Morepen Laboratories Ltd

Morepen Laboratories Ltd

₹ 51.2 -1.08%
24 Apr 2:49 p.m.
About

Morepen Laboratories Ltd is engaged in the business of manufacturing, producing, developing and marketing a wide range of Active Pharmaceutical Ingredients (APIs), branded and generic formulations and also the Home Health products.[1]

Key Points

Leadership in Anti-Asthmatic drug
The company is world leader in Loratadine (140 MT) and has achieved the leadership position of being one of the largest suppliers of anti-asthmatic drug, Montelukast Sodium (85 MT). It is a prominent player in commercial production of drugs Atorvastatin calcium (120 MT), Rosuvastatin calcium of anti-hypercholesterolemic series, Fexofenadine Hydrochloride of antihistamine series, Olmesartan of anti-hypertensive series & their intermediates. [1] [2]

  • Market Cap 2,619 Cr.
  • Current Price 51.2
  • High / Low 56.4 / 25.1
  • Stock P/E 34.4
  • Book Value 15.4
  • Dividend Yield 0.00 %
  • ROCE 8.57 %
  • ROE 5.93 %
  • Face Value 2.00

Pros

  • Company is almost debt free.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Working capital days have increased from 61.5 days to 104 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
307 287 387 395 396 368 302 403 348 364 401 422 445
278 256 343 353 364 350 288 374 328 348 375 388 394
Operating Profit 30 30 44 42 32 19 15 29 21 16 26 34 51
OPM % 10% 11% 11% 11% 8% 5% 5% 7% 6% 4% 7% 8% 11%
3 4 2 3 3 3 1 1 1 3 2 3 4
Interest 1 -0 0 -9 1 1 0 0 1 1 0 0 2
Depreciation 8 7 7 7 7 7 7 7 7 7 8 8 8
Profit before tax 24 28 39 47 27 14 8 22 14 11 21 29 44
Tax % 0% 3% 21% 20% 21% 13% 32% 29% 36% 26% 29% 26% 27%
24 27 30 37 22 12 6 16 9 8 15 21 32
EPS in Rs 0.53 0.59 0.68 0.83 0.48 0.26 0.11 0.31 0.18 0.16 0.29 0.42 0.63
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
289 326 367 401 485 595 607 769 853 1,188 1,547 1,418 1,631
270 295 318 352 424 534 542 701 785 1,070 1,410 1,338 1,505
Operating Profit 19 31 49 48 62 61 65 68 69 119 137 80 126
OPM % 7% 10% 13% 12% 13% 10% 11% 9% 8% 10% 9% 6% 8%
13 6 4 1 -3 4 4 4 9 12 10 6 13
Interest 8 12 10 9 10 8 4 2 2 2 -7 2 3
Depreciation 48 46 46 39 35 34 34 40 37 30 28 28 31
Profit before tax -24 -21 -3 2 13 24 30 29 39 99 127 56 104
Tax % -0% -0% -0% 6% -1% 0% 0% 1% 14% 1% 20% 31%
-24 -21 -3 2 13 24 30 29 34 97 102 39 76
EPS in Rs -0.53 -0.46 -0.06 0.05 0.28 0.53 0.66 0.64 0.75 2.16 2.13 0.76 1.50
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 16%
5 Years: 19%
3 Years: 18%
TTM: 15%
Compounded Profit Growth
10 Years: 14%
5 Years: 6%
3 Years: 5%
TTM: 78%
Stock Price CAGR
10 Years: 29%
5 Years: 25%
3 Years: 1%
1 Year: 98%
Return on Equity
10 Years: 13%
5 Years: 15%
3 Years: 16%
Last Year: 6%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 90 90 90 90 90 90 90 90 90 90 96 102 102
Reserves 111 90 88 78 91 106 136 163 194 291 457 651 687
Preference Capital 120 120 120 120 120 0 0 0 0 0 0 0
121 111 89 81 68 169 134 132 133 17 19 25 28
225 215 223 240 276 173 226 230 246 460 499 332 377
Total Liabilities 547 506 490 489 524 538 586 615 663 858 1,070 1,110 1,194
452 409 368 322 297 272 264 236 216 225 252 267 287
CWIP 0 0 0 0 0 0 0 0 0 2 14 17 20
Investments 4 4 0 0 0 0 0 0 1 1 0 0 0
91 93 121 167 227 266 321 379 446 631 804 827 886
Total Assets 547 506 490 489 524 538 586 615 663 858 1,070 1,110 1,194

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
27 34 34 51 50 41 63 17 11 51 -60 -91
-3 -3 -1 -32 -27 -14 -27 -13 -12 -70 -32 -47
-22 -30 -29 -19 -27 -24 -38 -0 5 47 66 144
Net Cash Flow 2 1 4 -0 -4 3 -1 4 4 28 -26 6

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 44 44 42 51 66 57 73 64 59 56 59 68
Inventory Days 77 68 56 55 51 65 76 69 91 82 96 87
Days Payable 129 104 116 126 140 125 173 124 113 98 90 87
Cash Conversion Cycle -8 8 -17 -20 -23 -3 -24 9 37 40 65 69
Working Capital Days -25 -19 -20 -18 -10 -86 -62 -30 -3 22 59 104
ROCE % -6% -3% 1% 3% 8% 9% 9% 8% 10% 25% 25% 9%

Shareholding Pattern

Numbers in percentages

6 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
34.54% 34.54% 34.54% 38.38% 36.74% 38.22% 38.22% 38.22% 38.22% 38.22% 38.22% 38.22%
0.68% 0.86% 0.91% 0.96% 0.95% 1.15% 0.89% 0.96% 1.00% 1.29% 2.11% 1.85%
2.05% 1.26% 1.16% 1.07% 4.08% 3.98% 3.74% 2.93% 2.32% 2.27% 2.21% 2.15%
0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
62.73% 63.34% 63.39% 59.59% 58.24% 56.63% 57.15% 57.88% 58.45% 58.20% 57.46% 57.76%
No. of Shareholders 2,30,6112,44,9242,55,1552,61,4372,87,1152,90,3673,06,0303,06,1503,01,8323,04,0013,04,2893,36,019

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

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