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 1.13 times its book value
Company has good consistent profit growth of 35.37% over 5 years
Cons:
The company has delivered a poor growth of 11.71% over past five years.
Promoter holding is low: 32.40%

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
70 119 150 90 80 67 100 103 84 79 97 113
62 115 143 74 64 58 77 84 71 68 78 88
Operating Profit 9 4 7 15 16 10 23 19 14 11 19 25
OPM % 12% 3% 5% 17% 20% 14% 23% 19% 16% 14% 20% 22%
Other Income 3 0 3 3 3 1 2 4 0 -1 1 3
Interest 1 1 2 2 1 1 1 2 1 1 1 1
Depreciation 1 1 1 2 1 2 2 2 2 2 2 2
Profit before tax 9 1 7 15 16 8 23 20 11 8 18 25
Tax % 28% -12% 28% 25% 29% 15% 29% 26% 19% -8% 29% 24%
Net Profit 7 1 5 11 12 7 16 15 9 8 13 19
EPS in Rs 3.27 0.66 2.46 5.65 5.79 3.42 8.03 7.50 4.57 4.23 6.33 9.46
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
114 124 176 188 195 210 266 400 360 361 366 373
104 113 167 174 179 190 240 359 313 308 299 305
Operating Profit 10 11 10 14 15 20 26 41 47 53 67 69
OPM % 9% 9% 5% 7% 8% 10% 10% 10% 13% 15% 18% 18%
Other Income -1 1 3 3 6 2 7 7 2 5 5 3
Interest 2 3 5 8 8 7 8 10 7 5 4 3
Depreciation 1 1 2 2 3 4 5 5 6 6 7 7
Profit before tax 7 9 6 7 11 12 20 33 37 46 62 62
Tax % 35% 29% 33% 30% 16% 16% 24% 28% 25% 25% 22%
Net Profit 4 6 4 5 10 11 15 24 28 35 49 49
EPS in Rs 5.20 2.46 3.04 5.82 6.43 9.00 14.32 14.06 17.31 24.36 24.59
Dividend Payout % 21% 22% 23% 19% 10% 9% 11% 7% 9% 9% 6%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:12.38%
5 Years:11.71%
3 Years:-2.91%
TTM:6.66%
Compounded Profit Growth
10 Years:26.00%
5 Years:35.37%
3 Years:26.73%
TTM:-0.61%
Stock Price CAGR
10 Years:17.08%
5 Years:17.21%
3 Years:-3.99%
1 Year:-26.46%
Return on Equity
10 Years:15.17%
5 Years:17.84%
3 Years:18.13%
Last Year:19.82%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

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 11 16 16 16 16 16 16 20 20 20 20
Reserves 28 42 60 64 73 82 95 117 172 204 249 277
Borrowings 16 27 44 65 76 68 76 78 64 61 34 37
22 31 44 66 72 93 70 64 53 64 63 86
Total Liabilities 73 111 165 212 237 260 258 275 310 350 366 420
17 21 28 38 65 65 66 98 103 117 121 120
CWIP 0 1 4 14 2 2 3 3 7 0 2 3
Investments 0 0 0 0 0 0 0 0 10 11 18 31
56 89 133 161 169 192 190 174 190 222 225 265
Total Assets 73 111 165 212 237 260 258 275 310 350 366 420

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
2 -11 -34 12 -16 5 25 45 25 27 53
-4 -6 -11 -27 -16 1 7 -42 -25 -12 -18
3 25 45 16 29 -11 -32 -3 0 -11 -36
Net Cash Flow 1 9 -0 1 -3 -4 -1 -0 -0 3 -1

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 17% 10% 10% 11% 12% 16% 22% 19% 19% 23%
Debtor Days 74 92 83 127 140 154 163 73 92 111 122
Inventory Turnover 6.67 7.20 7.90 9.56 9.75 11.65 16.23 11.12 8.72 8.97