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 33.18% over 5 years

Cons:

Promoter's stake has decreased

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
	107.96	119.99	89.16	74.27	70.29	118.85	149.56	89.65	80.18	67.34	99.82	102.60
	94.79	116.99	74.06	62.72	61.65	115.06	142.54	74.21	64.02	57.69	76.53	83.52
Operating Profit	13.17	3.00	15.10	11.55	8.64	3.79	7.02	15.44	16.16	9.65	23.29	19.08
OPM %	12.20%	2.50%	16.94%	15.55%	12.29%	3.19%	4.69%	17.22%	20.15%	14.33%	23.33%	18.60%
Other Income	0.00	8.52	3.54	3.41	3.27	0.21	2.84	2.99	2.83	0.86	2.30	4.43
Interest	2.02	4.08	2.12	1.77	1.35	1.42	1.61	1.50	1.37	0.94	1.33	1.75
Depreciation	1.31	1.29	1.38	1.28	1.46	1.39	1.38	1.81	1.39	1.53	1.58	1.51
Profit before tax	9.84	6.15	15.14	11.91	9.10	1.19	6.87	15.12	16.23	8.04	22.68	20.25
Tax %	34.45%	33.50%	24.70%	25.78%	27.91%	-11.76%	28.38%	25.13%	28.59%	15.05%	29.10%	25.93%
Net Profit	6.44	4.02	11.39	8.84	6.54	1.27	4.91	11.30	11.58	6.83	16.07	15.00

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	TTM
	114	124	176	188	195	210	266	400	360	361	350
	104	113	167	174	179	190	240	359	313	308	282
Operating Profit	10	11	10	14	15	20	26	41	47	53	68
OPM %	9%	9%	5%	7%	8%	10%	10%	10%	13%	15%	19%
Other Income	-1	1	3	3	6	2	7	7	2	5	10
Interest	2	3	5	8	8	7	8	10	7	5	5
Depreciation	1	1	2	2	3	4	5	5	6	6	6
Profit before tax	7	9	6	7	11	12	20	33	37	46	67
Tax %	35%	29%	33%	30%	16%	16%	24%	28%	25%	25%
Net Profit	4	6	4	5	10	11	15	24	28	35	49
EPS in Rs	27.25	5.20	2.46	3.04	5.82	6.43	9.00	14.32	14.06	17.31
Dividend Payout %	21%	22%	23%	19%	10%	9%	11%	7%	9%	9%

* Sales is net of excise duty and discounts

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Sep 2018
	8	11	16	16	16	16	16	16	20	20	20
Reserves	28	42	60	64	73	82	95	117	172	204	232
Borrowings	16	27	44	65	76	68	76	78	64	61	37
	22	31	44	66	72	93	70	64	53	64	85
Total Liabilities	73	111	165	212	237	260	258	275	310	350	373
	17	21	28	38	65	65	66	98	103	117	109
CWIP	0	1	4	14	2	2	3	3	7	0	1
Investments	0	0	0	0	0	0	0	0	10	11	14
	56	89	133	161	169	192	190	174	190	222	250
Total Assets	73	111	165	212	237	260	258	275	310	350	373

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
	2	-11	-34	12	-16	5	25	45	25	23
	-4	-6	-11	-27	-16	1	7	-42	-25	-8
	3	25	45	16	29	-11	-32	-3	0	-11
Net Cash Flow	1	9	-0	1	-3	-4	-1	-0	-0	3

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
ROCE %		17%	10%	10%	11%	12%	16%	22%	19%	19%
Debtor Days	74	92	83	127	140	154	163	73	92	111
Inventory Turnover		7	7	8	10	10	12	16	11	9