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 44.11% over 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 25.42%
Company has been maintaining a healthy dividend payout of 21.27%
Cons:

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
670 565 428 427 562 768 539 544 557 456 492 486
410 324 291 305 276 384 321 323 348 307 301 351
Operating Profit 260 241 137 122 286 383 218 220 208 148 191 134
OPM % 39% 43% 32% 29% 51% 50% 40% 41% 37% 33% 39% 28%
Other Income 6 -1 3 6 11 20 36 40 23 31 21 33
Interest 5 6 4 4 4 3 3 5 6 5 6 6
Depreciation 14 14 15 16 17 18 18 20 21 22 22 22
Profit before tax 248 221 121 107 276 382 232 235 205 152 184 139
Tax % 21% 20% 23% 21% 21% 22% 22% 23% 22% 21% 22% 16%
Net Profit 195 177 94 85 218 300 182 182 160 121 143 118
EPS in Rs 11.18 10.10 5.59 4.82 12.29 16.26 9.84 9.89 8.65 6.59 7.87 6.55
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

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
335 444 457 460 524 661 739 825 1,042 2,020 2,185 2,094 1,990
274 363 366 364 414 512 560 615 777 1,337 1,256 1,300 1,308
Operating Profit 61 81 91 96 109 149 179 210 266 683 928 795 682
OPM % 18% 18% 20% 21% 21% 23% 24% 25% 25% 34% 42% 38% 34%
Other Income 14 5 5 -1 9 2 17 0 12 14 40 130 108
Interest 10 15 15 14 23 26 37 32 23 18 15 19 24
Depreciation 9 14 20 16 16 22 30 47 51 54 66 81 86
Profit before tax 56 57 62 65 80 102 129 132 204 624 887 825 680
Tax % 26% 20% 22% 20% 26% 36% 24% 1% 24% 22% 22% 22%
Net Profit 41 44 49 54 60 72 103 135 157 486 696 644 541
EPS in Rs 2.85 3.09 3.39 3.74 3.73 4.45 6.04 7.89 9.03 27.85 37.73 35.31 29.66
Dividend Payout % 9% 8% 12% 11% 16% 17% 16% 12% 14% 24% 22% 18%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:16.79%
5 Years:23.17%
3 Years:26.19%
TTM:-17.48%
Compounded Profit Growth
10 Years:30.58%
5 Years:44.11%
3 Years:59.21%
TTM:-38.54%
Stock Price CAGR
10 Years:38.44%
5 Years:15.08%
3 Years:-0.35%
1 Year:-16.91%
Return on Equity
10 Years:22.09%
5 Years:23.53%
3 Years:25.42%
Last Year:19.33%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
28 28 28 28 31 31 33 33 35 35 37 36 36
Reserves 190 230 278 324 442 502 693 813 1,261 1,614 3,035 3,452 3,649
Borrowings 94 126 120 220 259 338 240 312 113 222 173 386 301
108 144 129 137 173 212 233 227 419 447 470 428 476
Total Liabilities 421 527 554 709 905 1,083 1,200 1,385 1,828 2,318 3,716 4,304 4,462
210 234 262 270 320 583 645 710 710 833 1,019 1,227 1,331
CWIP 18 47 40 76 164 106 124 129 212 336 480 638 664
Investments 0 34 61 63 63 2 2 2 22 32 76 169 49
192 212 192 300 359 392 429 545 884 1,117 2,141 2,270 2,417
Total Assets 421 527 554 709 905 1,083 1,200 1,385 1,828 2,318 3,716 4,304 4,462

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
48 61 75 37 65 61 144 93 112 346 464 669
-60 -74 -61 -89 -125 -111 -108 -120 -176 -299 -1,116 -611
9 16 -34 77 63 26 -35 29 154 -48 651 -51
Net Cash Flow -3 3 -20 25 3 -24 0 2 90 -1 -2 7

Ratios Consolidated Figures in Rs. Crores / View Standalone

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% 21% 19% 17% 16% 17% 18% 17% 18% 39% 35% 23%
Debtor Days 41 51 46 56 66 72 59 85 92 86 106 88
Inventory Turnover 5.59 5.97 5.79 5.12 4.93 5.15 4.52 4.11 3.61 5.72 5.55 4.33