Lincoln Pharmaceuticals Ltd

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

Pros:
Company has reduced debt.
Company is virtually debt free.
Stock is trading at 1.16 times its book value
Company has good consistent profit growth of 32.34% over 5 years
Cons:
The company has delivered a poor growth of 11.11% over past five years.
Promoter holding is low: 32.40%

Peer Comparison Sector: Pharmaceuticals // Industry: Pharmaceuticals - Indian - Formulations

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
63 88 87 86 76 72 97 98 81 77 95 111
57 82 81 73 61 64 75 82 68 68 77 88
Operating Profit 6 6 6 13 15 8 22 16 13 10 17 23
OPM % 9% 7% 7% 15% 19% 12% 22% 16% 16% 12% 18% 20%
Other Income 3 0 3 3 3 2 2 4 1 -1 2 3
Interest 1 1 1 1 1 1 1 1 1 1 1 1
Depreciation 1 1 1 1 1 1 1 1 1 1 1 1
Profit before tax 7 4 6 14 16 8 22 18 11 7 17 24
Tax % 29% 5% 28% 26% 28% 8% 29% 20% 16% -3% 28% 24%
Net Profit 5 4 4 10 11 7 16 14 9 7 12 18
EPS in Rs 2.50 1.93 2.25 4.97 5.57 3.59 7.80 7.20 4.73 3.59 6.08 8.99
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
89 114 121 165 175 192 208 223 311 304 325 353 364
79 104 111 156 161 176 190 200 278 261 279 292 301
Operating Profit 9 10 11 9 13 16 19 23 33 43 46 61 63
OPM % 11% 9% 9% 6% 8% 8% 9% 10% 11% 14% 14% 17% 17%
Other Income -0 -1 1 3 3 5 1 5 6 2 6 6 4
Interest 2 2 3 5 8 7 5 6 6 5 4 4 3
Depreciation 1 1 1 2 2 2 2 3 3 4 4 5 5
Profit before tax 7 7 8 6 7 11 13 19 30 36 43 58 59
Tax % 29% 35% 28% 32% 31% 13% 9% 23% 28% 23% 24% 20%
Net Profit 5 4 6 4 5 10 11 15 22 27 33 47 47
EPS in Rs 4.90 2.37 2.95 5.91 6.90 8.85 13.13 13.70 16.38 23.32 23.39
Dividend Payout % 20% 21% 24% 24% 20% 10% 9% 11% 8% 9% 9% 6%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:11.97%
5 Years:11.11%
3 Years:4.34%
TTM:6.13%
Compounded Profit Growth
10 Years:25.45%
5 Years:32.34%
3 Years:28.24%
TTM:-3.21%
Stock Price CAGR
10 Years:17.08%
5 Years:17.21%
3 Years:-3.99%
1 Year:-26.46%
Return on Equity
10 Years:14.84%
5 Years:17.31%
3 Years:17.72%
Last Year:19.43%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
8 9 11 16 16 16 16 16 16 20 20 20 20
Reserves 25 28 42 60 64 73 83 95 115 170 200 243 269
Borrowings 13 16 27 45 57 61 51 48 61 53 56 34 36
16 22 30 42 60 61 70 32 50 42 52 51 74
Total Liabilities 61 73 110 164 197 211 220 192 242 285 327 347 399
11 17 21 28 33 33 32 33 63 68 83 88 88
CWIP 0 0 1 4 2 2 2 3 3 7 0 2 3
Investments 4 0 0 0 11 11 11 13 20 36 39 46 59
46 56 88 132 151 164 174 144 156 174 205 211 250
Total Assets 61 73 110 164 197 211 220 192 242 285 327 347 399

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
10 2 -12 -34 10 4 9 9 29 18 21 51
-8 -4 -6 -11 -17 -1 3 -5 -40 -26 -14 -22
-1 3 26 45 3 -1 -17 -5 11 8 -4 -30
Net Cash Flow 1 1 8 1 -4 2 -5 -1 -0 -0 4 -1

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 20% 19% 16% 10% 10% 12% 12% 16% 21% 19% 18% 22%
Debtor Days 69 74 94 88 136 139 152 135 88 95 108 117
Inventory Turnover 7.18 8.59 6.50 6.88 7.54 9.86 10.87 11.13 14.14 10.76 9.51 10.70