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.

Debtor days have improved from 84.33 to 64.45 days.

Cons:

Stock is trading at 3.13 times its book value

The company has delivered a poor growth of 9.68% over past five years.

Company has a low return on equity of 8.43% for last 3 years.

Dividend payout has been low at 10.68% of profits over last 3 years

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
	274	218	199	235	269	248	247	245	256	288	335	331
	249	190	195	200	232	212	232	213	223	240	266	261
Operating Profit	25	29	4	35	37	36	16	32	34	47	69	70
OPM %	9%	13%	2%	15%	14%	15%	6%	13%	13%	16%	21%	21%
Other Income	0	0	0	3	-1	0	10	2	8	0	0	0
Interest	3	2	3	2	3	2	2	2	3	2	2	2
Depreciation	7	6	6	6	6	5	6	5	5	7	10	7
Profit before tax	15	21	-6	30	28	30	17	28	34	38	58	61
Tax %	29%	18%	-14%	18%	26%	15%	41%	19%	23%	23%	26%	20%
Net Profit	10	17	-6	25	21	25	10	22	26	30	43	49
EPS in Rs	0.23	0.41	-0.17	0.58	0.48	0.60	0.21	0.52	0.63	0.71	1.00	1.20
	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
	257	356	359	305	356	438	630	797	893	767	913	1,000	1,211
	226	334	336	378	455	369	512	612	757	722	834	868	990
Operating Profit	31	22	24	-73	-100	69	118	185	136	45	78	132	220
OPM %	12%	6%	7%	-24%	-28%	16%	19%	23%	15%	6%	9%	13%	18%
Other Income	10	8	2	-78	2	4	4	3	9	7	8	5	8
Interest	12	21	19	44	54	15	19	16	10	7	10	10	8
Depreciation	9	15	15	20	24	16	16	16	28	30	27	23	29
Profit before tax	21	-7	-9	-215	-175	44	86	156	107	15	50	104	191
Tax %	23%	-14%	-4%	-3%	-1%	-12%	15%	28%	23%	24%	28%	23%
Net Profit	15	-8	-10	-223	-179	46	72	109	79	9	33	76	148
EPS in Rs	0.04					1.19	1.85	2.64	1.89	0.22	0.80	1.87	3.54
Dividend Payout %	0%	-7%	-0%	-0%	-0%	10%	5%	4%	21%	23%	6%	3%

* 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	100	111	-115	-220	34	90	326	401	392	430	502	595
Borrowings	341	397	424	135	179	163	160	89	88	110	118	100	19
	96	108	86	436	389	165	202	220	192	209	142	160	242
Total Liabilities	565	642	658	492	385	401	490	676	722	752	731	802	897
	270	380	392	279	165	156	146	166	270	267	279	270	303
CWIP	0	0	0	0	0	0	0	0	0	0	0	0	0
Investments	0	0	10	0	0	0	0	0	0	0	0	0	0
	295	261	256	213	220	245	344	510	452	484	451	533	594
Total Assets	565	642	658	492	385	401	490	676	722	752	731	802	897

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	23	20	17	-65	-62	39	65	155	31	14	50	27
	-134	-118	-35	25	-3	-5	-4	-33	-123	-21	-39	-13
	14	59	32	36	57	-40	-29	17	-58	-3	3	-21
Net Cash Flow	-97	-39	13	-5	-9	-7	31	138	-150	-10	15	-7

	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%	3%	2%	-28%	-306%	45%	38%	45%	23%	4%	11%	19%
Debtor Days	96	104	96	118	116	109	98	84	89	118	71	64
Inventory Turnover	1.35	1.93	2.35	1.42	3.10	3.43	4.17	3.91	3.51	2.64	2.62	2.00

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