Natco Pharma Ltd

Natco Pharma Ltd is engaged in the business of pharmaceuticals which comprises research and development, manufacturing and selling of bulk drugs and finished dosage formulations.

Pros:
Company is virtually debt free.
Company has good consistent profit growth of 43.10% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 25.32%
Company has been maintaining a healthy dividend payout of 20.90%
Cons:
Promoter's stake has decreased

Peer Comparison Sector: Pharmaceuticals // Industry: Pharmaceuticals - Indian - Bulk Drugs & Formln

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
449 658 542 414 408 540 729 516 522 532 416 465
340 396 301 273 283 254 353 291 292 322 266 269
Operating Profit 108 262 241 141 125 286 376 225 231 210 150 196
OPM % 24% 40% 44% 34% 31% 53% 52% 44% 44% 40% 36% 42%
Other Income 3 6 -1 3 5 11 21 36 40 24 31 20
Interest 4 4 6 4 4 4 3 3 4 7 5 6
Depreciation 14 14 13 15 16 17 18 18 20 20 21 22
Profit before tax 93 250 221 125 110 276 376 240 247 206 154 188
Tax % 25% 21% 20% 22% 21% 21% 21% 21% 22% 22% 20% 22%
Net Profit 70 197 177 97 87 217 296 189 193 162 123 148
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

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
228 265 307 348 436 558 622 716 1,059 1,958 2,091 1,986 1,935
173 197 222 257 324 402 436 490 778 1,266 1,163 1,170 1,148
Operating Profit 55 68 86 92 111 156 187 226 281 692 928 816 787
OPM % 24% 26% 28% 26% 26% 28% 30% 32% 26% 35% 44% 41% 41%
Other Income 18 11 4 1 10 2 16 1 13 13 39 130 114
Interest 10 15 15 14 23 25 34 30 22 18 15 19 22
Depreciation 9 10 14 14 15 20 27 42 50 54 66 80 83
Profit before tax 55 53 61 64 83 112 141 154 222 634 888 847 796
Tax % 27% 20% 22% 19% 25% 30% 22% 1% 20% 22% 21% 21%
Net Profit 40 43 48 52 62 78 110 153 176 495 698 667 626
EPS in Rs 2.82 3.01 3.32 3.64 3.89 4.85 6.49 9.00 9.89 28.36 37.84 36.55
Dividend Payout % 9% 8% 12% 11% 15% 16% 15% 11% 12% 24% 22% 17%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:22.33%
5 Years:26.13%
3 Years:23.32%
TTM:-11.77%
Compounded Profit Growth
10 Years:32.49%
5 Years:43.10%
3 Years:54.95%
TTM:-20.67%
Return on Equity
10 Years:22.43%
5 Years:23.73%
3 Years:25.32%
Last Year:19.63%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
28 28 28 28 31 31 33 33 35 35 37 36
Reserves 191 228 273 319 436 506 700 846 1,302 1,665 3,088 3,527
Borrowings 94 126 119 220 259 336 237 309 110 221 173 384
90 123 112 131 163 188 210 207 402 427 439 410
Total Liabilities 403 506 533 698 889 1,061 1,180 1,395 1,849 2,348 3,737 4,357
174 201 233 254 302 471 529 573 706 829 1,015 1,215
CWIP 18 47 40 76 164 78 93 101 212 336 480 638
Investments 21 59 79 71 75 78 89 131 94 95 150 244
191 198 181 297 348 434 469 590 838 1,088 2,092 2,260
Total Assets 403 506 533 698 889 1,061 1,180 1,395 1,849 2,348 3,737 4,357

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
30 50 69 32 68 70 172 125 190 330 476 699
-43 -67 -54 -83 -129 -123 -131 -148 -248 -291 -1,131 -645
9 17 -31 80 62 29 -41 23 151 -46 652 -52
Net Cash Flow -4 0 -16 28 1 -24 0 -1 93 -6 -3 1

Ratios Standalone Figures in Rs. Crores / View Consolidated

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 % 23% 18% 19% 17% 16% 18% 19% 18% 18% 39% 34% 24%
Debtor Days 57 79 65 74 78 83 68 96 88 87 106 90
Inventory Turnover 4.37 4.41 4.72 4.39 4.58 4.95 4.29 3.97 3.85 5.69 5.48 4.25