220	192	242	285	327	351

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
	2	10	2	-12	-34	10	4	9	9	29	18	18
	-1	-8	-4	-6	-11	-17	-1	3	-5	-40	-26	-10
	-1	-1	3	26	45	3	-1	-17	-5	11	8	-4
Net Cash Flow	0	1	1	8	1	-4	2	-5	-1	-0	-0	4

	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 %	14%	20%	19%	16%	10%	10%	12%	12%	16%	21%	19%	18%
Debtor Days	110	69	74	94	88	136	139	152	135	88	95	108
Inventory Turnover	5	7	9	6	7	8	10	11	11	14	11	10