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 reduced debt.

Company is virtually debt free.

Stock is trading at 1.03 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: 32.36%

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

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Detailed Comparison with:

	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020
	149.56	89.65	80.18	67.34	99.82	102.60	84.43	79.32	96.81	112.69	98.52	78.47
	142.54	74.21	64.02	57.69	76.53	83.52	70.82	68.09	77.75	88.01	85.32	69.86
Operating Profit	7.02	15.44	16.16	9.65	23.29	19.08	13.61	11.23	19.06	24.68	13.20	8.61
OPM %	4.69%	17.22%	20.15%	14.33%	23.33%	18.60%	16.12%	14.16%	19.69%	21.90%	13.40%	10.97%
Other Income	2.84	2.99	2.83	0.86	2.30	4.43	0.38	-0.87	1.29	2.52	3.03	4.19
Interest	1.61	1.50	1.37	0.94	1.33	1.75	0.71	0.79	0.65	0.58	1.35	-0.56
Depreciation	1.38	1.81	1.39	1.53	1.58	1.51	1.94	1.65	1.85	1.77	1.88	1.83
Profit before tax	6.87	15.12	16.23	8.04	22.68	20.25	11.34	7.92	17.85	24.85	13.00	11.53
Tax %	28.38%	25.13%	28.59%	15.05%	29.10%	25.93%	19.40%	-7.58%	29.02%	23.86%	15.92%	22.46%
Net Profit	4.91	11.30	11.58	6.83	16.07	15.00	9.15	8.50	12.67	18.91	10.91	8.94
EPS in Rs	2.46	5.65	5.79	3.42	8.03	7.50	4.57	4.25	6.33	9.46	5.46	4.47
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	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	386
	104	113	167	174	179	190	240	359	313	308	299	321
Operating Profit	10	11	10	14	15	20	26	41	47	53	67	66
OPM %	9%	9%	5%	7%	8%	10%	10%	10%	13%	15%	18%	17%
Other Income	-1	1	3	3	6	2	7	7	2	5	5	11
Interest	2	3	5	8	8	7	8	10	7	5	4	2
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	67
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	51
EPS in Rs		5.20	2.46	3.04	5.82	6.43	9.00	14.32	14.06	17.31	24.36	25.72
Dividend Payout %	21%	22%	23%	19%	10%	9%	11%	7%	9%	9%	6%

* 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	Mar 2019	Mar 2020
	8	11	16	16	16	16	16	16	20	20	20	20
Reserves	28	42	60	64	73	82	95	117	172	204	249	293
Borrowings	16	27	44	65	76	68	76	78	64	61	34	5
	22	31	44	66	72	93	70	64	48	62	62	72
Total Liabilities	73	111	165	212	237	260	258	275	305	347	365	389
	17	21	28	38	65	65	66	98	103	117	121	123
CWIP	0	1	4	14	2	2	3	3	7	0	2	0
Investments	0	0	0	0	0	0	0	0	10	11	18	34
	56	89	133	161	169	192	190	174	186	219	224	232
Total Assets	73	111	165	212	237	260	258	275	305	347	365	389

	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

	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		3.85	4.33	5.20	6.52	6.63	8.05	11.49	6.90	4.82	4.47

Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020
33.18	33.18	33.43	32.14	32.39	32.39	32.39	32.39	32.40	32.40	32.40	32.36
0.44	0.44	0.00	0.00	0.00	0.47	0.43	0.00	0.00	0.00	0.00	0.00
0.09	0.06	0.09	0.06	0.20	0.15	0.23	0.33	0.30	0.23	0.28	0.35
0.00	0.00	0.09	0.09	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
66.29	66.32	66.39	67.70	67.40	66.99	66.94	67.28	67.31	67.37	67.33	67.29