Natco Pharma Ltd

Natco Pharma Ltd

₹ 1,201 2.24%
21 Jun - close price
About

NATCO Pharma Limited (NATCO) is a vertically integrated, research and development focused pharmaceutical company engaged in developing, manufacturing, and marketing complex products for niche therapeutic areas. [1]
NATCO has established its presence in all three business segments viz. finished dosage formulations (“FDF”), active pharmaceutical ingredients (“APIs”), Contract Manufacturing Business.[2]

Key Points

Exports of formulations - Complex Generics [1]
The company is focused on niche opportunities in the US.
Focus on Para IV and First-to-File molecules
Started winning tenders in Asian markets including Malaysia and Thailand

Company is focused on high-barrier-to-entry products that are typically characterized by one or more of the following: Intricate Chemistry, Challenging delivery systems, Difficult or complex manufacturing process

  • Market Cap 21,505 Cr.
  • Current Price 1,201
  • High / Low 1,259 / 667
  • Stock P/E 15.5
  • Book Value 327
  • Dividend Yield 0.79 %
  • ROCE 30.0 %
  • ROE 25.9 %
  • Face Value 2.00

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 24.9%

Cons

* 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

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
331 410 377 560 597 885 432 492 898 1,140 1,031 759 1,068
255 300 307 459 615 489 337 387 559 612 573 490 571
Operating Profit 76 110 70 102 -19 395 95 106 339 528 458 268 497
OPM % 23% 27% 19% 18% -3% 45% 22% 22% 38% 46% 44% 35% 47%
28 17 38 30 14 34 20 21 29 20 29 37 42
Interest 4 2 4 5 7 4 4 4 3 4 4 5 6
Depreciation 30 34 35 36 38 40 42 42 41 44 44 44 56
Profit before tax 71 91 70 91 -50 386 70 81 324 500 440 256 478
Tax % 25% 18% 7% 12% -2% 17% 19% 23% 15% 16% 16% 17% 19%
53 75 65 80 -50 320 57 62 276 420 369 213 386
EPS in Rs 2.91 4.11 3.57 4.41 -2.77 17.55 3.11 3.41 15.11 23.47 20.60 11.88 21.57
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
661 739 825 1,042 2,020 2,185 2,094 1,915 2,052 1,945 2,707 3,999
511 560 615 777 1,337 1,256 1,300 1,332 1,446 1,681 1,772 2,247
Operating Profit 150 179 210 266 683 928 795 583 606 264 936 1,751
OPM % 23% 24% 25% 25% 34% 42% 38% 30% 30% 14% 35% 44%
1 17 0 12 14 40 130 107 104 99 105 128
Interest 26 37 32 23 18 15 19 22 13 18 14 19
Depreciation 22 30 47 51 54 66 81 100 117 143 164 187
Profit before tax 102 129 132 204 624 887 825 569 580 202 862 1,674
Tax % 36% 24% 1% 24% 22% 22% 22% 19% 24% 16% 17% 17%
66 98 130 156 485 695 642 458 442 170 715 1,388
EPS in Rs 4.58 6.21 8.10 9.02 27.88 37.74 35.24 25.31 24.18 9.31 39.18 77.51
Dividend Payout % 17% 16% 12% 14% 24% 22% 18% 27% 22% 48% 14% 12%
Compounded Sales Growth
10 Years: 18%
5 Years: 14%
3 Years: 25%
TTM: 48%
Compounded Profit Growth
10 Years: 30%
5 Years: 17%
3 Years: 49%
TTM: 98%
Stock Price CAGR
10 Years: 19%
5 Years: 17%
3 Years: 4%
1 Year: 78%
Return on Equity
10 Years: 17%
5 Years: 14%
3 Years: 16%
Last Year: 26%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 31 33 33 35 35 37 36 36 36 36 36 36
Reserves 502 693 813 1,261 1,614 3,035 3,452 3,737 4,085 4,227 4,837 5,817
338 240 312 113 222 173 386 316 268 416 167 371
209 229 226 413 446 470 428 498 403 430 617 682
Total Liabilities 1,080 1,196 1,384 1,822 2,318 3,715 4,303 4,588 4,792 5,109 5,657 6,906
583 645 710 710 833 1,019 1,227 1,584 2,023 2,312 2,427 2,491
CWIP 106 124 129 212 336 480 638 518 223 130 64 137
Investments 2 2 2 22 32 76 169 112 304 308 392 539
389 425 543 878 1,116 2,140 2,270 2,373 2,242 2,360 2,774 3,739
Total Assets 1,080 1,196 1,384 1,822 2,318 3,715 4,303 4,588 4,792 5,109 5,657 6,906

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
61 144 93 112 346 464 669 417 299 46 849 1,212
-111 -108 -120 -176 -299 -1,116 -611 -175 -107 4 -465 -1,033
26 -35 29 154 -48 651 -51 -251 -186 35 -363 -247
Net Cash Flow -24 0 2 90 -1 -2 7 -8 6 85 21 -68

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 72 59 85 92 86 106 88 105 73 116 115 109
Inventory Days 220 283 331 482 213 389 545 534 570 496 432 357
Days Payable 159 172 189 372 160 239 224 244 104 105 153 120
Cash Conversion Cycle 132 170 228 202 138 257 410 395 539 507 394 345
Working Capital Days 67 71 99 131 111 244 275 355 294 333 220 225
ROCE % 17% 18% 17% 18% 39% 35% 23% 14% 13% 4% 18%

Shareholding Pattern

Numbers in percentages

2 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
48.87% 48.87% 48.86% 48.81% 48.80% 48.80% 48.82% 48.84% 49.76% 49.71% 49.71% 49.71%
13.73% 12.53% 12.26% 11.94% 11.65% 11.67% 11.73% 11.91% 11.03% 12.82% 13.72% 16.14%
16.21% 17.78% 18.08% 16.15% 15.30% 14.30% 14.93% 15.38% 15.15% 14.01% 11.26% 9.69%
21.19% 20.82% 20.80% 23.10% 24.25% 25.23% 24.53% 23.87% 24.08% 23.48% 25.32% 24.46%
No. of Shareholders 87,66788,43988,42185,82892,4491,21,3361,35,3971,53,6631,55,1811,63,7532,07,5712,28,467

* 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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