Marksans Pharma Ltd

Marksans Pharma is engaged in Business of Formulation of pharmaceutical products.

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Pros:

Company has reduced debt.

Company is virtually debt free.

Cons:

Stock is trading at 3.94 times its book value

The company has delivered a poor growth of 6.14% over past five years.

Company has a low return on equity of 5.22% for last 3 years.

Dividend payout has been low at 12.96% of profits over last 3 years

Company has high debtors of 153.03 days.

Peer comparison Sector: Pharmaceuticals // Industry: Pharmaceuticals - Indian - Bulk Drugs

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Detailed Comparison with:

	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020
	75	80	87	93	115	125	91	92	101	117	114	156
	69	69	76	76	97	108	88	82	88	97	95	127
Operating Profit	6	12	11	17	18	17	3	10	13	20	18	29
OPM %	8%	14%	12%	18%	16%	14%	4%	11%	13%	17%	16%	19%
Other Income	0	0	0	3	3	0	10	2	8	0	-0	0
Interest	2	1	3	2	2	1	2	2	2	1	2	1
Depreciation	3	3	3	2	2	2	2	3	3	3	3	3
Profit before tax	1	8	6	17	17	14	9	8	16	16	13	25
Tax %	-138%	27%	24%	17%	25%	16%	36%	28%	24%	19%	44%	11%
Net Profit	1	6	4	14	12	12	6	6	12	13	7	22
EPS in Rs	0.03	0.14	0.11	0.34	0.30	0.29	0.14	0.14	0.29	0.32	0.18	0.54
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	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
	236	200	200	155	155	192	315	406	358	216	295	424	487
	208	179	176	235	272	148	231	290	254	191	266	361	407
Operating Profit	29	20	24	-81	-118	44	84	116	104	24	29	63	80
OPM %	12%	10%	12%	-52%	-76%	23%	27%	29%	29%	11%	10%	15%	17%
Other Income	10	7	1	-79	2	4	3	3	9	7	7	8	8
Interest	11	15	15	39	49	10	15	13	6	4	8	7	6
Depreciation	9	10	10	15	18	9	9	9	15	15	12	9	12
Profit before tax	19	2	1	-213	-183	30	63	97	92	12	17	56	70
Tax %	23%	79%	54%	-2%	1%	-34%	12%	31%	22%	3%	25%	22%
Net Profit	15	0	0	-218	-181	40	56	67	71	12	12	44	54
EPS in Rs	0.04					1.03	1.42	1.61	1.72	0.19	0.30	1.07	1.33
Dividend Payout %	0%	0%	0%	-0%	-0%	0%	7%	7%	7%	18%	16%	5%

* Sales is net of excise duty and discounts

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
	49	50	50	50	50	52	52	53	53	41	41	41	41
Reserves	92	109	125	-92	-240	58	108	305	369	378	388	430	465
Borrowings	306	319	353	103	100	91	89	50	41	73	67	78	0
	71	62	60	359	345	123	141	132	83	54	61	64	88
Total Liabilities	504	526	575	407	243	310	376	527	534	546	557	612	594
	205	279	294	185	77	73	67	90	97	94	88	103	115
CWIP	0	0	0	0	0	0	0	0	0	0	0	0	0
Investments	3	68	78	68	24	68	68	68	231	234	236	236	236
	297	180	204	154	142	170	242	369	205	217	233	273	243
Total Assets	504	526	575	407	243	310	376	527	534	546	557	612	594

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	-25	89	12	-68	-61	9	54	112	65	-14	16	20
	-69	-142	-34	26	41	-48	-2	-29	-177	-8	-8	-20
	-20	22	42	36	11	22	-19	51	-52	21	-10	1
Net Cash Flow	-115	-30	20	-6	-9	-17	33	134	-164	-1	-2	1

	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 %	7%	4%	3%	-32%		71%	35%	33%	22%	3%	5%	12%
Debtor Days	86	93	123	170	175	174	130	112	136	262	209	153
Inventory Turnover	1.36	1.25	1.67	1.81	2.28	2.34	3.29	4.24	3.92	3.27	4.93	4.34

Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020
48.25	48.25	48.25	48.25	48.25	48.25	48.25	48.25	48.25	48.25	48.25	48.25
7.65	4.73	3.16	4.30	4.09	3.59	3.45	3.18	2.46	2.44	2.54	3.28
0.37	0.40	1.74	0.34	0.47	0.50	0.62	0.51	0.66	0.64	0.89	0.67
43.73	46.62	46.85	47.11	47.19	47.66	47.68	48.06	48.64	48.67	48.32	47.80